The new energy vehicle (NEV) taxi market is expected to grow at ~28% CAGR during the forecast period, 2021-2027.
- In October 2020, BYD Auto Industry Co., Ltd (BYD) and Hino Motors, Ltd. (Hino) signed a joint venture agreement for establishing a new company for commercial battery electric vehicle development. The new venture is scheduled to be established in China in 2021, with BYD and Hino each making a 50% capital investment.
- In 2020, Uber announced its partnership with Nissan wherein the auto-manufacturer would make 2,000 EVs for Uber drivers in London. The partnership was done with Uber aim to make all its vehicles emission-free by 2025.
- By 2025, BMW, a leading automobile manufacturing group, plans to offer 25 electrified vehicles in which 12 would be fully electric.
- In May 2019, Volkswagen announced pre-bookings in Europe for the first model of its new full-electric car model, the ID.3. It received 15,000 registrations in no time-already more than half of the total pre-booking volume of 30,000. Additionally, Volkswagen plans to launch around 70 all-electric models across the group.
- In 2019, Nissan Motors launched an improved Nissan Leaf Plus model featuring a larger battery & 160 KW electric motor, improved range (up to 363 km), and higher power of 214 HP.
In 2020, the hybrid electric vehicle segment held the largest market share
Based on vehicle type, the global new energy vehicle (NEV) taxi market has been divided into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicles. The hybrid electric vehicle segment held the largest market share in 2020 and is expected to grow at the fastest rate during the study period due to better fuel efficiency, more power, and reduced emissions.Additionally, modern hybrid electric vehicles use regenerative brakes, a type of efficiency-improving technology, which converts kinetic energy into electric energy for recharging the batteries, increasing the demand for hybrid electric vehicles globally. Hybrid electric vehicles (HEVs) turn off their internal combustion engines when they are idle and restart them when needed. Hence it helps to reduce idle emission. All these factors result in the hybrid electric vehicle segment holding a higher share of the global market.
Based on range type, the global new energy vehicle (NEV) taxi market has been divided into intercity and intracity. The intracity segment held the largest market share in 2020 and is expected to grow at a faster rate during the study period due to the rising usage of intracity NEV taxis in urban city areas.
The new energy vehicle (NEV) taxi market has been divided, based on vehicle class,into hatchback, sedan, and utility vehicle.The hatchback segment is expected to hold the largest market share of the global new energy vehicle (NEV) taxi market in 2020. It is projected to grow at the fastest rate over the forecast period due to demand surge for cost-effective electric vehicles, incentive programs, and other government supportive policies are likely to drive the growth of the hatchback segment.
Based on ownership type, the global new energy vehicle (NEV) taxi market has been divided into company-owned and individually owned/private. The company owned segment held the largest market share in 2020 and is expected to grow at the faster rate over the study period due to the stringent government rules & regulations imposed by the various governments related to the environment and CO2 emission and interest shown in NEV taxis by companies such as Ola, Lyft, and Uber.
The key players operating in the Global New Energy Vehicle (NEV) Taxi Market are Tesla, Inc., BYD Company, Toyota Motor Corporation, Daimler AG, Beijing Automotive, Industry Holding Co. Ltd. (BAIC), Dongfeng Nissan Passenger Vehicle Company, Nissan Motor Corporation, Anhui, Jianghuai Automobile Co Ltd (JAC), Changan Automobile Co. Ltd, Beiqi Foton Motor Co. Ltd.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the Global New Energy Vehicle (NEV) Taxi Market, including high-growth regions and/or countries, and political and economic environments. The project report further provides historical market values and pricing and cost analysis