HS Code:
Taximeters, classified under HS Code 9029.10, are instruments used primarily in taxis to measure the distance traveled and calculate fares based on distance and time. This category includes mechanical and electronic taximeters used globally in the transportation industry. Trade in taximeters is influenced by the demand for public transportation services, urbanization, and regulatory requirements for fare measurement accuracy in various countries.
Total Trade Volume
USD 50 million
Data from 2022
Source
United Nations Comtrade Database
USD 15 million
30% of total trade of total trade
Increasing
USD 10 million
20% of total trade of total trade
Stable
USD 8 million
16% of total trade of total trade
Increasing
USD 5 million
10% of total trade of total trade
Stable
USD 3 million
6% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing nations to protect local industries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Shift to digital taximeters with GPS integration
Increased demand for electronic taximeters over traditional mechanical ones, driven by the need for precision and integration with ride-hailing apps.
2021-2022
Rising urbanization in developing countries
Growing demand for taximeters in emerging markets as taxi services expand to meet urban transportation needs.
2020-2022
Regulatory push for standardized fare systems
Governments enforcing stricter regulations on fare calculation accuracy, boosting the need for certified taximeter imports.
2019-2022
The European Union introduced new standards for digital taximeters, mandating cybersecurity features to prevent tampering with fare data.
June 2023
Manufacturers exporting to the EU must adapt products to comply with new regulations, potentially increasing production costs but ensuring market access.
China has increased its export of taximeter components due to lower production costs and high demand from Southeast Asian markets.
March 2023
This has intensified competition for European and Japanese manufacturers, potentially lowering global prices.
The United States temporarily reduced tariffs on electronic taximeters to support the modernization of taxi fleets amid rising ride-sharing competition.
January 2023
This has led to a short-term increase in imports from key manufacturing countries like Japan and Germany.