Taxi & Limousine Services in Canada - Industry Market Research Report

Taxi & Limousine Services in Canada - Industry Market Research Report

Taxi & Limousine Services in Canada

The industry provides a range of nonregular transportation services through vehicles such as taxicabs, limousines and luxury sedans. While growing consumer spending stimulated demand for taxis and limousines, the industry has contested with brutal operating conditions. The proliferation of ride-sharing apps, such as Uber and Lyft, has enabled a wave of nonemployers to enter the market, increasing external competition, while the pandemic severely eroded revenue in 2020. As a result, industry revenue is estimated to plummet at a CAGR of 7.8% to $2.3 billion in 2023, despite a hike of 1.3% in 2023 alone, as profit slides to 25.4%.

This industry provides passenger transportation by taxi and limousine. Taxi services are not operated on regular schedules or routes and limousine services are rented or hired with a driver. This industry does not include transporting passengers to or from hotels and airports using buses or vans.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.