Taxi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Taxi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global taxi market size reached US$ 221.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 298.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.93% during 2023-2028.

A taxi is a motor vehicle licensed to transport passengers in return for payment on a shared or non-shared basis. Passenger cars, motorcycles, scooters, vans, buses, auto rickshaws, minivans, bicycles, and tricycles are common vehicle types used for taxi services. A taxi offers point-to-point and door-to-door services and allows passengers the convenience to book, modify, pre-book, or cancel reservations using a mobile-based applications. Apart from this, taxis are gaining immense popularity across urban settings as they are economical, affordable, easy, and a comfortable mode of transportation.

Taxi Market Trends:
The increasing demand for online taxi booking channels across the globe is creating a positive outlook for the market. In line with this, the rising penetration of the Internet and smartphones, along with the availability of tracking features, pre-estimated ride fare, driver contact, and vehicle details on the app, is propelling the market growth. Additionally, the growing demand for ride-sharing services due to the increasing traffic-related problems, fuel costs, and reduced parking spaces is favoring the market growth. Apart from this, the integration of artificial intelligence (AI) with apps to connect the demand for taxis and time slots preferred by customers and efficiently coordinate and manage transportation systems is providing an impetus to the market growth. Additionally, the introduction of eco-friendly electric taxi services to curb pollution and greenhouse gases (GHG) is acting as another growth-inducing factor. Furthermore, key players are focusing on providing various offers and discounts, such as monthly passes on shared rides, to reduce the expenses of daily commutes, which is positively influencing the market growth. Other factors, including the increasing working-class population, rising expenditure capacities of consumers, and growing trend of road trips among the younger demographics, are supporting the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global taxi market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on booking type, service type and vehicle type.

Breakup by Booking Type:

Online Booking
Offline Booking

Breakup by Service Type:

Ride Hailing
Ride Sharing

Breakup by Vehicle Type:

Cars
Motorcycle
Others

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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ANI Technologies Pvt. Ltd, Bolt Technologies OU, Curb Mobility LLC, Dubai Taxi Corporation, Flywheel, Free Now, Gojek Tech, Lyft Inc., Nihon Kotsu Co. Ltd. and Uber Technologies Inc.

Key Questions Answered in This Report

1. What was the size of the global taxi market in 2022?
2. What is the expected growth rate of the global taxi market during 2023-2028?
3. What are the key factors driving the global taxi market?
4. What has been the impact of COVID-19 on the global taxi market?
5. What is the breakup of the global taxi market based on the booking type?
6. What is the breakup of the global taxi market based on the service type?
7. What is the breakup of the global taxi market based on vehicle type?
8. What are the key regions in the global taxi market?
9. Who are the key players/companies in the global taxi market?