12.3% CAGR: Taxi Market Rides Wave of Growth to USD 120.89 Billion by 2027 | says AMR

Taxi is a type of vehicle leasing service, which includes hiring the service of a driver along with the vehicle. It can be availed by a single or multiple passenger on basis of sharing and non-sharing option. A passenger can book or hail a taxi ride via a call & message, or going to service provider's physical location and with the help of a smartphone application or website using internet, which is also known as e-hailing. Passengers can book or hire a taxi for a decided route, which would be pre-defined by the passenger. Generally, passenger car, motorcycle, scooters, minivan, van, buses & coaches, auto rikshaw, bicycles, and tricycles are the type of vehicles used for taxi services. In several countries, various human-powered vehicles such as rickshaw or pedicab, animal-powered vehicles such as the Hansom cab and water taxies or air taxies are also used for taxi service.

According to the report, the global taxi industry generated $69.18 billion in 2019, and is expected to generate $120.89 billion by 2027, witnessing a CAGR of 12.3% from 2020 to 2027.

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Prime determinants of growth

Increase in demand for ride-hailing and ride-sharing services, surge in demand from online taxi booking channels, and rise in cost of vehicle ownership drive the growth of the global taxi market. However, improvement in public transportation and varying government regulations on taxi services in different countries restrain the market growth. On the other hand, development of robo-taxies and emergence of eco-friendly electric cab services create new opportunities in the coming years.

Leading market players

ANI Technologies Pvt. Ltd.
Beijing Xiaoju Technology Co, Ltd.
Bolt Technology OU
Careem
Curb Mobility
Dubai Taxi Corporation
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Gett
Gojek Tech
Grab
Lyft, Inc.
Maxi Mobility Spain, S.L.
Nihon Kotsu Co., Ltd.
Uber Technologies Inc.
Yandex

The online booking segment to maintain its leadership status during the forecast period

Based on booking type, the online booking segment accounted for the highest share in 2019, holding more than four-fifths of the global taxi market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to grow at the fastest CAGR of 12.8% from 2020 to 2027. This is due to flexibility and convenience offered by this booking type and rise in usage of internet and smartphones by people across the world. The report also offers a detailed analysis of the offline booking segment.

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The ride-hailing segment to maintain its lead position throughout the forecast period

Based on service type, the ride-hailing segment held the largest market share, accounting for more than half of the global taxi market in 2019, and will maintain its lead position throughout the forecast period. This is attributed to rise in cost of vehicle ownership, need for reducing traffic for environmental concerns, and government regulations to promote ride-hailing options. However, the ride-sharing segment is projected to witness the highest CAGR of 13.2% from 2020 to 2027, owing to the preference for carpool and bike pool services among the regular office commuters.

LAMEA, followed by North America, to grow at the fastest rate

Based on region, LAMEA, followed by North America, is estimated to portray the highest CAGR of 14.9% during the forecast period. This is due to increase in demand for alternative transportation, rapid urbanization, and digitization. However, Asia-Pacific contributed to the largest market share in 2019, accounting for nearly two-fifths of the global taxi market, and will maintain its dominance in terms of revenue by 2027. This is attributed to rapid adoption rate of ride-sharing services among customers in countries such as India, Vietnam, China, and Singapore.

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Key Benefits For Stakeholders

This study presents analytical depiction of the global taxi market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall taxi market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global taxi market with a detailed impact analysis.
The current taxi market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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