Albany, NY -- (SBWIRE) -- 01/19/2019 -- A recent report by ResearchMoz.us, titled, "NEV Taxi Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018–2026," finds that the market would rise at a phenomenal 38.0% CAGR in the forecast period. The phenomenal pace is mainly because the global NEV taxi market is still in a nascent stage.
New energy vehicle (NEV) taxis, commonly known as electric taxis, are either partially or fully driven by electricity. The Chinese government mainly uses the term NEV. The global NEV taxi market is being propelled by the rising thrust to curb vehicular pollution. Electric vehicles are non-polluting since they do not use fuels like diesel or petrol to run. Governments across nations are eagerly adopting such green transportation solutions in order to improve the air qualities in cities. Such a trend would majorly benefit the global NEV taxi market.
Another factor expected to boost the global NEV taxi market is the cost of running a taxi on diesel or petrol. Unstable global fuel prices often drives up operational costs for them. The adoption of NEV taxi is expected to lessen the maintenance and running cost of taxi. This, in turn, is predicted to propel the global NEV taxi market in the term. The market would also be boosted by the continued product development by manufacturers. They are seen coming up with better batteries and other underpinning technologies for smoother performance.
Get a Sample PDF with Tables and Figures at: https://www.researchmoz.us/enquiry.php?type=S&repid=1998431
However, posing a challenge to the global NEV taxi market is the initial cost of acquiring a NEV taxi. Despite tax credits and exemptions, they are an expensive proposition. Besides, limited number of charging stations particularly in crowded urban pockets is also negatively impacting the NEV taxi market.
Having thrown light on the drivers and restraints in the global NEV taxi market, the report goes on to segment it based on different parameters. Depending upon the type of vehicle, for example, the market can be broadly classified into plug-in electric hybrid vehicle, battery electric vehicle, and hybrid electric vehicle. At present, the hybrid electric vehicle accounts for maximum share in the market. This is mainly due to surging demand for low emission vehicles and tax credit exemptions on their purchase. In the next couple of years, however, the battery electric vehicle segment is expected to outpace others vis-à-vis growth rate. This is because it has zero-emission.
With respect to range, the global NEV taxi market can be classified into intercity and intra-city. Between the two, the intra-city segment accounts for a leading share in the market. This is mainly due to the large number of commuters and poor air quality in cities.
With respect to geography, Asia Pacific leads with maximum revenue. Large, developing nations of China and India, rolling out policies supporting electric vehicles is bolstering the Asia Pacific NEV taxi market.
Some of the prominent participants in the global NEV taxi market are BMW AG, Daimler AG, AB Volvo, Toyota Motor Corporation, Mahindra and Mahindra Limited, and Ford Motor Company.
About ResearchMoz
ResearchMoz is the world's fastest growing collection of market research reports worldwide. Our database is composed of current market studies from over 100 featured publishers worldwide. Our market research databases integrate statistics with analysis from global, regional, country and company perspectives. ResearchMoz's service portfolio also includes value-added services such as market research customization, competitive landscaping, and in-depth surveys, delivered by a team of experienced Research Coordinators.
Contact Us:
Mr. Nachiket
Albany NY - 12207
United States
Tel: +1-518-621-2074
Tel: 866-997-4948 (Us-Canada Toll Free)
Email: sales@researchmoz.us