Taxi And Limousine Services Market (COVID19- UPDATED) Tremendous Growth By 2030 | Yellow Cab, Limo City, Hailo, MyTaxi, Prague Taxis

Taxi And Limousine Services Market: Covid 19 Implications And Growth - By Type (Online Taxi Services, Tele And Offline Taxi Services, Limousine Services), By Vehicle Type (Cars, Motorcycles And Others), By Payment Mode(Online And Cash), By Ride Type (Individual, Car Pool/Share), And By Region, Opportunities And Strategies – Global Forecast To 2035 By The Business Research Company

The global taxi and limousine services market is expected to decline from $83.0 billion in 2019 to $46.7 billion in 2020 at a compound annual growth rate (CAGR) of -43.7%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $94.4 billion in 2023.

The Key drivers of the taxi and limousine services market include:-
Ease Of Transportation - Hiring a taxi cab has become much easier, when compared to earlier days. Currently, a passenger can book a cab for a desired destination along with the driver information, live tracking, cashless travel, and SOS apps, at the touch of a button. Technology advances have boosted the demand for taxi services, as passengers can access various cab facility providers and book a cab for a comfortable, safe, and secure journey. Therefore, ease of transportation via cabs positively impacts the taxi and limousine services market.

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Taxi And Limousine Services Market Segmentation:-
By Type Of Service – The taxi and limousine services market can be segmented by type of service
1. Online Taxi Services
2. Tele And Offline Taxi Services
3. Limousine Services

The tele and offline taxi services market was the largest segment of the taxi and limousine services market in 2019 at 41.4%. The online taxi services market is also expected to be the fastest-growing segment going forward at a CAGR of 5.6%.

By Vehicle Type – The taxi and limousine services market can be segmented by vehicle type
1. Cars
2. Motorcycles
3. Others

The cars market was the largest segment of the taxi and limousine services market in 2019 at 62.6%. The others market is also expected to be the fastest-growing segment going forward at a CAGR of 6.2%.

By Payment Mode – The taxi and limousine services market can be segmented by payment mode
1. Online
2. Cash

The online market was the largest segment of the taxi and limousine services market in 2019 at 72.2% and also expected to be the fastest-growing segment going forward at a CAGR of 3.9%.

By Ride Type – The taxi and limousine services market can be segmented by ride type
1. Individual
2. Car Pool/Share

The individual market was the largest segment of the taxi and limousine services market in 2019 at 67.3% and the car pool/share is expected to be the fastest-growing segment going forward at a CAGR of 4.2%.

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By Geography - The taxi and limousine services market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the taxi and limousine services market are
1. Uber Technologies, Inc.,
2. Didi Chuxing Technology Co.,
3. Lyft Inc.,
4. Grab Holdings Inc.,
5. Gett Inc.

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.