Electric Vehicle Taxi Market Size to Uptrend USD 80.77 Bn by 2034

Yahoo02-05-2025

According to Towards Automotive, the global electric vehicle taxi market size is calculated at USD 25.17 billion in 2025 and is expected to reach around USD 80.77 billion by 2034, growing at a CAGR of 12.63% from 2024 to 2034.
Ottawa, May 02, 2025 (GLOBE NEWSWIRE) -- The global electric vehicle taxi market size was valued at USD 24.59 billion in 2024 and is predicted to hit around USD 80.77 billion by 2034, a study published by Towards Automotive a sister firm of Precedence Research.
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Market Overview:
The electric vehicle taxi sector is advancing quickly as part of the worldwide transition to sustainable transport. Electric taxis provide an environmentally friendly substitute for traditional fuel-powered taxis by decreasing carbon emissions, reducing noise pollution, and lowering long-term operational expenses. Governments in various nations are facilitating the use of EV taxis through incentives, tax advantages, and commitments to enhance charging infrastructure. Moreover, advancements in battery range, vehicle capabilities, and charging efficiency have made EVs more attractive for commercial taxi operations.
Recent Product Innovations by Top Market Companies
Sr. No.
Name of the Company
Name of the Model
Name of the Brand
Usage
1.
BYD Auto Co., Ltd.
e6 MPV
BYD
Electric taxi fleets and urban ride-sharing services
D1 Electric MPV
BYD
Purpose-built for ride-hailing and taxi use
2.
Hyundai Motor Company
Ioniq 5 EV
Hyundai
Premium electric taxi services and sustainable urban mobility
Kona Electric
Hyundai
Compact electric taxi solution for city operations
3.
Tata Motors Limited
Xpres-T EV
Tata Xpres
Dedicated electric sedan for fleet and taxi operators
Tigor EV
Tata Motors
Entry-level electric vehicle for taxi aggregators
Ride-hailing services and fleet operators are increasingly incorporating electric vehicles into their offerings to comply with environmental standards and meet customer demands. Although challenges like high initial investment and limited charging facilities exist in some regions, ongoing technological progress and supportive policies are gradually addressing these issues. As the urban population increases and sustainable transport becomes more critical, electric vehicle taxis are set to be pivotal in the future of urban mobility.
Key Trends in the Electric Vehicle Taxi Market:
Fleet Electrification by Major Mobility Companies: Leading ride-hailing firms are progressively converting their existing fleets into electric vehicles, motivated by sustainability objectives and regulations, thus accelerating global EV taxi adoption.
Growth of Charging Infrastructure: The rapid establishment of fast-charging stations in urban and suburban locations is improving operational efficiency and motivating more taxi providers to shift to electric vehicles.
Adoption of Smart Technologies: EV taxis are being fitted with telematics, route optimization, and AI-based maintenance systems that enhance driver efficiency and passenger experience while decreasing downtime and operating expenses.
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Limitations & Challenges in Electric Vehicle Taxi Market:
High Initial Investment: The cost of purchasing EVs remains a significant hurdle for taxi operators, even with potential long-term savings, hindering widespread acceptance in price-sensitive regions.
Range Anxiety and Charging Downtime: A limited driving range and inadequate access to charging in specific areas affect operational consistency and lessen the attractiveness of EVs for extended taxi service.
Concerns About Battery Degradation: Frequent charging and heavy daily utilization can accelerate battery deterioration, increasing concerns about long-term costs for fleet managers and influencing overall return on investment.
Future Opportunity in the Electric Vehicle Taxi Market
The electric vehicle taxi industry possesses significant opportunities with the increasing demand for sustainable urban transportation solutions. With heightened environmental consciousness, stricter emission standards, and enhanced government support for EV adoption, taxi fleets are well-positioned for electrification. Urban areas grappling with pollution and congestion challenges are particularly advocating for zero-emission transport, driving strong demand for electric taxis.
Furthermore, advancements in battery technology and charging networks are improving operational practicality, while trends in shared mobility are increasing the call for efficient, economical EV taxis. Developing economies with fast-growing urban populations represent immense opportunities, providing considerable long-term growth potential for electric taxi operators.
