Global moto taxi service market

Global Moto Taxi Service Market Size, Share, Growth Analysis, By Application(Passenger, Load), By Type(E-hailing, Ride Sharing) - Industry Forecast 2024-2031

Report ID: SQSG20X2002 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 61 | Figures: 70

Global Moto Taxi Service Market Competitive Landscape

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

  • In December 2020, Estonian ride-hailing firm Bolt raised EUR 150 million (USD 182 million) in a funding round led by D1 Capital Partners. The company said it will use the money to develop driver face verification and use machine learning to prevent potential incidents. The firm’s app now counts more than 50 million users in over 40 countries across Europe and Africa.
  • In November 2020, Meru cabs announced that they are planning to raise USD 54.25 million (INR 400 Crore) from private equity funds. The fundraising plan comes at a time when the company is sharpening focus on providing cabs to corporates and expanding its base of electric vehicles in India.
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FAQs

Moto Taxi Service Market size was valued at USD 13.55 billion in 2019, and it is expected to reach a value of USD 21.43 billion by 2031, at a CAGR of 7.94% over the forecast period (2024-2031).

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. 'Uber Technologies Inc. (US)', 'Wunder Mobility (Germany)', 'ANI Technologies Pvt. Ltd. (India )', 'Rapido (India)', 'GOJEK (Indonesia)', 'Pathao Ltd. (Bangladesh)', 'Bolt Technology OU (Tallinn,)', 'SafeBoda (Uganda)', 'Grab (Malaysia)', 'MotoTaxi Services (India)', 'Baxi (UK)', 'Bikxie (India)', 'Dunzo(India)', 'Jugnoo(India)', 'Mopedo (India)'

The demand for moto taxi services is expected to be driven by the escalating worries about traffic congestion. In major cities around the world, the number of private vehicles is increasing, which is causing more traffic congestion. In this way, moto taxi services assist customers in saving time by efficiently avoiding congested locations. Additionally, moto taxi services provide reasonable and comfortable services that customers from all different financial backgrounds can use. In contrast to the majority of public transit systems, moto taxis also offer last-mile services. Furthermore, it is anticipated that in the upcoming years, demand for bike taxi services would increase due to growing fuel prices and hefty costs connected with automobile ownership.

Increasing problems with traffic congestion are what are driving the global car power liftgate sector. This can be linked to an increase in the number of vehicles on the road as well as a lack of suitable infrastructure, including bad roads and rising fuel costs. It is further predicted that the increased urbanization will have a favorable effect on the market expansion. Additionally, the demand for last-mile drop-off services, which are unavailable with public transit, is also likely related to the rising use of moto-taxi services. In the upcoming years, the elements are projected to accelerate market growth.

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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