USD 13.55 billion
Report ID: SQSG20X2002 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 61 | Figures: 70
Moto Taxi Service Market size was valued at USD 13.55 billion in 2021, and it is expected to reach a value of USD 21.43 billion by 2028, at a CAGR of 7.94% over the forecast period (2022 - 2028).
A moto taxi, sometimes referred to as a motorcycle taxi or moto-cab, is a kind of taxi that allows the motorbike rider to carry a passenger as a pillion. Users of the moto-taxi service software can rent or hire taxis through their mobile applications. This programme delivers client requests to the mobile device of the motorcycle owner, and the cost is solely determined by the distance travelled, the number and availability of drivers, and the demand for driving. Moto taxi services are available for both short and long distances, and they are typically offered in heavily frequented areas like the entrances and exits of train stations, airports, outside of shops, and other similarly busy areas.
The demand for moto taxi services has grown quickly because they are the most well-known, quick, economical, and efficient form of transportation in urban areas. Because moto taxi services are convenient to use and offer door-to-door connectivity, they are in high demand in developing countries where the population is growing and the main transportation options are buses and light rails, which are inadequate and unable to cover the last mile and have a high presence of low-income people. In addition, rising parking-related issues, increased traffic, favourable government initiatives, and increased investment in moto-taxi service start-ups are some of the key factors anticipated to spur market expansion.
US Moto Taxi Service Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 13.55 billion
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The global moto taxi service market has been segmented based on application, type, and region. Based on application, the moto taxi service market is segmented into passenger and load. Based on the type, the moto taxi service market is segmented into e-hailing and ride sharing. Based on region, the moto taxi service market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Moto Taxi Service Market Analysis by Application
The passenger segment commands the lion's share of the global motor taxi service market, due to the widespread use of moto taxis for transportation. The demand for moto taxi services, particularly in emerging nations, is growing as a result of growing road traffic congestion, a lack of door-to-door connection, inadequate public transportation options like buses and light railways, and economical and simple hiring. Additionally, the lack of infrastructure, including bad road conditions and rising fuel prices, has accelerated the global popularity of moto-taxi services.
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Asia Pacific held the large portion of the Global Moto Taxi Service market share and is anticipated to grow over the coming years. This dominance is due to the region's market growth being driven by the rapid urbanization, significant demographic growth, and steadily rising road traffic. Additionally, rising fuel prices, particularly in developing nations like China and India, and rising vehicle ownership costs are a few of the main factors that are anticipated to support this region's continued dominance of the global market during the forecast period. Additionally, the lack of public transit for daily lodging combined with the steadily growing population is boosting the market. For instance, the Indian government approved taxi licences for a variety of vehicles, including two wheelers, in December 2018. Due to the growing public awareness of rising vehicle emissions, traffic congestion, and the cost of gasoline and diesel, North America is predicted to represent the second-largest proportion of the global market. The market for moto taxi services in this area is experiencing strong growth thanks to the rising trend of renting motorcycles and participating in bike sharing programmes, which are proving to be cost-effective for consumers.
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The market seems to be moderately fragmented and to have a number of vendors. By market's competitive landscape and information on the products offered by businesses, companies are identifying new growth possibilities and designing distinctive growth strategies to obtain major market share.
Top Players in the Global Motor Taxi Service Market
Moto Taxi Service Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Moto Taxi Service Market analysis, by application, the passenger segment dominated the global market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global moto taxi service market owing to the region's market growth being driven by the rapid urbanisation, significant demographic growth, and steadily rising road traffic.
|Market size value in 2021||USD 13.55 billion|
|Market size value in 2028||USD 21.43 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Moto Taxi Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Moto Taxi Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG20X2002