In April 2025, Tesla initiated trials for a ride-hailing service utilizing its Full Self-Driving (FSD) technology with its employees in Austin and the San Francisco Bay Area. This pilot initiative serves as a precursor to Tesla's upcoming robotaxi service, assisting in the refinement of vehicle dispatching and ride-request systems ahead of a wider launch anticipated for June 2025.
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Regional Analysis:
Asia Pacific's Sustained Dominance in the Electric Vehicle Taxi Market
Asia Pacific dominated the market with the largest market share, driven by strong government backing, a swiftly growing urban population, and the expansion of EV infrastructure. Key players such as China, India, and Japan are at the forefront of the switch to electric mobility, with significant adoption of EV taxis spurred by environmental regulations and cost-effectiveness.
Top Asia Pacific Countries for Electric Vehicle Taxi Production
China: China is at the forefront of electric taxi production in the Asia Pacific owing to substantial government subsidies, a large domestic EV industry, and a well-established charging network, particularly in major cities such as Beijing and Shanghai.
India: India is swiftly expanding its electric taxi industry, propelled by both national and regional incentives, low operating costs, and increasing collaborations between fleet operators and EV manufacturers in cities like Delhi and Bangalore.
Japan: Japan emphasizes unique electric taxi solutions featuring cutting-edge battery technology and integration of autonomous driving, underpinned by governmental initiatives aimed at carbon neutrality and smart urban mobility, particularly in Tokyo and Osaka.
Furthermore, the increasing environmental consciousness and the demand for low-emission public transport options motivate fleet operators and governments alike to invest in EV taxis. With ongoing innovation, rising production capabilities, and a growing charging network, Asia Pacific continues to sustain its position in the market.
In March 2024, BYD, a prominent electric vehicle manufacturer from China, unveiled a new fleet of electric taxis in Hong Kong, addressing the increasing demand for sustainable transport options in the area. The company's goal is to offer a cleaner choice compared to traditional taxis, aiding the city's initiative to cut carbon emissions.
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North America: The Fastest-Growing Region
North America is expected to witness the fastest growth during the forecast period. This is mainly due to rising environmental concerns, favorable government policies, and a growing desire for sustainable urban transport. Major cities throughout the U.S. and Canada are endorsing electric mobility by providing incentives, tax breaks, and enhancing EV charging networks. Many ride-hailing companies are transforming their fleets into electric models in order to fulfill emission reduction objectives. Advances in technology and the presence of leading EV manufacturers are further driving market growth.
In November 2023, Revel, an electric vehicle rideshare platform operating in New York City, redirected its focus towards electric vehicle taxi services. The company terminated its electric moped program and now manages a fleet of over 500 electric vehicles. Revel also intends to expand its EV charging stations, aiming to add 200 additional chargers by 2025.
Major Factors for the Electric Vehicle Taxi Market's Expansion in North America:
North America enjoys robust governmental support, including tax incentives, subsidies, and grants for EV taxis, encouraging fleet operators to switch to electric vehicles and achieve sustainability targets.
Stringent environmental laws in North American urban centers, aiming to lower carbon emissions and enhance air quality, are forcing taxi operators to incorporate electric vehicles, thereby propelling the growth of the EV taxi market.
The ongoing development of EV charging networks in North America, particularly in city areas, facilitates the uninterrupted operation of electric taxi fleets.
Segment Outlook
Range Insights
The short-range EV taxis segment dominated the electric vehicle taxi market with the largest share in 2024, primarily due to their extensive use in urban settings where daily travel distances are typically short. These taxis are favored for city commutes because they are cost-effective, require simpler battery upkeep, and offer faster charging times. With strong backing from local policies and a growing trend towards electrification in city fleets, short-range electric vehicles continue to be highly preferred in densely populated areas.
