Global moto taxi service market

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


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

Moto Taxi Service Market Dynamics

Moto Taxi Service Market Driver

  • 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.
  • The increase in finance from various businesses is probably going to help moto tab service entrepreneurs run more efficiently and broaden their geographic reach. Over time, this will support the market expansion during the projection period.

Moto Taxi Service Market Restraint

  • The moto taxi service market is flourishing in some regions of the world, moto taxis are outlawed and viewed as illegal in other nations. As a result, during the forecast period, the restriction on moto taxis will have a negative impact on service providers' profitability.
  • During the projection period, inadequate luggage room, low riding safety, and uncomfortable seats could restrain market growth.
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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 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 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 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 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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Global moto taxi service market

Product ID: SQSG20X2002

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