NEV Taxi Market Size Estimated to Observe Significant Growth by 2031 According to the report, the global NEV taxi market is projected to surpass US$ 29.2 Bn by 2031, expanding at a CAGR of 26.64% during the forecast period. NEV (New Energy Vehicle) taxi, also called electric taxi, is either fully or partially powered by electricity. The term ‘NEV’ is used by the Government of China for electric vehicles. Rising transportation pollution needs a complete solution that can curtail pollution, which is provided by a NEV taxi. The adoption of NEV taxi is also projected to reduce the running and maintenance cost of the taxi, which, in turn, is anticipated to propel the NEV taxi market during the forecast period. Rise in concerns about tail pipe emissions has led the transportation regulatory authorities of various countries to enforce stringent laws end emission norms to control pollution levels. These regulatory transformations are encouraging automakers and customers to opt for environment-friendly vehicles, thus fueling the NEV taxi market across the globe. Request a Sample – https://www.transparencymarketresearch.com/sample/sample.php? flag=S&rep_id=54609 Expansion of NEV Taxi Market Automakers are constantly revamping their electric vehicle offerings by the incorporation of latest technologies related to driver safety, vehicle autonomy, and infotainment. Furthermore, automotive component manufacturers are designing products specifically for electric vehicle application. Increase in technological advancements in electric vehicle and its components are expected to cater to most of the demands of taxi fleet operators, thus propelling the global NEV taxi market in the near future. Based on NEV type, the hybrid electric vehicles segment dominated the global NEV taxi market. Most mega metropolitan cities have stared adopting hybrid taxis in order to curb pollution levels. Higher availability of hybrid car models for taxis, such as Toyota Prius, Toyota Prius+, Hyundai IONIQ, Toyota Camry Hybrid, Honda Clarity, Ford C-Max, and Ford Fusion are fueling the demand for hybrid electric vehicles in the market. Based on vehicle sub-type, hatchback and sedan are lucrative and expanding segments of the NEV taxi market. The hatchback segment accounted for a prominent share of the market. This is majorly due to the higher demand for low-cost electric vehicles, supplemented with increased incentive on EV purchase. Additionally, low travelling taxi fare of the hatchback taxi is anticipated to boost the segment of the market during the forecast period. In terms of ownership, the company owned segment leads the NEV taxi market. This is primarily due to the expansion of the app-based taxi service industry around the world supplemented with the expansion of existing taxi service operators across the globe and their mergers with automakers in order to enlarge their taxi fleets. Request For Customization- https://www.transparencymarketresearch.com/sample/sample.php? flag=CR&rep_id=54609 Regional Analysis of NEV Taxi Market In terms of region, the global NEV taxi market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific led the global NEV taxi market, and it is anticipated to maintain its dominance during the forecast period. High market share held by the region can be
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