Global Taxi Market Statistics: USD 357.9 Billion Value by 2032
Summary:
- The global taxi market size reached USD 232.6 Billion in 2023.
- The market is expected to reach USD 357.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.
- Asia-Pacific leads the market, accounting for the largest taxi market share.
- Online booking accounts for the majority of the market share in the booking type segment owing to its convenience and ease of use.
- Ride hailing holds the largest share in the taxi industry.
- Car remains a dominant segment in the market because of its versatility and widespread use as the primary mode of transportation.
- The growing population in urban areas is a primary driver of the taxi market.
- The rising number of ride-sharing services and the focus on sustainability are reshaping the taxi market.
Industry Trends and Drivers:
- Growing urbanization:
Rapid urbanization is catalyzing the demand for efficient and convenient transportation options as more people are migrating to cities. Urban areas are experiencing higher population densities, which are leading to congestion and a need for alternative transportation solutions. Taxis offer a flexible, on-demand service that meets the needs of urban people who may not own private vehicles or prefer not to drive in crowded city environments. This trend is prompting traditional taxi services and ridesharing platforms to expand their operations, invest in technology, and improve customer experiences to cater to the growing urban population. As urbanization is accelerating, the demand for efficient and adaptable transportation options is promoting innovations in the market, including the development of solutions tailored as per the unique challenges of densely populated areas.
- Rising ridesharing services:
The increasing number of ridesharing services is contributing to the market growth by providing people with more options for on-demand transportation. Companies are disrupting traditional taxi services with user-friendly apps that offer convenient, reliable, and often more cost-effective rides. This transition is encouraging traditional taxi operators to integrate similar technologies and service models to remain relevant and meet customer expectations. Furthermore, the adoption of features, such as global positioning system (GPS) tracking, dynamic pricing, and cashless payments by ridesharing platforms is elevating customer service standards and operational efficiency. As the ridesharing sector is expanding, it is reshaping the landscape of the taxi market and influencing user preferences.
- Increasing focus on sustainability:
The growing focus on sustainability is driving changes in the market as people and regulatory bodies are prioritizing eco-friendly transportation solutions. Taxi operators are adopting electric vehicles (EVs) and hybrid vehicles to reduce emissions and align with environmental regulations aimed at combating climate change. The shift towards greener transportation options is driven by the growing preferences for sustainable travel choices and incentives undertaken by governing agencies in several countries to reduce the carbon footprint of transportation services. In addition, cities are enacting policies to support electric taxis, such as establishing dedicated charging infrastructure and creating low-emission zones. This emphasis on sustainability is leading to significant changes in the taxi market, with more operators investing in cleaner and more energy-efficient vehicles to align with these environmental goals.
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Taxi Market Report Segmentation:
Breakup By Booking Type:
- Online Booking
- Offline Booking
Online booking represents the largest segment due to the widespread adoption of smartphones and apps, which offer a convenient and efficient way to book taxis.
Breakup By Service Type:
- Ride Hailing
- Ride Sharing
Ride hailing accounts for the majority of the market share as it provides a flexible, on-demand transportation option.
Breakup By Vehicle Type:
- Cars
- Motorcycle
- Others
Car exhibits a clear dominance in the market because they are the most commonly used vehicle for personal and professional transportation.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia-Pacific enjoys the leading position in the taxi market, which can be attributed to its large and growing urban population, high vehicle ownership rates, and increasing investments in transportation infrastructure.
Top Taxi Market Leaders:
The taxi market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- ANI Technologies Pvt. Ltd
- Bolt Technologies OU
- Curb Mobility LLC
- Dubai Taxi Corporation
- Flywheel
- Free Now
- Gojek Tech
- Lyft Inc.
- Nihon Kotsu Co. Ltd.
- Uber Technologies Inc.
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