The latest research study “Taxi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global taxi market size is expected to exhibit a CAGR of 5.02% during 2022-2027.
A taxi represents a motor vehicle licensed to transport passengers in return for payment on a non-shared or shared basis. Common conveyance types used in this service include motorcycles, scooters, vans, passenger cars, buses, auto rickshaws, minivans, bicycles, and tricycles.
A taxi offers point-to-point and door-to-door assistance and allows passengers the convenience to modify, pre-book, or cancel reservations using mobile-based applications. In addition, these vehicles are gaining immense popularity across urban settings as they are affordable, accessible, economical, and a comfortable mode of transportation.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Taxi Market Trends and Drivers:
The escalating demand for online cab booking channels across the globe is among the primary factors driving the taxi market. Besides this, the rising penetration of the internet and smartphones and the extensive availability of tracking features, pre-estimated ride fare, driver contact, and vehicle details on the app are further augmenting the market growth.
Moreover, the integration of artificial intelligence (AI) with applications to connect the need for taxis and time slots preferred by customers and efficiently coordinate and manage transportation systems is also catalyzing the global market. Apart from this, the elevating requirement for ride-sharing services, owing to the increasing traffic-related problems, fuel costs, and reduced parking spaces, is acting as another significant growth-inducing factor.
Additionally, the introduction of eco-friendly electric cab services to curb pollution and greenhouse gases (GHG) is also stimulating the market growth. Furthermore, the growing working-class population, the inflating expenditure capacities of the consumers, and the emerging trend of road trips among the younger demographics, are expected to bolster the taxi market in the coming years.
Taxi Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ANI Technologies Pvt. Ltd, Bolt Technologies OU, Curb Mobility LLC, Dubai Taxi Corporation, Flywheel, Free Now, Gojek Tech, Lyft Inc., Nihon Kotsu Co. Ltd. and Uber Technologies Inc.
The report has been segmented the market into following categories:
- Online Booking
- Offline Booking
- Ride Hailing
- Ride Sharing
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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