According to a new
research report recently published by Transparency Market Research,
the China new energy vehicle (NEV) taxi market is expected to reach
US$560.5 million at the end of the forecast period between 2014 and
2020. The research report, titled ‘NEV
Taxi Market - China Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2014 - 2020’, states that the China
new energy vehicle taxi market will grow at a 36.5% CAGR.
NEV (New Energy
Vehicle) taxi refers to a vehicle using unconventional vehicle fuels
as a source of power, or a vehicle using conventional fuels with
advanced automotive propulsion systems. Taxis in China travel around
450 kilometers on daily basis. Considering their high number and long
working hours, introduction of new energy vehicle taxis in China
offer an opportunity to limit fuel consumption and curb emissions.
Government support
in form of financial subsidies and tax incentives coupled with
advancements in battery technology are the major factors driving this
market. With rapid urbanization, the number of vehicles in China has
grown considerably, resulting in increased air pollution, and fuel
consumption. This has necessitated the central government in China to
promote the use of new energy vehicles. In spite of these growth
factors, absence of comprehensive charging infrastructures and high
cost of batteries have collectively inhibited the growth of NEV taxis
in China.
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PDF file of NEV Taxi Market :
However, their lies
tremendous opportunity for growth of new energy vehicles in China,
especially, in the field of V2G (Vehicle-to-Grid) and battery
swapping technology. Moreover, use of REEVs (Range Extended Electric
Vehicle) is an opportunity area, especially over the next few years
till the Chinese market becomes mature enough to support mass
production of BEVs (Battery Electric Vehicles).
Key segments
of The Electric Motors Market
China NEV Taxi
Market, by Ownership
- Company owned
- Individually owned
China NEV Taxi
Market, by Taxi Range:
- Short range
- Long range
In China, majority
of NEV taxis are state-owned and are operated through taxi companies
that receive support from the government. In 2012, company owned NEV
taxis accounted for over 3/4th of the total NEV taxi market in China.
With commuters preferring public vehicles over private taxis, the
dominance by company-owned taxis is expected to continue over the
forecast period from 2014 to 2020. In 2012, short range (80km – 150
km) NEV taxis accounted for the majority of market share. However,
with advancements in battery technology, long range NEV taxis are
expected to outnumber short-range NEV taxis over the forecast period
from 2014 to 2020. Major industry participants include BYD Auto Co.,
Ltd., Anhui Jianghuai Automobile Co Ltd (JAC), Beijing Automotive
Industry Holding Co., Ltd. (BAIC), Changan Automobile Co., Ltd, Beiqi
Foton Motor Co., Ltd. and Dongfeng Nissan Passenger Vehicle Company
among others.
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