Press release
Online Taxi Services Market Rising Trends, Demand Analysis, Business Opportunities, Industry Size And Forecast To 2033
Online Taxi Services Market Overview
Online Taxi Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $64.74 billion In 2028 At A CAGR Of 10.7% :
The online taxi services market size has grown rapidly in recent years. It will grow from $38.89 billion in 2023 to $43.15 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to ride-sharing convenience, urbanization and population density, mobile app penetration, cost efficiency and transparency, changing consumer behavior.
The online taxi services market size is expected to see rapid growth in the next few years. It will grow to $64.74 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to last-mile connectivity solutions, sustainable and eco-friendly transportation, integration with public transit, advancements in payment systems, regulatory support and partnerships. Major trends in the forecast period include digital wallet and contactless payments, dynamic pricing algorithms, partnerships with ride-hailing platforms, focus on customer experience and loyalty programs, urban mobility initiatives and regulations.
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Online Taxi Services Market Major Segments
The online taxi services market covered in this report is segmented -
1) By Service Type: Ride-Hailing, Ride Sharing
2) By Vehicle Type: Motorcycles, Cars
3) By Payment Mode: Online, Cash
4) By Ride Type: Individual, Car Pool/ Share
Key Driver - Internet Penetration Boosts The Online Taxi Service Market
Rising internet penetration drives the demand for the online taxi service market. The availability of high-speed internet connectivity and the convenience associated with using online services is shifting consumer preferences towards online taxi services. According to the Internet World Stats, the number of internet users increased from 4,208 million to 4,833 million in June 2020. Furthermore, internet users in India are expected to grow from 636.73 million in 2019 to 974.86 million by the end of 2025. A growing number of internet users with smartphones now have taxi services at their fingertips that give the drivers' details and location and benefit the user, thereby fuelling the demand for the growth of online taxi services market.
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Prominent Trend - Rising Popularity Of Self-Driving Taxi Services
The launch of self-driving taxi services is gaining popularity in the online taxi service market. Major players operating in the industry are continuously focused on introducing innovations and technologies to better serve the needs of consumers. For instance, in August 2020, AutoX, an autonomous driving start-up, announced the public launch of Robo-taxi services in China.
Online Taxi Services Market Players
Major companies operating in the online taxi services market report are Uber Technologies, Didi Chuxing Technology Co. Ltd., Zimride Inc., Yandex.Taxi LLC, Lyft Inc., JunoUSA LP, GrabTaxi Holdings Pte Ltd., Bolt Technology OÜ, Careem Networks FZ-LLC, Gett Inc., Wingz Inc., mytaxi AG, 99 Tecnologia Ltda., Via Transportation Inc., Addison Lee Group Limited, Comuto company, Sidecar Technologies Inc., DirectCab Group Limited, Easy Taxi Serviços Ltda, PT Gojek Indonesia, Mega Cabs Private Limited, Hailo Network Limited, Savaari Car Rentals Private Limited, ANI Technologies Private Limited, Zūm Services Inc., Wheely Technologies Limited, Curb Mobility LLC, Carzonrent (India) Private Limited, Yellow Cab Co. Ltd., Meru Mobility Tech Private Limited, LeCab SAS, Beat Mobility S.A., Arro Inc.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the online taxi services market in 2023. Western Europe was the second largest region in the global online taxi services market share. The regions covered in the online taxi services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Online Taxi Services Market Report Structure
3. Online Taxi Services Market Trends And Strategies
4. Online Taxi Services Market - Macro Economic Scenario
5. Online Taxi Services Market Size And Growth
…..
27. Online Taxi Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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