The long-range EV taxis segment is projected to grow at a significant rate during the forecast period. The growth of the segment can be attributed to improvements in battery technology and a rising demand for travel solutions between cities. These vehicles provide longer driving distances on a single charge, making them ideal for suburban and rural services. Government incentives for electric vehicles and the development of high-speed charging infrastructure are further boosting the adoption of long-range electric taxis over wider geographical regions.
Ownership Model Insights
The company-owned segment dominated the electric vehicle taxi market with the largest share in 2024 due to its operational effectiveness and centralized management of fleets. Ride-hailing companies and taxi service providers favor company ownership for better oversight of vehicle maintenance, brand consistency, and scheduling. This model facilitates the seamless integration of electric vehicles into fleets and encourages investments in infrastructure like private charging facilities, which enhances reliability and uniformity in service standards across urban and metropolitan taxi services.
The individually owned segment is expected to grow at the fastest rate during the projection period. Government incentives and financing options for electric vehicles enable independent drivers to acquire electric taxis. With reduced operational expenses and increasing environmental consciousness, more taxi drivers are switching to electric models. This flexible ownership gives drivers independence regarding routes and schedules while aiding in the market's decentralization. The rising popularity of ridesharing further bolsters segmental growth.
Browse More Insights of Towards Automotive:
Moto Taxi Service Market: https://www.towardsautomotive.com/insights/moto-taxi-service-market-sizing
Water Taxi Market: https://www.towardsautomotive.com/insights/water-taxi-market-sizing
In-Taxi Digital Signage Market: https://www.towardsautomotive.com/insights/in-taxi-digital-signage-market-sizing
Europe Electric Vehicle Market: https://www.towardsautomotive.com/insights/europe-electric-vehicle-market-sizing
U.S. Electric Vehicle Market: https://www.towardsautomotive.com/insights/us-electric-vehicle-market-sizing
India Electric Vehicle Adhesive Market: https://www.towardsautomotive.com/insights/india-electric-vehicle-adhesive-market-sizing
Micro Electric Vehicles Market: https://www.towardsautomotive.com/insights/micro-electric-vehicle-market-sizing
United Kingdom Electric Vehicle Adhesive Market: https://www.towardsautomotive.com/insights/united-kingdom-electric-vehicle-adhesive-market-sizing
Heavy-Duty Autonomous Vehicles Market: https://www.towardsautomotive.com/insights/heavy-duty-autonomous-vehicle-market-sizing
Electric Vehicle Battery Thermal Management System Market: https://www.towardsautomotive.com/insights/electric-vehicle-battery-thermal-management-system-market-sizing
Competitive Landscape
Zoox
Hyundai
General Motors
Volkswagen
Tesla
BMW
Mercedes-Benz
Chanje
Rivian
Nissan
Kia
BYD
Ford
Workhorse Group
Recent Breakthroughs in the Electric Vehicle Taxi Market
In April 2025, Uber and Volkswagen announced their collaboration to introduce autonomous, all-electric ID. Buzz minivans into Uber's ride-hailing service. The initiative is set to kick off in Los Angeles, with testing slated for 2025 and a commercial launch expected in 2026. This partnership signifies a major advancement toward autonomous and environmentally friendly urban mobility solutions in North America.
In April 2025, Sarla Aviation announced a plan to launch Electric Air Taxi Services in Mumbai and Delhi.
In April 2024, the Indian company WTicabs revealed intentions to add 1,000 electric vehicles to its fleet as part of a sustainability effort. This initiative aims to expand into tier II cities in India and international markets, including Saudi Arabia and Southeast Asia, meeting the increasing demand for eco-friendly corporate transportation services in business centers.
Segments Covered in the Report
By Vehicle
Battery electric vehicles (BEVs)
Hybrid electric vehicles (HEVs)
Plug-in hybrid electric vehicles (PHEVs)
By Range
Short-range EV Taxis
Long-range EV Taxis
By Ownership Model
Company-owned
Individually-owned
By Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Electric Motors Market Share Expected to Grow $206.4 Billion by 2029

