ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research announces the release of a report titled “NEV Taxi Market - China Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”. According to the report, the China new energy vehicle (NEV) taxi market is estimated to reach a market value of US$560.5 million in 2020, growing at remarkable CAGR of 36.5% from 2014 to 2020.
Region-wise, the China NEV Taxi Market is segmented into Taiwan, Guangdong, Shanghai, Beijing and others – including Zhejiang, Heilongjiang, Liaoning, Anhui and Jilin. By ownership, The NEV Taxi Market is bifurcated into privately-owned NEV Taxis and company-owned NEV Taxis. By range, the China market is divided into short-range NEVI Taxis and long-range NEV Taxis.
The China NEV Taxi Market is largely stimulated by government encouragement and initiatives. Furthermore, factors such as advancements in battery technology, growing awareness regarding the need to curb carbon emissions and consume fewer non-renewable fuels, rise in traffic congestion causing alarming levels of air pollution, and escalating oil prices all contribute toward the growth of the NEV Taxi Market in China. Battery swap model, sustainable electric mobility, range-extended electric vehicles, and vehicle-to-grid technology are some of the recent trends that hold immense scope for growth.
In contrast, high cost of batteries and vehicles, concerns regarding the reliability and safety of NEV taxis and lack of sufficient charging infrastructure are forecasted to hamper the market.
Some of the notable players of the China NEV Taxi Market are Dongfeng Nissan Passenger Vehicle Company, Beiqi Foton Motor Co., Ltd., China FAW Group Corporation, ZAP Jonway, Inc., Beijing Automotive Industry Holding Co., Ltd., BYD Auto Co., Ltd., Anhui Jianghuai Automobile Co., Ltd., Chongqing Changan Automobile Company Limited and Zhejiang Geely Holding Group Co., Ltd.
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Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.