Taxi Market Growth, Business Opportunity, Industry Trends, Forecast 2023-2028

 

How Big is The Taxi Market:

IMARC Group, a leading market research company, has recently releases report titled “Taxi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”  The global taxi market size reached US$ 221.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 298.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.93% during 2023-2028.

A taxi refers to a licensed motor vehicle that transports passengers in exchange for payment, either on a shared or non-shared basis. Common types of vehicles used for taxi services include passenger cars, motorcycles, scooters, vans, buses, auto rickshaws, minivans, bicycles, and tricycles. Taxis provide point-to-point and door-to-door services, and passengers can conveniently book, modify, pre-book, or cancel reservations using mobile applications. In addition to this, this vehicle can be booked either online or via offline basis.  

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Taxi Market Trends and Drivers:

The growing popularity of this vehicle in urban areas, owing to its affordability, convenience, ease of use, and comfortable transportation, and the expanding online booking channels across the globe are among the primary factors driving the taxi market. Besides this, the increasing penetration of the Internet and smartphones, which enable features, such as tracking, pre-estimated ride fares, driver contact information, and vehicle details through the app, is further augmenting the market growth. Moreover, the introduction of eco-friendly electric taxi services that reduce pollution and greenhouse gas emissions and the escalating demand for ride-sharing services, on account of traffic congestion, high fuel costs, and limited parking spaces, are also catalyzing the global market. 

Apart from this, the integration of artificial intelligence (AI) in cab booking apps that allows efficient coordination and management of transportation systems by connecting customer needs with preferred time slots is acting as another significant growth-inducing factor. Additionally, the leading players are offering various discounts and incentives, such as monthly passes for shared rides, to reduce daily commute expenses, which is also stimulating the market growth. Furthermore, the rising population of working-class individuals, the inflating disposable incomes of consumers, and the emerging trend of road trips among younger demographics are expected to bolster the taxi market in the coming years. 

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

ANI Technologies Pvt. Ltd, Bolt Technologies OU, Curb Mobility LLC, Dubai Taxi Corporation, Flywheel, Free Now, Gojek Tech, Lyft Inc., Nihon Kotsu Co. Ltd. and Uber Technologies Inc.

Booking Type:

  • Online Booking
  • Offline Booking

Service Type:

  • Ride Hailing
  • Ride Sharing

Vehicle Type:

  • Cars
  • Motorcycle
  • Others

By Geography:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023- 2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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