Global New Energy Vehicle (NEV) Taxi Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global New Energy Vehicle (NEV) Taxi Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

New Energy Vehicle (NEV) Taxi are new energy vehicles, which are partially or fully powered by electricity, such as Battery Electric Vehicles (BEVs) and Plug-In Hybrids (PHEVs). It produces less pollution and requires low maintenance with low cost than other conventional petrol and diesel taxi. It offers less noisy, smooth, and cost-effective ride.

Market Overview:

The latest research study on the global New Energy Vehicle (NEV) Taxi market finds that the global New Energy Vehicle (NEV) Taxi market reached a value of USD 3012.88 million in 2022. It’s expected that the market will achieve USD 9460.42 million by 2028, exhibiting a CAGR of 21.01% during the forecast period.

Supply chain restriction

The rapid development of new energy vehicle industry also drives the rapid breakthrough of related industrial chain technology, and the ecology of industrial chain has become an important guarantee for the rise of new energy vehicle. However, due to the long and high correlation of automobile industry chain, any fluctuation in the industrial chain will affect the development of new energy vehicles. In recent two years, the new energy vehicle industry has been faced with multiple challenges, such as shortage of chips, transportation backlog, sharp increase in the price of raw materials upstream of power batteries, and COVID-19 epidemic which affects the supply chain and factory operations. The new energy industry is a new industry. From the perspective of product structure, the demand for chips of new energy vehicles is about 10 times that of traditional vehicles, which also brings a certain amount of impact to the expansion of chip capacity, making the supply of chips of new energy vehicles always in an abnormal state.

The demand for power batteries from new energySources and electrochemical energy storage has surged, and the supply of raw materials is difficult to meet the rising demand. In the past year, the price of lithium hexafluorophosphate has increased by 10 times, and that of lithium carbonate has increased by 12 times. In addition, solvent, graphitization processing fee and copper foil processing fee have all increased in different degrees.

The general price increase of basic raw materials and the substantial increase of superimposed logistics costs have caused great cost pressure on enterprises, which has a certain impact on the output of new energy vehicles and the profitability of enterprises.

The promotion of new energy vehicle policies and the continuous innovation of major players

Global sales of new energy vehicles have increased substantially. Two factors have contributed to the prosperity of the new energy vehicle market, one is policy-driven and the other is product-driven.

According to the International Energy Agency (IEA) Global Electric Vehicle Outlook 2021, in terms of policies, more than 20 countries have legislated a comprehensive electrification schedule or promulgated a ban on fuel vehicles, and 8 countries plus the European Union have announced their carbon neutrality commitments; In terms of products, almost all the traditional automobile giants have started the transformation of electrification, stepping up the introduction of electric vehicle models, and 18 of the TOP20 vehicle companies in global sales have announced their electrification strategies.

Specifically, the driving factors behind the three major markets of China, Europe and the United States are not the same: The Chinese market has switched from policy-driven to product-driven. There are plenty of optional models of electric vehicles in the Chinese market, and new models emerge in an endless stream. Consumers have a large choice, and many products are attractive. Relatively speaking, policies such as subsidies for new energy vehicles have weakened; The market in Europe is mainly driven by policies, especially the development of electric vehicles in Europe as a means of economic stimulation. Starting from the second half of 2020, increasing subsidies for the purchase of electric vehicles in many European countries under the epidemic situation will greatly promote the European market; The U.S. market base is low, and its growth potential is huge. After Biden was elected president, the policy is increasing.

The charging price and the number of charging piles

In addition to private piles, users are more concerned about the charging price, charging speed and parking cost when looking for piles to charge in public places, in which both the charging price and parking cost are price factors, reflecting the sensitivity of users to the cost. Among the charging pain points, the number of charging piles is small, some charging piles can't be used and the charging speed ranks in the top three, which shows that the current number and charging speed of charging piles still can't meet the needs of users, and some charging piles can't be used normally, which brings inconvenience to users. The charging price and the number of charging piles are the main factors that affect the demand of downstream buyers in the New Energy Vehicle (NEV) Taxi industry.

Region Overview:

In 2022, the share of the New Energy Vehicle (NEV) Taxi market in East Asia stood at 70.45%.

Company Overview:

Tesla is one of the major players operating in the New Energy Vehicle (NEV) Taxi market, holding a share of 12.89% in 2022.

Tesla

Tesla Inc. (Tesla) is an automotive and energy company. It designs, develops, manufactures, sells, and leases electric vehicles and energy generation and storage systems. The company produces and sells the Model Y, Model 3, Model X, Model S, Cybertruck, Tesla Semi, and Tesla Roadster vehicles. Tesla also installs and maintains energy systems and sells solar electricity; and offers end-to-end clean energy products, including generation, storage, and consumption. It markets and sells vehicles to consumers through a network of company owned stores and galleries. The company has manufacturing facilities in the US, Germany and China and has operations across North America, Europe and Asia Pacific. Tesla is headquartered in Austin, Texas, The US.

BYD Auto Co.

BYD is a major Chinese automaker based in Shenzhen, Guangdong Province. It sells vehicles under the BYD brand.

Founded in 1995, BYD started out as a battery maker and entered the automobile business in 2003. The company has diversified into areas such as cellphone assembly and solar cell manufacturing. Leveraging its strength as a battery maker, the company is developing electric and plug-in hybrid vehicles.

Segmentation Overview:

As for product types, the Entry segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Company Owned, with a market share of 82% in 2022.

Key Companies in the global New Energy Vehicle (NEV) Taxi market covered in Chapter 3:

Aion
Ford Motor Company
London Electric Vehicle Company
Hyundai Motor Company
BYD Auto Co.
Nissan Motor Corporation
Tesla
General Motors Company
Honda Motor Co.
Volkswagen Group
TATA Motors
Chery Automobile Co., Ltd.
AB Volvo
Toyota Motor Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the New Energy Vehicle (NEV) Taxi market from 2018 to 2029 is primarily split into:

Entry
Mid-level
Premium

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the New Energy Vehicle (NEV) Taxi market from 2018 to 2029 covers:

Company Owned
Individually Owned

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)