According
to a new market report published by Credence Research, Inc. “China New Energy
Vehicle (NEV) Taxi Market (By Ownership (Company-owned NEV Taxis
and Privately-owned NEV Taxis), By Range (Short Range NEV Taxis and Long Range
NEV Taxis) – Growth, Share, Opportunities, Competitive Analysis, and Forecast
2016 – 2023”, the china new energy vehicle taxi market is expected to
expand at a double digits CAGR during the forecast period 2016 to 2023.
Market
Insights:
New energy vehicles are
very crucial to the economic development in China since they reduce the
country’s dependence on foreign oil by curbing the overall fuel consumption. Government
support in form of incentives as well as subsidies has been instrumental in
driving the uptake of new energy vehicle taxis in the country. For instance,
the ‘Ten Cities- Thousand Vehicles Program’ started by the central government
and few other plans focusing on the emission control bodes well for the market
growth.
On the contrary, despite investments in battery technologies, only few
vendors have achieved economies of scale and are able to supply batteries to
the industry. This coupled with uneven charging infrastructure in the country
has posed significant challenge to the market growth. In view of limited
charging infrastructure in China, a phased introduction new energy vehicle
taxis is highly recommended.
Browse the full China New
Energy Vehicle (NEV) Taxi Market @ http://www.credenceresearch.com/report/china-new-energy-vehicle-nev-taxi-market
Competitive
Insights:
The new energy vehicle taxi market in China is highly
consolidated. The leading three new energy vehicle taxi manufacturers account
for around two-third of the overall market revenue. BYD Motor Company,
Anhui Jianghuai Automobile Co., Ltd (JAC Motors), and Beijing Automotive
Industry Holding Co., Ltd. (BAIC) are identified as the leading new energy
vehicle taxi manufacturers in China. Other promising and emerging players
identified in the China new energy vehicle taxi market include China FAW Group
Corporation, Dongfeng Nissan Passenger Vehicle Company, Zhejiang Geely Holding
Group Co., Ltd., ZAP Jonway, Inc., Chongqing Changan Automobile Co. Ltd., and
Beiqi Foton Motor Co., Ltd. among others. These manufacturers fiercely compete
to acquire government contracts. However, local protectionism has marred the
healthy competition from non-local NEV taxi manufacturers. The market for NEV
taxis in China presents significant barriers to new entrants in form of high
capital. The established players have upper hand in terms of economies of scale
and distribution network. All these factors make the entry of new players
challenging.
Free
Sample, Link: http://www.credenceresearch.com/sample-request/57862
Analyst View:
In spite of the government initiatives, the new energy vehicle
taxi market in China did not receive the necessary push in the early years.
This had majorly to do with the local protectionism that prevented healthy
competition from international and non-local new energy vehicle taxi manufacturers.
However, new energy vehicle taxi manufacturers like BYD Company have shown
intent to breach local protectionism. China’s aspiration to become a global
leader in new energy vehicles by 2022 would require a transformation in
expectations and approaches adopted by stakeholders across the electric vehicle
value chain. The new energy vehicle manufacturers, infrastructure providers,
and the central government should work in a close association for devising
winning imperatives for the new energy vehicle segment.
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