Wouldn’t it be nice if your morning trip to work could be quieter, greener and cheaper? This isn’t just a commuter’s pipe dream—the Global Electric Vehicle Market is revving up, with electric taxis and electric buses leading the pack with projected CAGRs of 16.26 percent and 33.98 percent respectively from 2014-2018.
Electric Vehicles at a Glance
- Cost-effective
- Minimized Pollution
- High Power with Less Noise
- Improved Comfort
Electric vehicles rely on an electric motor run by battery instead of an internal combustion engine. They are less dependent on petroleum, reduce air pollution due to low emission of greenhouse gases, and are cheaper to maintain compared with traditional gasoline and diesel vehicles. Technological innovations by manufacturers are leading to the introduction of newer versions of electric vehicles that provide improved performance, making them an increasingly reliable solution for commuters.
The cost of public transportation keeps increasing as companies try to recoup their high fuel costs, which leaves many commuters wondering whether it’s worth it to shell out, or if it’s more cost effective to drive themselves. Electric vehicles are able to provide some respite from hiked up transport costs since they don’t rely on the volatile fossil fuels industry. Additionally, the growth in the number of electric vehicles used in public transport means that while your bus will probably still be late, it’ll also be a whole lot greener. According to TechNavio researchers, electric vehicles emit about one percent of the gases emitted by internal combustion engines making them the clear choice for clean air.
There are obviously some issues that hamper widespread adoption of electric buses and electric taxis, especially in geographically large cities. In the case of taxis, the electric variety can only travel for about 80-100 miles before needing to be charged. This can be tricky for cab companies competing for fare, as it means for every 100 miles driven a cab needs a few hours to recharge, which could represent a big loss of revenue. The initial investment into electric vehicles is also very high compared with their internal combustion counterparts, which is making a lot of transportation companies think twice before throwing their money behind electric.
However, many governments are now providing incentives to automotive manufacturers to develop low emission vehicles as a way of curbing air pollution, especially in areas with high population density. So while these roadblocks are nothing to sneeze at, the market outlook is still bright, and we can expect to see more electric buses and taxis hitting the roads soon.
For more market insights view our Global Electric Bus Market and Global Electric Taxi Market 2014-2018 reports.
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