Pune, India, Nov. 10, 2021 (GLOBE NEWSWIRE) — According to the report, the global New Energy Vehicle Taxi market size is projected to experience dynamic growth from USD 151.95 billion in 2020 to USD 173.37 billion in 2027 owing to the rising adoption of advanced technologies in new energy vehicles, observes Fortune Business Insights™ in its report, titled “New Energy Vehicle Taxi Market, 2020-2027”. It is set to exhibit a CAGR of 1.9% during the forecast period.
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| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020-2027 CAGR | 1.9% |
| 2027 Value Projection | USD 173.37 billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 151.95 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Vehicle Type, Type, and Geography |
| Growth Drivers | Rising Government Initiatives and Investment to Aid Market |
| Increasing Adoption of Advanced Driver Assistance System (ADAS) to Spur Opportunities |
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New energy vehicles help to reduce the travel cost and require less maintenance as compared to other types of vehicles. There has been an increasing adoption of advanced technologies such as 5G and Artificial Intelligence (AI) by the leading companies in order to improve the efficiency and safety of new energy vehicles. This is an important factor responsible for the growth of this market. For instance, as per the data released by the International 5G Automobile Association, approximately 68 percent of accidents can be prevented by the adoption of 5G technology.
However, the lack of internet connectivity in the new energy vehicle taxis is projected to hamper the growth of this market.
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Market Segmentation:
On the basis of vehicle type, this market is classified into passenger cars and commercial vehicles. By type, the market is divided into battery electric vehicles, hybrid vehicles, and plug-in hybrid electric vehicles. Based on geography, the market is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
Highlights/Summary:
The report supplies holistic research, based on primary, secondary, and tertiary sources, on the various factors and trends driving the market. This report also contains a comprehensive understanding of the key market players and their dominant growth strategies. Along with this, the report provides a nuanced segmentation of the market and a thorough analysis of each and every segment. Lastly, the report shares a broad-based study of the regional developments shaping the future outlook of the market.
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Rising Consumer Inclination towards Eco-Friendly Cars to Fuel the Market
In recent years, there has been an increasing consumer inclination towards the use of eco-friendly cars for travelling long distances, as these cars help to reduce the air pollution and protect the environment from hazardous gas emissions. This is a crucial factor driving this market’s growth. Further, the increasing government investments for the development of charging infrastructure of electric cars are projected to fuel this market’s growth.
Rising Disposable Income of the People to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to witness significant growth in the new energy vehicle taxi market share on account of the rising disposable income of the people, increasing number of road accidents, and growing pollution caused due to the vehicles in this region.
North America region is anticipated to grow speedily in this market owing to the several energy vehicle development projects by the government in this region.
Europe is projected to grow at a decent pace in this market due to the stringent rules and safety norms imposed by the government for driving the energy vehicle taxis in this region.
List of the Companies Operating in the Market:
- Tesla Inc.
- BYD
- Uber Technologies
- Daimler AG
- Beijing Automotive Industry Holding Co. Ltd.
- Lyft Inc.
- Baidu
- Didi Chuxing
- Amazon
- JAC Motors
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Global New Energy Vehicle Taxi Market Segmentation:
By Vehicle Type:
- Passenger Cars
- Commercial vehicles
By Type:
- Battery Electric Vehicles
- Hybrid Vehicles,
- Plug-in Hybrid Electric Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table of Contents:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments – Merger, Acquisitions, and Partnerships
4.2 Technological Developments
4.3 Porter’s Five Forces Analysis
4.4 SWOT Analysis
4.5 Impact of COVID-19
5. Global New Energy Vehicle Taxi Market Analysis, Insights and Forecast, 2017-2028
Continued….
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