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6 hours ago

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Electric Motors Market Share Expected to Grow $206.4 Billion by 2029

Delray Beach, FL, June 01, 2025 (GLOBE NEWSWIRE) -- The global Electric Motors Market share is expected to grow from USD 152.2 billion in 2024 to USD 206.4 billion by 2029, at a CAGR of 6.3% during forecast period. Electric motors market is driven mainly by Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors. The electric motor market has bloomed forth globally. All these sectors inherit demanding environments for solving problems and improving reliability. From electric vehicles to industrial machinery, consumer electronics to wind turbines, electric motors find applications in many areas. They not only ensure low energy consumption but also increase efficiency and reduce operating costs. As the world population grows and economies expand, the demand for energy, particularly oil and gas, continues to rise. Increasing demand for HVAC (Heating, Ventilation, and Air Conditioning) systems among residential, commercial, and industrial end-users, industries shift towards energy-efficient electric motors due to lowered energy utilization and operational costs in manufacturing industries are some of the major driving factors for the electric motors market. Download PDF Brochure: List of Key Players in Electric Motors Market: ABB (Switzerland) Siemens (Germany) WEG (Brazil) Wolong Electric (China) NIDEC CORPORATION (Japan) Drivers, Opportunities and Challenges in Electric Motors Market: Driver: Increasing demand for HVAC systems in residential, commercial, and industrial sectors Restraint: Fluctuating prices of raw materials Opportunity: Transition in the global automotive industry toward electric vehicles Challenge: Shortage of components and supply chain issues Electric mobility is making a huge transition in the global automobile industry. The proactive efforts for the decarbonization of society in Europe are driven by the ever-increasing share of electric motors in the market. Advancements in battery technologies have reduced costs of batteries and improved the charging speed of the batteries. The increase in government support by providing redemptions on tax and incentives for promoting eco-friendly electric vehicles through electric motors are also acts of opportunities for the growth of the electric motors market. As per the IEA, it is revealed that 50% of global passenger electric vehicles should come from China in the year 2025. Many governments worldwide are implementing policies and incentives to promote the adoption of electric vehicles as part of efforts to reduce greenhouse gas emissions and combat climate change. These policies include subsidies for EV purchases, tax incentives, and stricter emissions regulations, all of which are accelerating the transition to electric mobility and, consequently, increasing demand for electric vehicle motor market. The rapid growth of the EV market has led to the construction of new manufacturing facilities dedicated to producing electric vehicles and their components, including electric motors. Major automakers and new EV startups are investing heavily in scaling up production, which includes securing a reliable supply of electric motors. the growing demand for electric vehicles is a major driver of demand for electric motors. The transition to electric mobility, driven by technological advancements, government policies, and consumer preferences, is creating a significant and expanding market for electric motors across a wide range of vehicle types and applications. As the EV market continues to grow, the demand for efficient, powerful, and innovative electric motors will remain strong.. Request Sample Pages: Asia Pacific region to be the largest electric motors market Asia Pacific is expected to dominate the global electric motor market size between 2024–2029, followed by Europe and North America. The urban population growth drives demand for infrastructure, including commercial buildings, residential complexes, and public utilities, all of which rely heavily on electric motors for HVAC systems, elevators, water treatment, etc are the reasons for the region's significant market size. Countries such as China and India are driving demand, supported by government initiatives promoting industrial automation and renewable energy adoption. The region's large water treatment plants and increasing electric vehicle manufacturing add to the demand for high-power motors. Moreover, improving motor efficiency and compact high-density designs also increase the market further. This is driving the electric motor market size in the Asia Pacific region. Related Reports: Brushless DC Motor Market - Global Forecast to 2028 Energy Efficient Motor Market - Global Forecast to 2028 CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. 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Electric Motors Market Share Expected to Grow $206.4 Billion by 2029

CARsgen Presents Research Results on Satri-cel in The Lancet and at the 2025 ASCO Annual Meeting

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CARsgen Presents Research Results on Satri-cel in The Lancet and at the 2025 ASCO Annual Meeting

