Electric vehicle (EVs) sales have been gaining momentum during the coronavirus pandemic. However, companies in the NEV taxi market are experiencing resistance in car registrations due to the high upfront cost of EVs. Hence, companies are increasing awareness about their low total cost of ownership in the long run. Analysts at the Transparency Market Research (TMR) opine that e-taxis will have a relatively low cost of ownership as compared to conventional taxis in the upcoming years.
India and China are emerging as hot destination for the NEV taxi market post the COVID-19 crisis. The Gujarat model in India has caught the attention of companies, since a significant percentage of taxis and auto-rickshaws are awaiting approval of electric mobility by 2023.
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Collective Experiences Lead to Setting up of Policies for Decarbonization of Mobility Services
Decarbonization in the mobility and energy sector is becoming a fast growing phenomenon in the European Union (EU). However, there is lack of innovative and stable policies that favors the advancements of e-taxis. As such, a gradual increase in EV fleets is contributing to the growth of the Europe NEV taxi market.
In order for EVs to achieve a large market presence, the corresponding regulatory framework needs to be designed to accommodate incentive schemes. Companies in the Europe NEV taxi market are increasing their research efforts to learn from various countries’ experiences and set up forceful policies based on their national priorities of lowering fuel emissions.
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Wireless Charging Technology in NEV Taxis to Help Minimize Street Clutter
EV charging innovations are expected to contribute to the explosive CAGR of ~27% of the market during the forecast period. Such innovations are enabling taxi drivers to recharge more easily and minimize street clutter caused by charging devices. The wireless charging technology is gaining prominence in the U.K., which is similar to wireless phone chargers using the inductive charging technology. The U.K. Government is predicted to invest US$ 4.4 Mn in a scheme, which involves 10 electric taxis (e-taxi) in Nottingham to be fitted with the wireless charging hardware for six months.
The wireless charging technology has the potential for broader public use of e-taxis. The U.K. NEV taxi market is benefitting with this new technology that is eliminating the need for plugs and chargepoints.
Fast Charging, V2G Technologies Minimize Driver Range Anxiety, Demand Strains
Vehicle to grid (V2G), ultra-fast charging, and new battery technologies are transforming the global NEV taxi market. This explains why the market is expected to cross the valuation of US$ 29.2 Bn by 2031. Since an average taxi stands idle for several hours, the vehicle to grid model is enabling two-way energy exchange, especially during peak demand, since the energy stored in an EV can be fed back into the grid.
One of the disadvantages of NEV taxis is the need of charging batteries that is a time-consuming process as compared to traditional gas-powered vehicles. Hence, manufacturers in the NEV taxi market are mainly focusing on ultra-fast charging technologies that remove the driver range anxiety.
Large Public Charging Network, EV Production Create Business Opportunities in China
China is creating lucrative opportunities for companies in the NEV taxi market by reaching important milestones in the number of battery operated, plug-in hybrid, and fuel cell vehicles. The rising fuel prices in India is also creating business expansion prospects for manufacturers in the NEV taxi market among those interested in capitalizing on low total ownership cost of EVs.
Currently, China produces nearly half of the world’s plug-in electric vehicles. Since China has been proactive in the production and adoption of renewable energy solutions, the market for NEX taxis holds promising business potentials for automakers.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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