Global Taxi Market Report 2024 | Industry to Grow 4.9% by 2032- IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Taxi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global taxi market size reached US$ 232.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 357.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.

Factors Affecting the Growth of the Taxi Industry:

• Ride-Sharing Services:

Ride-sharing services are introducing intense competition into the transportation sector. Traditional taxi companies are now compelled to improve their services and adapt to changing customer expectations to remain competitive. Ride-sharing platforms utilize advanced mobile apps that offer passengers the convenience of real-time booking, global positioning system (GPS) tracking, and cashless payments. This is pushing traditional taxi companies to invest in similar technology to enhance the customer experience. Ride-sharing services prioritize customer satisfaction, and this is raising the bar for service quality in the entire industry.

• Technology Advancements:

The integration of GPS navigation systems in taxis is impelling the growth of the market. It allows drivers to find optimal routes, reducing travel time and fuel consumption while providing passengers with faster and more efficient rides. Taxi companies are developing mobile apps that enable passengers to book rides, track their taxis in real-time, and make cashless payments. This technology offers convenience, transparency, and ease of use, enhancing the overall customer experience.

• Environmental Concerns:

Taxi companies are transitioning to environment friendly vehicle options, such as electric and hybrid cars. These vehicles produce fewer emissions and contribute to reducing air pollution and greenhouse gas emissions. Electric and hybrid taxis generally have lower operating costs compared to traditional gasoline or diesel vehicles. This cost savings makes them an attractive option for taxi operators and drivers. Many cities and governments offer incentives and subsidies to taxi companies and drivers who switch to electric or hybrid vehicles. These incentives include tax breaks, reduced registration fees, and access to dedicated lanes.

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Leading Companies Operating in the Global Taxi Industry:

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

Global Taxi Market Trends:

At present, the increasing popularity of online apps to book taxis with a few taps on their smartphones due to enhanced convenience represents one of the key factors contributing to the growth of the market. Besides this, the rising preference for eco-friendly transportation solutions to reduce carbon footprint is strengthening the market growth. Moreover, the increasing adoption of efficient and accessible transportation services among the masses is bolstering the growth of the market. Apart from this, the rising integration of autonomous driving technologies in taxis to improve the safety of passengers and drivers is propelling the growth of the market. Furthermore, the growing popularity of ride-sharing, along with the wide availability of taxi-hailing apps, is offering a positive market outlook.

Explore Full Report: https://www.imarcgroup.com/taxi-market

Taxi Market Report Segmentation:

By Booking Type:

• Online Booking
• Offline Booking

Online booking represented the largest segment due to the increasing popularity of mobile apps and the convenience they offer to passengers for booking rides.

By Service Type:

• Ride Hailing
• Ride Sharing

Ride hailing exhibits a clear dominance in the market on account of the rapid expansion of ride-sharing platforms.

By Vehicle Type:

• Cars
• Motorcycle
• Others

Cars accounted for the largest market share as they are the most commonly used type of vehicle for taxi services.

Regional Insights:

• 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

Asia Pacific enjoys the leading position in the taxi market due to rapid urbanization.

Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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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 Group'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.

This release was published on openPR.