Dallas, TX -- (SBWIRE) -- 02/13/2014 -- The high demand for low-cost electric taxis, primarily in emerging countries, is a major trend being witnessed in the Global Electric Taxi market - http://www.sandlerresearch.org/global-electric-taxi-market-2014-2018.html. Some of the major countries witnessing a strong demand for electric taxis are China, the Philippines, and India. These countries are witnessing growing demand for micro electric taxis, which come in the form of e-rickshaws in India or e-trikes in Philippines. These electric taxis cost much less than pure-electric taxis, making them a more viable option for many buyers. However, these low-cost electric taxis usually do not undergo crash testing and high-cost design improvements. Nevertheless, these factors make them a more affordable option for many consumers.
Analysts forecast the Global Electric Taxi market to grow at a CAGR of 33.98 percent over the period 2013-2018. According to the report, the main factor driving the Global Electric Taxi market is the cost-effectiveness of EVs. The EVs currently being used as taxis are pure-electric taxis that do not require any gasoline. After charging, the vehicle's battery can run on the same electric charge for about 80 miles, thus helping users save on running costs on each trip. For example, a Chevrolet Volt can cover over 80 miles per charge while the Tesla S can cover more than 280 miles. Fuel costs are surging, so using an electric car as a taxi can be highly beneficial, especially on short journeys.
Further, the report states that the main challenge faced by the Global Electric Taxi market is the limited range of travel that they offer. Most EVs that are affordable for consumers have a limited range of only 80-100 miles per charge and they also need a few hours to charge completely. Hence, when the vehicle runs out of charge, it cannot be used for a few hours leading to a loss in profits for taxi-owners. Also, these vehicles cannot be driven when they are being charged, which is a major drawback for taxi drivers.
The report recognizes the following companies as the key players in Global Electric Taxi Market: BYD Motor Corp., Chery Automobile Co. Ltd. , Nissan Motor Co. Ltd., SAIC Motor Corp. Ltd., and Tesla Motors Inc.
Other vendors mentioned in the report are BMW AG, Fiat Group, General Motors Co., Honda Motor Co. Ltd., Mitsubishi Motor Corp., Toyota Motor Corp., and Volkswagen Group.
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Key questions answered in this report:
What will the market size be in 2018 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?