NEV Taxi Market – Snapshot
NEV taxis are new energy vehicles that are used as taxis. NEV taxis reduce air pollution, require low maintenance, and generate low running cost, as compared to other conventional petrol or diesel taxis running on the streets of urban cities and towns. NEV taxis include electric vehicles, which include battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. NEV taxis, or cabs, are eco-friendly, meet stringent emission norms, offer smooth ride, socially acceptable, less noisy, and cost-effective.
Rapid increase in air pollution levels, which are harmful to the environment and human health, has prompted global and state governing bodies to design and develop environment-friendly technology and vehicles. This has led to rapid development and implementation of electric vehicles for both personal and commercial operations, as they are considered the best possible alternative for the environment. Studies and surveys on road transportation indicate that road transportation pollution has started to decrease in those regions where the rate of adoption of NEVs has been high. This is a major factor that is anticipated to propel the NEV taxi market during the forecast period. Additionally, higher price of fuel leads to higher travelling cost in a taxi, which hampers the demand for taxi, as compared to other public transportation; however, introduction of NEV taxis leads to a reduction in running and travelling cost. This, in turn, is anticipated to drive the demand for NEV taxi service. This is projected to increase and influence the demand for both taxi owner-driver and passenger to opt for NEV taxi or cab, thereby boosting the NEV taxi market during the forecast period. Rise in number of electric vehicle charging stations to meet the demand for NEV charging is also projected to boost the NEV taxi market. Furthermore, stringent and stern emission regulations coupled with tax incentives and subsidies on purchase of NEVs is expected to drive the market in the near future. Moreover, surge in awareness about adoption of green mobility, which is considered as the future of mobility, or tomorrow’s mobility, owing to limited availability of fossil fuel and decrease in dependency on these fuels by auto manufacturers, is also projected to drive the NEV taxi market during the forecast period.
NEV taxis are still quite expensive, despite tax credits and exemptions by governing bodies. Additionally, limited availability of charging infrastructure in majority of urban cities around the world is likely to restrain the demand for NEV taxis, thereby hamper the NEV taxi market during the forecast period.
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The global NEV taxi market has been segmented based on vehicle type, vehicle class, ownership, range type, vehicle level, and region. Based on vehicle type, the NEV taxi market has been split into battery electric vehicle, plug-in electric hybrid vehicle, and hybrid electric vehicle. In terms of vehicle type, the hybrid electric vehicle segment accounted for a higher share of the market. This is majorly due to higher demand for low emission vehicles coupled with government tax credit exemptions on their purchase. However, the battery electric vehicle segment is likely to expand at a significant growth rate during the forecast period, as the vehicle is zero-emission, does not emit pollution, and is less noisy.