Press release
Taxi And Limousine Services Global Market Trends: is Projected to Surpass $170.99 Billion By 2028 | Yandex N.V., Ola Cabs, Nihon Kotsu, Didi Dache, Yookoo Rider
Taxi And Limousine Services Market
As per the report, 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 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%.
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Changing Consumer Preferences Favoring Taxis Over Personal Car Ownership
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.
Innovations In Shared Transportation Services In The Transit Industry
Taxi and limousine service providers are offering shared transportation services to cater to the increasing demand of customers. A shared transportation system is an innovative transportation strategy that enables users to gain short-term access to transportation modes as needed. It includes various forms of transportation, such as car-sharing, bike-sharing, carpooling, and platform-based ride services. Shared transportation systems are growing in the transit and ground passenger transportation industries owing to the cost benefits these systems offer to customers. For example, Uber, an American on-demand cab transportation service provider with an international presence, is offering a shared ride service known as UberPOOL. Ride-sharing companies such as BlaBlaCar and Drivezy also facilitate users to book a seat in vehicles according to their choice by the mere payment of a membership fee or fare.
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
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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
Contents of the report:
1. Executive Summary
2. Taxi And Limousine Services Market Report Structure
3. Taxi And Limousine Services Market Trends And Strategies
4. Taxi And Limousine Services Market - Macro Economic Scenario
5. Taxi And Limousine Services Market Size And Growth
…..
27. Taxi And Limousine Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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