0

Taxi Market Expected to Reach $120.89 Billion by 2027

 
2022
Taxi Market

Report Code : A10565

quote By vehicle type, the cars segment dominated the global taxi market in 2019, in terms of revenue, and the motorcycle segment is anticipated to witness highest CAGR of 15.3% during the forecast period. Presently, Asia-Pacific is the highest revenue contributor, and LAMEA is expected to lead the market during the forecast period, followed by Europe. quote

Akshay Jadhav
Lead Analyst, Automotive & Transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Taxi Market by Booking Type, Service Type, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027,” the global taxi market was valued at $69.18 billion in 2019, and is projected to reach $120.89 billion by 2027, registering a CAGR of 12.3% from 2020 to 2027.

Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, LAMEA is expected to maintain its lead during the forecast period, owing to the technological advancements, rise in preference amongst the people for ride-sharing services which is expected to reduce traffic congestion, and supportive government policies for taxi services.

A taxi or a cab conveys passengers between locations of their choice. This differs from public transport, as here the pick-up and drop-off locations are decided by the customer provider, and not by the service provider. There are various distinct forms of taxi, which includes limousines, hackney carriages and private hire vehicles including passenger car, motorcycle, scooters, minivan, van, buses & coaches, auto rikshaw, bicycles, and tricycles. 

A passenger can book or hail a taxi ride via a call & message, or by going directly to the service provider’s physical location and with the help of a smartphone application or website using internet, which is also known as e-hailing. Also, customer can hire a taxi for a decided route, which would be pre-defined by the passenger.  

By booking type, the market is categorized into online booking and offline booking. The offline booking segment accounted for the highest revenue in 2019, owing to the lack of smartphone penetration and technology friendly customers in smaller towns and cities as well as lack of internet connectivity and constraints in the data & connectivity infrastructure in several countries. However, the online booking segment is anticipated to witness highest CAGR of 12.8% during the forecast period, owing to increase in usage of internet and smartphones by the people across the world. 

By service type, the taxi market is segregated into ride hailing and ride sharing. The ride haling segment accounted for the highest revenue in 2019. The growth of the segment is attributed to increase in cost of vehicle ownership, the need for reducing traffic for environmental concern, and government regulations promoting ride hailing options.

The factors such as rise in demand for ride-hailing and ride-sharing services, increase in demand from online taxi booking channels and surge in cost of vehicle ownership are anticipated to drive the market growth. However, improvement of public transportation and varying government regulations on taxi services in different countries across the world hinder the market growth. Further, development of robo-taxies and emergence of eco-friendly electric cab services are some of the factors that are anticipated to offer lucrative opportunities for market growth during the forecast period.

Covid-19 Scenario Analysis 

  • Social distancing norms and regulations implemented by government and healthcare authorities has restricted the usage of taxi services for daily commute.
  • Users prefer to travel in their own vehicles due to health and safety concerns, hampering the market size during pandemic. 
  • The nature of the virus being active on surfaces for a long period of time as well as the fear of infection raised in the minds of people has compelled them to avoid traveling. Thus, the people are more likely to avoid traveling by taxies.
  • Many leading market players are changing their offerings such as groceries, meals, and medical supplies deliveries in the COVID -19 pandemic, which is expected to heal the growth of taxi market. 
  • The increasing vehicle ownership cost and reducing trust in the ride-hailing services such as Ola, Uber, is expected to develop growth opportunities for bike sharing, carpooling and ridesharing services in post COVID situation.

Key Findings Of The Study

  • By booking type, the online booking segment is expected to register a significant growth during the forecast period.
  • By service type, the ride sharing segment is anticipated to exhibit significant growth in the future.
  • By vehicle type, the motorcycle segment is projected to lead the global taxi market, owing to higher CAGR as compared to commercial.
  • By region, LAMEA is anticipated to register the highest CAGR.

The key players operating in the taxi market are ANI Technologies Pvt. Ltd., Beijing Xiaoju Technology Co, Ltd., Bolt Technology OU, Careem, Curb Mobility, Dubai Taxi Corporation, FREE NOW, Gett, Gojek Tech, Grab, Lyft, Inc, Maxi Mobility Spain, S.L., Nihon Kotsu Co., Ltd., Uber Technologies Inc. and Yandex.

 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Taxi Market by Booking Type (Online Booking and Offline Booking), Service Type (Ride-hailing and Ride-sharing), and Vehicle Type (Cars, Motorcycle, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Oct 2024

Digital Substation Market

Download Sample
rep-img

Published Date Oct 2024

Argan Oil Market

Download Sample
rep-img

Published Date Oct 2024

Cold Plasma Market

Download Sample
rep-img

Published Date Oct 2024

Auto Gas Market

Download Sample

Buy Full Version
"Taxi Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers