Press release
Internet Penetration Boosts The Online Taxi Service Market: Strengthening the Growth Trajectory of the Online Taxi Services Market
Online Taxi Services Market
Online Taxi Services Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size for online taxi services has witnessed a rapid expansion. From $43.72 billion in 2024, it is projected to reach $48.72 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.4%. Factors contributing to the growth during the historical period include the convenience of ride-sharing, increasing urbanization and population density, widespread use of mobile apps, cost efficiency and transparency, along with evolving consumer habits.
How Will the Online Taxi Services Market Size Evolve and Grow by 2029?
The market size for online taxi services is projected to undergo rapid expansion in the coming years, escalating to $72.2 billion in 2029 with a compound annual growth rate (CAGR) of 10.3%. The growth during the prediction period is attributable to solutions for last-mile connectivity, eco-friendly and sustainable transit, integration into public transportation systems, advancement in payment systems, regulatory backing, and strategic partnerships. Key trends for the forecast duration comprise digital wallet and touchless transactions, fluctuating price algorithms, collaborations with ride-hailing platforms, emphasis on customer service and loyalty schemes, urban mobility strategies and regulations.
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What Drivers Are Propelling the Growth of Online Taxi Services Market Forward?
The surge in internet accessibility is fuelling the requirement for the online taxi service market. The presence of swift internet connections and the associated ease of utilizing online resources are transforming consumer inclinations towards online taxi services. For example, in October 2023, the GSM Association, an international industry body based in the UK, reported a relative heightening in global mobile data consumption per user from 8.4 GB in 2021 to 11.3 GB in 2022. Consequently, the escalating internet accessibility is propelling the progression of the online taxi service market.
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Which Emerging Trends Are Transforming the Online Taxi Services Market in 2025?
The emergence of autonomous taxi services is becoming increasingly favored in the digital taxi sector. Industry leaders are constantly striving to unveil new inventions and technologies to better satisfy consumer needs. For example, in October 2024, the Seoul Metropolitan Government (SMG), a governing body based in South Korea, rolled out a self-driving taxi service for the night hours. This service is distinct in its use of electric vehicles (EVs) for urban travel and its focus on autonomous mobility solutions. It operates freely on major thoroughfares with four lanes or more, with a human safety monitor stepping in on narrower residential roads. The goal of this service is to provide handy and adaptable ride-booking options, allowing users to hail rides through a popular local transportation application.
What Are the Key Segments in the Online Taxi Services Market?
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
Subsegments:
1) By Ride-Hailing: On-Demand Taxi Services, Private Vehicle Hailing, Luxury Ride-Hailing Services
2) By Ride Sharing: Carpooling Services, Scheduled Ride-Sharing, Community-Based Ride Sharing
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Who Are the Key Players Shaping the Online Taxi Services Market's Competitive Landscape?
Major companies operating in the online taxi services market include Uber Technologies, Didi Chuxing Technology Co. Ltd., Yandex.Taxi LLC, Lyft Inc., 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, DirectCab Group Limited, Easy Taxi Serviços Ltda, PT Gojek Indonesia, Mega Cabs Private 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.
What Geographic Markets Are Powering Growth in the Online Taxi Services Market?
Asia-Pacific was the largest region in the online taxi services market in 2024. 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.
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