PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616254
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616254
Electric Vehicle (EV) Taxi Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Electric Vehicle (EV) Taxi Market was valued at USD 21.8 billion in 2023 and is projected to grow at a CAGR of 12.6% from 2024 to 2032. The market growth is fueled by government incentives and stringent emission regulations. To bolster the adoption of electric taxis, numerous governments are rolling out financial incentives, including tax credits, subsidies, and rebates. Additionally, surging fuel prices for gasoline-powered vehicles are propelling the electric vehicle taxi market expansion. As global fuel prices climb, traditional taxi operating costs soar, making electric taxis more attractive due to their reduced energy consumption and maintenance expenses.
With electricity generally being cheaper and more stable in price than gasoline, EVs present a cost-effective solution. This translates to diminished fuel costs for taxi operators, boosting their long-term profitability. Especially in areas with fluctuating fuel prices, the financial advantages of EVs are compelling fleet owners to transition to electric taxis, driving the demand for EV taxis as a sustainable and economical transport option. The overall industry is divided into vehicle, range, ownership model, charging infrastructure, and region.
Segmented by range, the market differentiates between short-range and long-range EV taxis. In 2023, short-range EV taxis captured over 56% of the market share and are projected to surpass USD 30 billion by 2032. Their dominance in the EV taxi market is attributed to their urban suitability. In bustling cities, taxi operations often involve daily trips under 100 kilometers. The appeal of short-range EVs to fleet operators lies in their cost-effectiveness, characterized by lower battery costs and overall vehicle expenses, making them an attractive choice for minimizing capital investment.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $21.8 Billion |
| Forecast Value | $59.4 Billion |
| CAGR | 12.6% |
When segmented by ownership model, the market distinguishes between company-owned and individually owned taxis. The company-owned segment commanded a market share of approximately 64% in 2023. This preference is underscored by major fleet operators, including ride-hailing behemoths like Uber, Lyft, and Didi, who favor company-owned EV fleets. Such a strategy not only yields substantial cost savings but also ensures adherence to stringent environmental regulations and a commitment to reduced emissions. In 2023, the Asia Pacific dominated with over 42% market share, projected to exceed USD 25.1 billion by 2032. China's status as the foremost producer and adopter of electric vehicles (EVs) solidifies the Asia Pacific's lead in the EV taxi market.Government-backed initiatives, encompassing subsidies, incentives, and rigorous emission standards, bolster EV adoption. Concurrently, India is emerging as a pivotal player, spurred by urbanization and governmental endeavors to combat air pollution.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Battery manufacturers
- 3.2.2 Electric motor and inverter suppliers
- 3.2.3 Vehicle manufacturers
- 3.2.4 Charging infrastructure providers
- 3.2.5 Taxi operators and ride-hailing platforms
- 3.3 Profit margin analysis
- 3.4 Price analysis of EV
- 3.5 Technology & innovation landscape
- 3.6 Patent analysis
- 3.7 Key news & initiatives
- 3.8 Regulatory landscape
- 3.9 Impact forces
- 3.9.1 Growth drivers
- 3.9.1.1 Government incentives and stricter emission norms
- 3.9.1.2 Rising fuel prices of gasoline-powered vehicles
- 3.9.1.3 Advancement in battery technology
- 3.9.1.4 Growing awareness about climate change and the need for sustainable transportation solutions
- 3.9.1.5 Rapid urbanization and smart city initiatives
- 3.9.2 Industry pitfalls & challenges
- 3.9.2.1 High initial costs of electric vehicles
- 3.9.2.2 Limited charging infrastructure
- 3.9.1 Growth drivers
- 3.10 Growth potential analysis
- 3.11 Porter's analysis
- 3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Vehicle, 2021 - 2032 ($Bn, Units)
- 5.1 Key trends
- 5.2 Battery electric vehicles (BEVs)
- 5.3 Hybrid electric vehicles (HEVs)
- 5.4 Plug-in hybrid electric vehicles (PHEVs)
Chapter 6 Market Estimates & Forecast, By Range, 2021 - 2032 ($Bn, Units)
- 6.1 Key trends
- 6.2 Short-range EV taxis
- 6.3 Long-range EV taxis
Chapter 7 Market Estimates & Forecast, By Ownership Model, 2021 - 2032 ($Bn, Units)
- 7.1 Key trends
- 7.2 Company-owned
- 7.3 Individually-owned
Chapter 8 Market Estimates & Forecast, By Charging Infrastructure, 2021 - 2032 ($Bn, Units)
- 8.1 Key trends
- 8.2 Fast charging
- 8.3 Slow charging
- 8.4 Wireless charging
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
Chapter 10 Company Profiles
- 10.1 BAIC Group
- 10.2 BluSmart Mobility Pvt. Ltd
- 10.3 BMW Group
- 10.4 BYD Company
- 10.5 Connexxion
- 10.6 Didi Chuxing
- 10.7 EEE-Taxi Mobility Solutions Pvt. Ltd,
- 10.8 EV Capital Ltd
- 10.9 EVERA Auto India Pvt. Ltd,
- 10.10 GoGreen Cab Services Pvt. Ltd.
- 10.11 Grab
- 10.12 Green Cab
- 10.13 Lyft
- 10.14 Nissan Motor Corporation
- 10.15 Ola
- 10.16 Snap E Pvt. Ltd.
- 10.17 Taxi Electric
- 10.18 Tesla, Inc.
- 10.19 Uber Electric (Uber Technologies Inc)
- 10.20 Volkswagen AG
