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. 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. 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).
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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PDF file of NEV Taxi Market :
KEY
MARKET players across the China
NEV taxi market are adopting advanced taxis to meet the changing
trends. Some of the leading players in the China NEV taxi market are
BYD Auto Co. Ltd., Beiqi Foton Motor Co. Ltd., Dongfeng Nissan
Passenger Vehicle Company, Beijing Automotive Industry Holding Co.
Ltd (BAIC), Anhuji Jianghuai Aotomobile Co. Ltd., and Changan
Automobile Co. Ltd. Support from the China government and
advancements in the technologies of batteries has played a big role
in the development of the China NEV taxi market. With urbanization,
there has been growth in the number of vehicles across all regions in
China. This has led to increase in air pollution. This has
necessitated the China government to promote new energy vehicles.
Most of the LEADING
PLAYERS in the China NEV taxi market have started focusing on
new energy vehicles operated on the latest and most sophisticated
batteries. The China NEV taxi market is forecast to develop rapidly
in the coming few years, with many new energy vehicles added to the
new products list, such as vehicle-to-grid (V2G), battery electric
vehicles (BEV), and range extended electric vehicles (REEV).
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