USD 1.50 billion
New Energy Vehicle Taxi Market Size, Share, Growth Analysis, By Vehicle Type(Commercial Vehicles and Passenger Cars), By Range(Intercity, Intra-city), By Vehicle Level(Entry & Mid-Level, and Premium), By Vehicle Class(Hatchback, Sedan, and Utility Vehicles), By Ownership Type(Company-Owned and Individually Owned/Private), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2114 |
Region:
Global |
Published Date: February, 2024
Pages:
223
|Tables:
138
|Figures:
68
New Energy Vehicle Taxi Market Insights
Global New Energy Vehicle Taxi Market size was valued at USD 1.50 billion in 2021 and is poised to grow from USD 15.14 billion in 2022 to USD 147.69 billion by 2030, at a CAGR of 28.8% during the forecast period (2023-2030).
Road transportation stands as a primary contributor to global air pollution, consuming a substantial portion of energy and burning a significant share of the world's petroleum reserves. To address this critical issue, governments and regulatory bodies worldwide have implemented rigorous standards targeting automotive manufacturers, aiming to mitigate the escalating air pollution levels. These stringent environmental regulations, prevalent in both developed and developing countries, emphasize the reduction of vehicular emissions. The emergence of new energy vehicles (NEVs) has been pivotal in this effort, offering reduced travel costs in comparison to conventional cars and requiring less maintenance.
This surge in NEV adoption has concurrently spurred the demand for robust electric vehicle charging infrastructure, crucial for ensuring the seamless operation and widespread acceptance of these environmentally friendly vehicles.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Intercity
Fastest Growth
Growth Rate
28.8% CAGR
Global New Energy Vehicle Taxi Market ($ Bn)
Country Share for North America Region (%)
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New Energy Vehicle Taxi Market Segmental Analysis
The global New Energy Vehicle Taxi market is segmented into various segments. Based on the vehicle Type, the market is segmented into commercial vehicles and passenger cars. Based on the vehicle level, the market is segmented into entry & mid-Level, premium. Based on the Range, the market is segmented into Intercity, Intra-city. Based on vehicle class, the New Energy Vehicle taxi market segmentation includes hatchback, sedan, and utility vehicles. Based on ownership type, the New Energy Vehicle taxi market segmentation includes company-owned and individually owned/private. By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World.
Analysis by Range
The intracity category is poised to exhibit the most rapid growth and dominate the market share. This surge is attributed to the escalating utilization of intra city New Energy Vehicle (NEV) taxis within urban landscapes. The heightened demand and prevalence of these NEV taxis specifically tailored for intra city travel reflect the evolving preferences and needs of consumers in urban areas. This trend is anticipated to fuel the robust expansion of the intracity segment, positioning it as the frontrunner in market share and growth within the NEV taxi sector.
The intercity segment stands as a crucial component within the New Energy Vehicle (NEV) taxi market, playing a distinct role in catering to long-distance travel needs. These vehicles are designed and optimized to facilitate transportation between cities and regions, offering passengers a sustainable and efficient mode of travel over extended distances. Within this segment, NEV taxis serve as reliable options for commuters seeking eco-friendly travel alternatives for intercity journeys.
Analysis by Vehicle Type
During the forecast period, the New Energy Vehicle (NEV) taxi market anticipates the dominance of the passenger cars segment, driven by several key factors. At the forefront of industry dynamics is the increasing consumer preference for environmentally conscious vehicles, propelling a surge in demand for passenger cars within the New Energy Vehicle (NEV) taxi domain. The heightened interest in eco-friendly transportation options, such as carpooling and corporate cab services, is a significant contributing factor to this trend. These alternatives effectively address traffic congestion concerns associated with individual vehicle usage, aligning with environmental considerations and enhancing the appeal and utilization of passenger cars within the NEV taxi sector.
Commercial vehicles assume a pivotal role in shaping the landscape of the NEV taxi market, serving as integral components with diverse functionalities and purposes. Within the NEV taxi domain, commercial vehicles play a crucial role in meeting specific transportation needs, spanning corporate transportation, logistics, and public transport services. Their significance lies in providing efficient and eco-friendly alternatives for various industries, contributing to emissions reduction and supporting environmental conservation efforts. This multifaceted role underscores the importance of commercial vehicles in driving sustainability and innovation within the NEV taxi sector.
Global New Energy Vehicle Taxi Market By Range
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New Energy Vehicle Taxi Market Regional Insights
North America is positioned to assert itself as the second-largest market in this industry, and this foresight is rooted in the collaborative efforts of regional governments. These governments have embarked on various development projects designed to cultivate growth and foster innovation within the market. The active involvement and emergence of major industry players in North America also play a pivotal role in shaping this anticipated position. Their contributions further reinforce the region's standing within the market landscape, underscoring North America's potential to become a significant hub for industry advancements and market influence.
