China New Energy Vehicle (NEV) Taxi Market Boosted by NEV Adaption to Touch US$560.5 Million by 2020

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. 

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Factors such as increasing adoption of new energy vehicle (NEV) taxi, favorable government policies, and support from the government, will lead the market towards considerable growth during the forecast period. NEV taxis will take over from conventional fuel taxis in the coming few years. Beijing, Shanghai, and Guangdong are currently leading the China NEV taxi market, with rapid growth seen in the number of government NEV taxi fleets. Improved charging infrastructure has further generated more demand from the NEV taxi market in these provinces in particular. However, provinces such as Taiwan, Jilin, Anhui, and Zhejiang are expected to generate demand from the NEV taxi market due to constant support from the respective local governments. 

By taxi range, the China new energy vehicle taxi market is segmented into long range, and short range NEV taxis. The long range NEV taxis segment grew rapidly in 2014 and is expected to grow further during the forecast period. This is because of the improvements in technology used in EV batteries. Short range NEV taxis are expected to grow swiftly during the forecast period, as they are preferred for travel within cities by regular commuters. In China, most of the NEV taxis are owned by the state and operated through companies supported by the government. Such state-controlled taxis accounted for 3/4th of the China NEV taxi market in 2012 and will continue their dominance during the forecast period. 

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).  

Browse the full NEV Taxi Market - China Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020 report at http://www.transparencymarketresearch.com/china-nev-taxi-market.html

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 

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