Due to continuous efforts by government to promote the new energy vehicle taxis as means to reduce pollution of atmosphere, the China NEV taxi market is predicted to expand significantly in future. New energy vehicle taxi refers to a vehicle that uses traditional vehicle fuels as a source of energy, or a vehicle that uses conventional fuels with modernized automotive propulsion systems.
The China NEV taxi market is predicted to display a CAGR growth of 37% during the estimated period. Taxis in country of China travel about four hundred and fifty kilometers on regular basis. Taking into consideration their long duration of work and large proportions, introduction of new energy vehicle taxis in China provide a chance to restrict consumption of fuel and annihilate carbon emissions.
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The China NEV taxi market is bifurcated by ownership base and on the basis of taxi range. The China NEV taxi market section by ownership base is segmented into individually owned and state owned or company owned.
In China, many of the NEV taxis are state owned or companies owned and are supported by government. Such company owned or state owned taxis contributed about seventy five percent to the China NEV taxi market in year 2012. This state owned or company owned market section will maintain its domination during the estimated time span as commuters choose public taxis in comparison to private ones.
The China NEV taxi market section by taxi range is divided into long range NEV taxis and short range NEV taxis. The long range NEV taxis section expanded fast in year 2014 and is predicted to grow more during the estimated time span. This was due to enhancements in technology utilized in EV batteries.
Short range NEV taxis are predicted to expand rapidly during the forecasted time as they are chosen for travel in the cities by daily commuters. In year 2012, short range NEV taxis contributed for maximum share in the China NEV taxi market.
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Support from the Chinese government in the form of monetary subsidies and tax benefits combined with the modernizations in battery techniques are the key factors stimulating the growth of the China NEV taxi market. NEV taxis will replace traditional fuel taxis in future. Cities of China like Guangdong, Shanghai and Beijing are leading the China NEV taxi market with rapid development observed in many government NEV taxi fleets. Enhanced charging infrastructure has further produced more demand from the China NEV taxi market in these particular regions. But, provinces and regions like Jilin, Zhejiang, Taiwan and Anhui are predicted to produce future demand from China NEV taxi market owing to continuous demand from their particular regional government bodies.
With fast modernization, the amount of vehicles in country of China has increased significantly, leading to rise in pollution of atmosphere and consumption of fuel. This has forced the government of China to take steps, initiatives and draft policies for promoting use of new energy vehicles. In spite of all these efforts made by the Chinese government, high battery prices and lack of broad charging infrastructure have hindered the rise of NEV taxis in China. But, there lies enormous growth avenues for new energy vehicles in China, generally, in the area of vehicle to grid and battery swapping techniques. Further, utilization of range extended electric vehicles is a field of business avenue for new energy vehicles in future till the china new energy vehicle market becomes matured enough to support large scale production of battery electric vehicles.
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