The China NEV taxi market, also referred to as the China new energy vehicle taxi market, is governed primarily by pure electric vehicles. These vehicles make use of optional electrification machinery and provide zero ejection potential. The coming up of China’s NEV taxis is credited to the attempts made by the government to control contamination and decrease China’s reliance on international oil imports.
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Moreover, the Chinese government provides huge financial support on the procurement of new energy vehicles. It has also started taxi armada of these vehicles in different cities of China. The growing demand for NEV taxis (of long range) has urged producers to make advancements in battery equipments and enhance new energy vehicles.
Augmented enforcement of modern and state-of-the-art technologies, like vehicle-to-grid technologies and battery swapping provide future prospects for the growth of the China NEV taxi market in the years ahead. The China NEV taxi market is fragmented on the basis of range and ownership. The range market consists of short range NEV taxis and long range NEV taxis.
The ownership China NEV taxi market entails privately owned and company owned. This market is estimated to observe around USD 560 million by 2020. It is projected to grow at around 36 percent CAGR during the forecast phase. This phase starts in 2014 and continues till 2020. The China NEV taxi market is also propelled ahead by supportive policies of the government towards boosting the usage of NEV taxis over customary fuel taxis.
Boost in demand for China NEV taxis from their application and consumer markets also drives further growth of the China NEV taxi market.
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