SHANGHAI, June 1, 2025 /PRNewswire/ -- CARsgen Therapeutics Holdings Limited (Stock Code: a company focused on developing innovative CAR T-cell therapies, announces that the results of the pivotal Phase II clinical trial in China (CT041-ST-01, NCT04581473) investigating satricabtagene autoleucel ("satri-cel", CT041) (a Claudin18.2-specific autologous CAR T-cell product candidate) in patients with Claudin18.2-positive, advanced gastric/gastroesophageal junction cancer refractory to at least two prior lines of treatment, have been published in The Lancet and were orally presented at the 2025 ASCO Annual Meeting. Further details have been posted on the corporate website The article in The Lancet was titled "Claudin-18 isoform 2-specific CAR T-cell therapy (satri-cel) versus treatment of physician's choice for previously treated advanced gastric or gastro-oesophageal junction cancer (CT041-ST-01): a randomised, open-label, phase 2 trial". Full article available at: The oral presentation at the 2025 ASCO Annual Meeting (Abstract 4003) was titled "Claudin18.2-specific CAR T cells (Satri-cel) versus treatment of physician's choice (TPC) for previously treated advanced gastric or gastroesophageal junction cancer (G/GEJC): Primary results from a randomized, open-label, phase II trial (CT041-ST-01)". Professor Lin Shen from Beijing Cancer Hospital, the principal investigator of this study, said, "The CT041-ST-01 trial represents the world's first randomized controlled clinical study of CAR-T cell therapy for solid tumors. In patients with heavily pretreated, advanced gastric/gastroesophageal junction cancer who have extremely limited treatment options and poor prognosis, satri-cel has demonstrated breakthrough efficacy with significant clinical benefits, including much improved progression-free survival (PFS), overall survival (OS), and tumor response rates. This brings new hope to patients with otherwise medically untreatable conditions. We are further exploring satri-cel's potential in adjuvant settings and as first-line sequential therapies, aiming to intervene earlier in the disease course, extend patients' survival, and ultimately pursue potential cures." Dr. Zonghai Li, Founder, Chairman of the Board, Chief Executive Officer, and Chief Scientific Officer of CARsgen Therapeutics, said, "We are honored that the CT041-ST-01 study results were published in The Lancet—a premier, global medical journal—and presented at the 2025 ASCO Annual Meeting. The positive result of this randomized controlled trial marks a major milestone in solid tumor CAR-T therapy. These achievements are a testament to the whole research team's years of dedication, and we extend our deepest gratitude to patients and their families for their trust and participation. This year, satri-cel has been granted Breakthrough Therapy Designation and Priority Review by the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) for the treatment of Claudin18.2-positive advanced gastric/gastroesophageal junction adenocarcinoma (G/GEJA) in patients who have failed at least two prior lines of therapy. We plan to submit a New Drug Application (NDA) for satri-cel to the NMPA this month and anticipate its approval as the world's first commercially available CAR-T product for solid tumors, bringing benefits to patients." About Satri-cel Satri-cel is an autologous CAR T-cell product candidate against the protein Claudin18.2 that has the potential to be the first-in-class globally. Satri-cel targets the treatment of Claudin18.2-positive solid tumors with a primary focus on G/GEJA and pancreatic cancer (PC). Initiated trials include investigator-initiated trials (CT041-CG4006, NCT03874897), a confirmatory Phase II clinical trial for advanced G/GEJA in China (CT041-ST-01, NCT04581473), a Phase Ib clinical trial for PC adjuvant therapy in China (CT041-ST-05, NCT05911217), an investigator-initiated trial for satri-cel be used as consolidation treatment following adjuvant therapy in patients with resected G/GEJA (CT041-CG4010, NCT06857786), and a Phase 1b/2 clinical trial for advanced gastric or pancreatic adenocarcinoma in North America (CT041-ST-02, NCT04404595). Satri-cel has been granted Priority Review by the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) for the treatment of Claudin18.2-positive advanced G/GEJA in patients who have failed at least two prior lines of therapy in May 2025. Satri-cel has been granted Breakthrough Therapy Designation by the CDE of China's NMPA for the treatment of Claudin18.2-positive advanced G/GEJA in patients who have failed at least two prior lines of therapy in March 2025. Satri-cel was granted Regenerative Medicine Advanced Therapy designation by U.S. FDA for the treatment of advanced G/GEJA with Claudin18.2-positive tumors in January 2022. Satri-cel received Orphan Drug designation from the U.S. FDA in September 2020 for the treatment of G/GEJA. About CARsgen Therapeutics Holdings Limited CARsgen is a biopharmaceutical company focusing on developing innovative CAR T-cell therapies to address the unmet clinical needs including but not limited to hematologic malignancies, solid tumors and autoimmune diseases. CARsgen has established end-to-end capabilities for CAR T-cell research and development covering target discovery, preclinical research, product clinical development, and commercial-scale production. CARsgen has developed novel in-house technologies and a product pipeline with global rights to address challenges faced by existing CAR T-cell therapies. Efforts include improving safety profile, enhancing the efficacy in treating solid tumors, and reducing treatment costs, etc. CARsgen's mission is to be a global biopharmaceutical leader that provides innovative and differentiated cell therapies for patients worldwide and makes cancer and other diseases curable. Forward-looking Statements All statements in this press release that are not historical fact or that do not relate to present facts or current conditions are forward-looking statements. Such forward-looking statements express the Group's current views, projections, beliefs and expectations with respect to future events as of the date of this press release. Such forward-looking statements are based on a number of assumptions and factors beyond the Group's control. As a result, they are subject to significant risks and uncertainties, and actual events or results may differ materially from these forward-looking statements and the forward-looking events discussed in this press release might not occur. Such risks and uncertainties include, but are not limited to, those detailed under the heading "Principal Risks and Uncertainties" in our most recent annual report and interim report and other announcements and reports made available on our corporate website, No representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this press release. Contact CARsgen For more information, please visit View original content to download multimedia: SOURCE CARsgen Therapeutics Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Electric Vehicle Taxi Market Size to Uptrend USD 80.77 Bn by 2034

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Electric Motors Market Share Expected to Grow $206.4 Billion by 2029

Electric Motors Market Share Expected to Grow $206.4 Billion by 2029

CARsgen Presents Research Results on Satri-cel in The Lancet and at the 2025 ASCO Annual Meeting

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