Product ID: SQMIG20V2007
Report ID: SQMIG20V2007 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 89 | Figures: 76
Taxi Market size was valued at USD 179.53 billion in 2021 and is poised to grow from USD 223.05 billion in 2022 to USD 599.87 billion by 2030, at a CAGR of 13.16% during the forecast period (2023-2030).
The global taxi market is experiencing significant growth globally. Our report contains detailed information on the value chain analysis for the Taxi market, which manufacturers can use to gain a competitive edge during the projected period. Taxis are a form of vehicle leasing service that involves the employment of a driver as well as the vehicle. It may be used by a single or several passengers, with the option of sharing or not sharing. A passenger can book or hail a taxi trip by calling and texting the service provider, traveling to the service provider's physical location, or via an internet-connected smartphone app or website, often known as e-hailing.
Passengers can order or rent a cab for a certain route that they have pre-determined. Taxi vehicles include passenger cars, motorcycles, scooters, minivans, vans, buses and coaches, auto rickshaws, bicycles, and tricycles. Various human-powered vehicles, such as rickshaws, are used in different nations. Long term, the taxi sector is predicted to develop due to rising demand for ride-hailing and ride-sharing services, rising demand from online taxi booking channels, and rising vehicle ownership costs. Throughout the projection period, the emergence of eco-friendly electric cab services will likely present an appealing opportunity for market advancement.
Because of the rising proliferation of the internet and smartphones globally, the simplicity of booking through the app has substantially influenced users to favor online booking over offline booking. Furthermore, the app's availability of information such as tracking the driver's whereabouts, pre-estimated trip fee, driver contact information, and car data has enhanced consumer preference for online booking.
US Taxi Market is poised to grow at sustainable CAGR for the next forecast year.
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Global Taxi Market is segmented on the basis of vehicle type, service type, customer type, and region. by type, the market is segmented into sedans, suvs, hatchbacks, luxury taxis, others. by service type, the market is segmented into individual taxis, shared taxis. by customer type, the market is segmented into personal and corporate. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Taxi Market Analysis By Vehicle Type
The taxi market can be segmented based on various vehicle types, each catering to different customer preferences and requirements. These segments include sedans, SUVs, and luxury taxis. Among these segments, sedans represent the largest segment in terms of market share. Sedans are the most common and widely used vehicles in the taxi market. They are known for their compact size, fuel efficiency, and affordability. Sedans provide a comfortable and convenient mode of transportation for individuals and small groups. They are particularly suitable for urban areas with narrow streets and limited parking spaces. Sedan taxis are often hailed for daily commutes, short trips, and general transportation needs.
On the other hand, SUVs have witnessed significant growth and are considered the fastest-growing segment in the taxi market. SUV taxis cater to larger groups or passengers with additional luggage requirements. These vehicles provide ample seating space, enhanced legroom, and higher cargo capacity compared to sedans. SUVs are known for their versatility, robustness, and ability to navigate through rough terrains. They offer a comfortable and spacious travel experience, making them suitable for airport transfers, family outings, and group travels.
Taxi Market Analysis By Service Type
The individual taxis represent the largest segment in terms of market share, while shared taxis are considered the fastest-growing segment. Individual taxis are the most common and widely used service type in the taxi market. These taxis provide transportation services to individual passengers or small groups. Customers can easily hail individual taxis on the streets or through phone calls, and these services are regulated by local transportation authorities. Individual taxis offer convenience, flexibility, and personalized travel experiences. They are suitable for a wide range of purposes, including daily commutes, shopping trips, and social outings.
On the other hand, shared taxis have witnessed significant growth and are considered the fastest-growing segment in the taxi market. Shared taxis provide cost-effective transportation by allowing multiple passengers to share the same ride. These services are typically facilitated through mobile applications or online platforms, connecting passengers traveling in the same direction. Shared taxis promote carpooling, reducing the number of individual vehicles on the road and contributing to environmental sustainability. They offer affordable fares, shared costs, and reduced congestion. Shared taxis are increasingly popular among commuters, students, and budget-conscious travelers.
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The largest market region in the Taxi market is North America. The region boasts a well-established transportation infrastructure and a high level of urbanization, contributing to a significant demand for taxi services. Major cities in North America, such as New York, Los Angeles, and Toronto, have dense populations and heavy traffic, creating a strong need for convenient and efficient transportation options. The presence of established ride-hailing platforms, such as Uber and Lyft, has further fueled the growth of the taxi market in the region. Additionally, North America has a strong culture of using taxis for various purposes, including daily commuting, airport transfers, and leisure activities.
When it comes to the fastest growing region in the taxi market, Asia Pacific emerges as a dynamic and rapidly evolving market. The region is witnessing significant growth due to several factors. Firstly, rapid urbanization and a rising middle-class population have led to increased demand for transportation services, including taxis. Emerging economies such as China and India, with their large populations and expanding urban areas, are key drivers of growth in the Asia Pacific taxi market. Secondly, the adoption of technology-enabled ride-hailing platforms has surged in the region, providing convenient and affordable transportation options to a growing customer base. Players like Didi Chuxing in China and Ola in India have successfully captured market share and continue to expand their operations.
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The Increasing Urbanization And Population Density
Taxi Market Restraints
Competition From Ride-Sharing Services And Other Emerging Mobility Options
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The Global Taxi Market features a highly competitive landscape with the presence of several key players. Some of the prominent players in the market focus on product innovation and technological advancements to gain a competitive edge. They invest significantly in research and development to introduce new features and functionalities in their Taxi solutions. Additionally, strategic partnerships, collaborations, and acquisitions are common strategies employed by these players to expand their market presence and enhance their product portfolios. With the growing demand for Taxi solutions, the competition among these players intensifies, leading to continuous advancements and improvements in the market offerings.
Taxi Market Top Player’s Company Profile
Taxi Market Recent Developments
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According to our analyses, the taxi market is undergoing significant transformations driven by evolving consumer preferences, technological advancements, and the need for sustainable transportation solutions. The most significant driving factor shaping the industry is the rise of ride-hailing platforms and the adoption of technology-enabled services, providing seamless booking, cashless payments, and real-time tracking. These platforms, such as Uber and Didi Chuxing, have disrupted the traditional taxi market and continue to attract a large customer base, particularly among younger generations. The largest segment in the taxi market is individual taxis, serving as a reliable and convenient mode of transportation for daily commutes, short trips, and general transportation needs. However, the fastest-growing segment is shared taxis, fueled by the demand for cost-effective and eco-friendly transportation options through ride-sharing. Asia Pacific emerges as the dominating region in the taxi market, with countries like China and India contributing significantly to its growth. These nations experience rapid urbanization, population growth, and increasing middle-class populations, driving the demand for transportation services. Moreover, the Asia Pacific region has seen the rise of technology-enabled platforms and supportive government initiatives, propelling its growth further. As the industry continues to evolve, embracing sustainability and exploring emerging technologies like electric vehicles, the taxi market holds vast potential for innovation and enhanced customer experiences.
|Market size value in 2021||USD 179.53 billion|
|Market size value in 2030||USD 599.87 billion|
|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
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Taxi 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 Taxi 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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