Asia-Pacific is forecasted to spearhead the New Energy Vehicle (NEV) market, propelled by the significant presence of pivotal developing countries such as South Korea, China, and India. These nations not only serve as crucial markets for automobiles but also represent hubs for technologically advanced car parts. The growth trajectory within this region is primarily steered by several key factors. The escalation in traffic accidents, coupled with an increase in disposable income among consumers, fuels the demand for NEVs.
Global New Energy Vehicle Taxi Market By Region
- Largest
- Fastest
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New Energy Vehicle Taxi Market Dynamics
Drivers
Rising Government Initiatives and Investment to Aid Market
- The surge in demand for New Energy Vehicle (NEV) taxis is intricately tied to the availability and accessibility of charging infrastructure within a country or region. Recognizing this crucial connection, governments across various countries are directing efforts towards investing in robust charging networks. These initiatives aim to bolster the appeal of NEV vehicles by ensuring an ample number of charging stations and providing tax incentives or other benefits that facilitate their seamless operation. Norway serves as a prime example of this strategy in action, boasting a remarkably high penetration rate of electric vehicles.
Restraints
Lack of Uninterrupted Internet Connectivity
- Consumer expectations surrounding internet connectivity have significantly evolved, particularly in the context of travel beyond familiar zones. The demand is for a seamless, robust internet experience akin to what one encounters on their smartphone. However, this aspiration faces a significant hurdle within the domain of New Energy Vehicle (NEV) taxis due to the variability and inconsistency of networks offered by service providers across diverse regions. This inconsistency has emerged as a primary limitation within the NEV taxi landscape, manifesting as interrupted internet connectivity that falls short of meeting consumers' expectations during their journeys.
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New Energy Vehicle Taxi Market Competitive Landscape
The competitive environment of the Global New Energy Vehicle Taxi Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Tesla Inc.
- BYD
- Anhui Jianghuai Automobile CoLtd (AC)
- Uber Technologies
- Daimler AG
- Beijing Automotive IndustryHolding Co. Ltd. (BAIC)
- Lyft Inc,
- Baidu
- DidiChuxing
- JAC Motors
Recent Developments
- In May 2019, BYD achieved a significant milestone in Panama and Central America with the launch of the region's first fleet of all-electric vehicles in Cologne. This groundbreaking initiative resulted from a collaboration between BYD, ENSA Servicios, and Traservi, leading to the establishment of the first fast-charging station for electric vehicles in Colon Province. This strategic move aimed to establish a robust foundation for the promotion and growth of electric mobility in Panama, laying the groundwork for future advancements in sustainable transportation. In November 2020, DiDi Chuxing entered the electric vehicle domain for ride-sharing purposes by unveiling its D1 electric car, specially designed for ride-hailing services. Through a successful collaboration with BYD, the largest EV manufacturer, DiDi Chuxing accomplished the development of the D1 model. With ambitious goals, the company aspires to increase its market share in mobility from 3% to an impressive 30% by 2030, reflecting its commitment to driving the adoption of electric vehicles in the ride-sharing sector. The forthcoming introduction of the D1 vehicle in Changsha, located in Hunan province, signifies DiDi Chuxing's strategic expansion plans and commitment to the burgeoning electric mobility sector.
New Energy Vehicle Taxi Key Market Trends
- A significant trend shaping the market landscape revolves around the widespread adoption of 5G and AI technologies. Telecom companies, in particular, are at the forefront of developing 5G technology, aiming to augment the efficiency and safety standards of New Energy Vehicles (NEVs). Insights from the International 5G Automobile Association underscore the potential of upcoming 5G advancements, suggesting that up to 68% of accidents could be prevented through the integration of this technology, marking it as a crucial component for future vehicle safety.
New Energy Vehicle Taxi Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The market growth trajectory for New Energy Vehicles (NEVs) is poised to surge, primarily propelled by the escalating integration of Advanced Driver Assistance Systems (ADAS). This increasing adoption of ADAS within NEVs stands as a pivotal driver shaping the market landscape over the forecast period. Key technological components like cameras and ultrasonic sensors play integral roles within road mapping systems, serving as critical elements within the infrastructure of NEV taxis. These sophisticated systems enable enhanced functionalities, leveraging state-of-the-art technology to augment safety measures and overall performance within the NEV domain.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 1.50 billion |
| Market size value in 2030 | USD 147.69 billion |
| Growth Rate | 28.8% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on New Energy Vehicle Taxi Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on New Energy Vehicle Taxi Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the New Energy Vehicle Taxi Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the New Energy Vehicle Taxi Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the New Energy Vehicle Taxi Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the New Energy Vehicle Taxi Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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