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Taxi And Limousine Services Market Growth Opportunities, Size, Share Analysis, Recent Developments And Forecast To 2033
Taxi And Limousine Services Market Analysis
The Business Research Company presents an extensive market research report on the Taxi And Limousine Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The taxi and limousine services market size has grown strongly in recent years. It will grow from $114.66 billion in 2023 to $124.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to technological development, strong economic growth in emerging markets, and growth in aging population.
The taxi and limousine services market size is expected to see strong growth in the next few years. It will grow to $170.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to economic growth, and changing consumer preferences towards car sharing. Major trends in the forecast period include increasing the shared transportation offerings, implementing big data analytics tools in companies' operations, using social media platforms to improve their reach, and implementing new transportation technologies such as on-demand booking services and taxi soft meter. player-adopted strategies in the taxi and limousine services market include reinforcing m&a strategies to expand businesses in other geographic areas, and investing in expanding networks, operations and distribution network, streamline business travel experiences through partnerships.
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Key Market Players:
Major companies operating in the taxi and limousine services market report are Uber Technologies, Inc., Didi Chuxing Technology Co., Lyft, Inc., Grab Holdings Inc., Gett, Inc., Addison Lee Limited, Daiichi Koutsu Sangyo Co., Ltd., ANI Technologies Pvt. Ltd., Yandex N.V., Daiwa Motor Transportation Co., Ltd., Ola Cabs, Nihon Kotsu, Didi Dache, Hailo, Stefano's RomeCabs, Rome Chauffeur, Domenico's Airport Transfers, Chauffeur Privé, LeCab, MyTaxi, Bolt, Prague Taxis, Taxify, Lyft Yellow Cab, Limo City, Cabify, BA Taxi, Careem, Dubai Taxi Corporation, Africa Ride, Oga Taxi, Little Cabs, Yookoo Rider
Market Drivers:
The shift in consumer preferences towards travelling in taxis rather than investing in buying a personal car is expected to be a key driver of the taxi and limousine services market. Rising vehicle and fuel prices, heavy traffic, limited parking space availability, and low taxi ridership costs compel people, particularly millennials, to use ride-hailing services. Ride-hailing companies are offering rides at low prices globally. For instance, in the USA, Uber charges a base fare of about $3 and about $2 per mile. In India, Uber offers rides at as low as INR 7/km and Ola offers rides at INR 8/km. This makes a daily taxi ride much cheaper than a car bought on loan. This change in consumer preferences will drive the demand for taxi services going forward.
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https://www.thebusinessresearchcompany.com/report/taxi-and-limousine-services-global-market-report
The taxi and limousine services market covered in this report is segmented -
1) By Type: Online Taxi Services, Tele And Offline Taxi Services, Limousine Services
2) By Distance: Long-Distance, Short-Distance
3) By Application: Adults, Children
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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