NEV Fleet Market is Expected to Progress at a CAGR of 23.6% to Reach 17361 new fleets by 2031 | TMR Report
Initiatives of the Government of China to develop one of the world’s largest public charging station infrastructure, and tax breaks to encourage use of NEV fleets supports growth of NEV fleet market in Asia Pacific
Wilmington, Delaware, United States, June 28, 2023 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. -* The global NEV fleet market is estimated to reach *173**6**1 new fleets* by 2031, up from 2579 in 2022.Increase in popularity of electric vehicles and rising need to electrify public passenger fleets are fueling the NEV fleet market. Rapid exhaustion of fossil fuels and growth in concerns about negative impact of tailpipe emissions on the environment are anticipated to boost the market size in the next few years.
Newer battery electric vehicles and hybrid vehicles are increasingly being manufactured by global automakers. Demand for new energy vehicles is rising, as people become more aware of the rapid depletion of fossil fuels.
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*Market Snapshot:*
* Report Coverage* * Details*Market Revenue 2579 new fleetsEstimated Value 17361 new fleetsGrowth Rate - CAGR 23.6% Forecast Period 2023-2031No. of Pages 160 PagesMarket Segmentation By NEV Type, By Vehicle Type, By Commutation, By Fleet Size, By Source of Electrification, By ApplicationRegions Covered North America, Europe, Asia Pacific, Middle East & Africa, South AmericaCompanies Covered AB Volvo, BAIC Motor Corporation., Ltd, Beiqi Foton Motor Co., Ltd., BMW AG, BYD Auto Co., Ltd., Changan Automobile Company Limited., Daimler AG, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Company, JAC Motors, London Electric Vehicle Company, Mahindra and Mahindra Limited, Nissan Motor Corporation, Renault, TATA Motors, Tesla, Inc., Toyota Motor Corporation, Volkswagen, Others
*Key Findings of Study*
*Rise in adoption of EVs in **Commercial** Cabs and Public Transit Boosting NEV Fleet Mark**et Value* *–* Electric vehicles (EVs) are an effective option for public fleets since they can adjust to diverse driving requirements. They are useful in medium/heavy-duty, light-duty, and even off-road applications and offer numerous advantages.
According to studies, cities with fastest adoption of NEVs have lower emission levels. Moreover, NEVs have fewer rotating parts than conventional engine fleets, and thus are a better option for E-fleet owners than ICE vehicles.
Adoption of NEV fleets help reduce maintenance and operation costs, thereby assisting fleet operators to boost revenue. These features attract fleet owners and passengers to choose NEVs, which, in turn, is fueling the market.
*Tax Incentives and Subsidies on Purchase of NEVs** Steering Market Progress **–* Several governments across the world are offering tax incentives and subsidies to promote the adoption of electric vehicle fleets.
Increase in awareness about the advantages of green mobility is also anticipated to boost market opportunities in the next few years. The scarcity of fossil fuels leading to the declining dependence on these fuels is further promoting the adoption of NEV fleets.
EVs can recharge at fleet facilities or public stations. EVs can be charged overnight, when they are not in use. Public direct-current fast charging (DCFC) stations are becoming more prevalent along important transit corridors to expand EV driving range for longer trips.
Moreover, adoption of EVs helps to meet environment conservation goals, as they exhibit high efficiency and low emissions. EV fleets are being extensively deployed in public transit such as school buses, taxis, and police cars, which, in turn, is augmenting market growth.
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*Zero Emission and Reduced Noise **Features **of BEVs Fueling Market Development *- In terms of NEV type, the battery electric vehicle (BEV) segment held key market share in 2022. Surge in demand for low-emission vehicles and government credit on their purchase are the main factors fueling the market statistics. Additionally, zero emission and reduced noise features are boosting growth of the battery electric vehicle segment.
Based on application, the passenger commercial fleet segment is anticipated to expand at a notable pace in the next few years. This is ascribed to the thriving e-hailing services as well as rise in demand from intra-city and intercity public transit applications.
*Growth Drivers*
· Rise in popularity of electric vehicles due to their low emissions is fueling the NEV fleet market
· Availability of government tax incentives and subsidies on the purchase of NEVs is augmenting market growth
*Regional Landscape*
Asia Pacific accounts for significant share of the global NEV fleet market. Increase in adoption of EVs in China, India, Japan, and South Korea, along with development of electric charging infrastructure are steering market expansion in the region.
In China, the government is implementing a vast charging station installation program and offering extra tax credit and incentives, in order to promote the deployment of NEV and lower emissions. Therefore, China is anticipated to account for a significant market share in the next few years.
The Government of India is expected to support the adoption of electric cabs in major cities, which is anticipated to positively impact the NEV fleet market in the next few years.
*Key Players*
Some of the key players in the NEV fleet market profiled in the report are AB Volvo, Beiqi Foton Motor Co. Ltd., BYD Auto Co, Ltd., Daimler AG, General Motors Company, Hyundai Motor Company, London Electric Vehicle Company, Nissan Motor Corporation, TATA Motors, Toyota Motor Corporation, Mahindra and Mahindra, Renault, Tesla Inc., and Volkswagen.
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The NEV fleet market is segmented as follows;
*Global NEV Fleet Market, by NEV Type*
· Battery Electric Vehicle
· Plug-in Hybrid Electric Vehicle
· Hybrid Electric Vehicle
· Fuel Cell Electric Vehicle
*Global NEV Fleet Market, by Vehicle Type*
· Two Wheelers
· Three Wheelers
· Passenger Cars
· Hatchback
· Sedan
· Utility Vehicles (SUVs & MPVs)
· Light Commercial Vehicles
· Heavy Duty Trucks
· Buses and Coaches
· Off-Highway Vehicles
· Agriculture Tractors & Equipment
· Construction & Mining Equipment
· Industrial Vehicles (Forklift, AGV, Etc.)*Global NEV Fleet Market, by Commutation*
· Intercity
· Intra-city
*Global NEV Fleet Market, by Fleet Size*
· 2 to 50
· 51 – 100
· 101 – 200
· 201 – 500
· 501 – 1000
· 1001 – 2000
· More than 2000*Global NEV Fleet Market, by Electrification*
· Traditional Battery
· Lithium-Ion
· Lead acid
· Nickel-Metal Hydride
· Hydrogen Fuel Cell
· Solar Battery
*Global NEV Fleet Market, by Application*
· Personal Fleet
· Passenger Commercial Fleet
· Taxi
· City Buses
· Intercity Buses
· Ride Sharing
· Delivery Fleets
· Cargo Fleets
· Others*Global NEV Fleet Market, by Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· South America*Read More Related Reports:*
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