A recent report published by Infinium Global Research on NEV taxi market provides in-depth analysis of segments and sub-segments in the global as well as regional NEV taxi market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional NEV taxi market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global NEV taxi market. According to the report, the global NEV taxi market is projected to grow at a CAGR of 34.2% over the forecast period of 2019-2025.
In 2017, Beijing replaced its 70,000 taxis with electric vehicles under the air pollution control program implemented by the government. The governments are trying to curb the pollution by shifting from the conventional fuel powered engines to New Energy Vehicles (NEV). Hybrid and electric vehicles have caught limelight in recent past due to their efficiency and high-tech features. Now, these vehicles are being adopted in the taxi market creating a new eco-system for themselves. Recently, Ideanomics, an AI development firm, entered into JV with a Chinese electric vehicle manufacturer iUnicorn. This JV will assist in the expansion of iUnicorn in the taxi market.
High pollution due to increased emissions by the vehicles has forced the government to put emission regulations on automobile manufacturers in order to control the pollution. The car makers have shifted their focus from fuel-powered vehicles to hybrid and electric vehicles. As the new energy vehicles (NEV) are getting launched in the market the taxi owners are buying more NEVs, which is the major driving factor for the NEV taxi market. Moreover, rising fuel prices and consequently the rising rates of taxi fare are contributing to the growth of the NEV taxi market. Furthermore, now-days people are more aware of the pollution and green mobility, which in return will increase the demand for NEV taxis. However, the current charging infrastructure is inadequate for the proper operation of NEVs. Additionally, advancements in technology such as connected cars and AI in transportation is anticipated to offer lucrative opportunities for players in the NEV taxi market.
Among the geographies, Asia-Pacific generated the highest revenue in the NEV taxi market, accounting for the largest share in the market. The domination of the Asia-Pacific region attributes to the high demand for cheap transportation and the growing installation of charging stations in countries including China, India, and Japan. Following Asia-Pacific, Europe held the second position in the NEV taxi market, holding the second largest share in the market.
The report on global NEV taxi market covers segments such as vehicle type, vehicle class, and range. On the basis of vehicle type, the sub-markets include battery electric vehicle, and hybrid electric vehicle. On the basis of vehicle class, the sub-markets include hatchback, sedan, and UV. On the basis of range, the sub-markets include intercity, and intra-city.
The report provides profiles of the companies in the market such as Daimler AG, BMW AG, Ford Motor Company, Honda Motor Co., Ltd., Volvo Group, Mahindra and Mahindra Limited, TATA Motors, General Motors Company, Hyundai Motor Company, Tesla, Inc., and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of NEV taxi market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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