Overview and Scope
Taxi and limousine services refer to services in which vehicles are used in transportation and travel that provide passenger transportation via automobiles or vans or provide an array of specialty and luxury passenger transportation services via limousine or luxury sedan, generally on a reserved and on-demand basis.
Sizing and Forecast
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 growth in the historic period can be attributed to technological development, strong economic growth in emerging markets, and growth in aging population.
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%. The growth in the forecast period can be attributed to economic growth, and changing consumer preferences towards car sharing. Major trends in the forecast period include increasing the shared transportation offerings, implementing big data analytics tools in companies’ operations, using social media platforms to improve their reach, and implementing new transportation technologies such as on-demand booking services and taxi soft meter. player-adopted strategies in the taxi and limousine services market include reinforcing m&a strategies to expand businesses in other geographic areas, and investing in expanding networks, operations and distribution network, streamline business travel experiences through partnerships.
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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
Asia-Pacific was the largest region in the taxi and limousine services market in 2023. Western Europe was the second largest region in the taxi and limousine services market. The regions covered in the taxi and limousine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The taxi and limousine services market report table of contents includes:
1. Executive Summary
2. Taxi And Limousine Services Characteristics
3. Taxi And Limousine Services Trends And Strategies
4. Taxi And Limousine Services – Macro Economic Scenario
5. Global Taxi And Limousine Services Size and Growth
…..
32. Global Taxi And Limousine Services Competitive Benchmarking
33. Global Taxi And Limousine Services Competitive Dashboard
34. Key Mergers And Acquisitions In The Taxi And Limousine Services
35. Taxi And Limousine Services Future Outlook and Potential Analysis
36. Appendix
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