Research Report And Overview On China New Energy Vehicle (NEV) Taxi Market 2023,Credence Research
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.
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.
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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.
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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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