According to a recent report published by Allied Market Research, titled, “Taxi Market by Booking Type, Service Type, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027,” the global taxi market was valued at $69.18 billion in 2019, and is projected to reach $120.89 billion by 2027, registering a CAGR of 12.3% from 2020 to 2027.
Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, LAMEA is expected to maintain its lead during the forecast period, owing to the technological advancements, rise in preference amongst the people for ride-sharing services which is expected to reduce traffic congestion, and supportive government policies for taxi services.
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A taxi or a cab conveys passengers between locations of their choice. This differs from public transport, as here the pick-up and drop-off locations are decided by the customer provider, and not by the service provider. There are various distinct forms of taxi, which includes limousines, hackney carriages and private hire vehicles including passenger car, motorcycle, scooters, minivan, van, buses & coaches, auto rikshaw, bicycles, and tricycles.
A passenger can book or hail a taxi ride via a call & message, or by going directly to the service provider’s physical location and with the help of a smartphone application or website using internet, which is also known as e-hailing. Also, customer can hire a taxi for a decided route, which would be pre-defined by the passenger.
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By booking type, the market is categorized into online booking and offline booking. The offline booking segment accounted for the highest revenue in 2019, owing to the lack of smartphone penetration and technology friendly customers in smaller towns and cities as well as lack of internet connectivity and constraints in the data & connectivity infrastructure in several countries. However, the online booking segment is anticipated to witness highest CAGR of 12.8% during the forecast period, owing to increase in usage of internet and smartphones by the people across the world.
By service type, the taxi market is segregated into ride hailing and ride sharing. The ride haling segment accounted for the highest revenue in 2019. The growth of the segment is attributed to increase in cost of vehicle ownership, the need for reducing traffic for environmental concern, and government regulations promoting ride hailing options.
The factors such as rise in demand for ride-hailing and ride-sharing services, increase in demand from online taxi booking channels and surge in cost of vehicle ownership are anticipated to drive the market growth. However, improvement of public transportation and varying government regulations on taxi services in different countries across the world hinder the market growth. Further, development of robo-taxies and emergence of eco-friendly electric cab services are some of the factors that are anticipated to offer lucrative opportunities for market growth during the forecast period.
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Covid-19 Scenario Analysis
Social distancing norms and regulations implemented by government and healthcare authorities has restricted the usage of taxi services for daily commute.
Users prefer to travel in their own vehicles due to health and safety concerns, hampering the market size during pandemic.
The nature of the virus being active on surfaces for a long period of time as well as the fear of infection raised in the minds of people has compelled them to avoid traveling. Thus, the people are more likely to avoid traveling by taxies.
Many leading market players are changing their offerings such as groceries, meals, and medical supplies deliveries in the COVID -19 pandemic, which is expected to heal the growth of taxi market.
The increasing vehicle ownership cost and reducing trust in the ride-hailing services such as Ola, Uber, is expected to develop growth opportunities for bike sharing, carpooling and ridesharing services in post COVID situation.
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Key Findings Of The Study
By booking type, the online booking segment is expected to register a significant growth during the forecast period.
By service type, the ride sharing segment is anticipated to exhibit significant growth in the future.
By vehicle type, the motorcycle segment is projected to lead the global taxi market, owing to higher CAGR as compared to commercial.
By region, LAMEA is anticipated to register the highest CAGR.
The key players operating in the taxi market are ANI Technologies Pvt. Ltd., Beijing Xiaoju Technology Co, Ltd., Bolt Technology OU, Careem, Curb Mobility, Dubai Taxi Corporation, FREE NOW, Gett, Gojek Tech, Grab, Lyft, Inc, Maxi Mobility Spain, S.L., Nihon Kotsu Co., Ltd., Uber Technologies Inc. and Yandex.
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