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 Insights

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).

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.

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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