Taxi Market Research Report Information by Booking Type (Online Booking, Offline Booking), By Vehicle Type (Motorcycles, Cars, Other Vehicle) And By Service Type (Ride-Hailing, Ride-Sharing) By Region (North America, Europe, Asia-Pacific, Middle East & Af

Taxi Market Research Report Information by Booking Type (Online Booking, Offline Booking), By Vehicle Type (Motorcycles, Cars, Other Vehicle) And By Service Type (Ride-Hailing, Ride-Sharing) By Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Global Forecast Till 2030

In 2022, the taxi market was estimated to be worth USD 246.3 billion. The Taxi Market industry is anticipated to experience a compound annual growth rate (CAGR) of 6.2% from USD 259.8 billion in 2023 to USD 394.8 billion by 2030. The worldwide taxi market is the term used to describe the industry that provides passenger transportation services using taxis or limousines. The employment of both a driver and a vehicle is a component of taxi service, which is a form of vehicle leasing.

A transportation service may be utilized by a single or numerous passengers, contingent upon the sharing or non-sharing option. Passengers are transported to and from destinations of their choosing. A passenger who employs a taxi has greater autonomy in selecting the pickup and drop-off locations than an individual who utilizes public transportation. It is appropriate for travelers who are limited by time.

One of the primary factors contributing to the market's growth is the increasing prevalence of online cab booking platforms, which are primarily driven by the convenience they provide to consumers. In addition, they offer versatile pick-up and drop-off locations and simple online payment options.

As smartphones and the internet become more prevalent, individuals are increasingly opting for online booking over offline booking due to the ease of use of the app. The increase in consumer preference for online booking is also attributed to the availability of information on the app, including the driver's location, an anticipated ride cost, the driver's contact information, and vehicle information.

Market segment insights

The Taxi Market has been segmented into Online Booking and Offline Booking based on the form of booking.

The Taxi Market has been segmented into three categories: Cars, Motorcycles, and Other Vehicles, as determined by filter media. It is anticipated that the number of online bookings will increase during the forecast period.

The global taxi market has been divided into two categories: Ride-Hailing and Ride-Sharing, which are based on the type of vehicle. It is anticipated that the number of online bookings will increase during the forecast period.

Regional Perspectives

The Taxi Market is dominated by Asia-Pacific in terms of revenue. China, India, and other populous and developing nations are expected to maintain a substantial market share in the Asia-Pacific region during the projection period. A significant number of individuals in the region depend on taxis, buses, trains, and other modes of transportation due to the absence of personal vehicles and the immense population. Due to the substantial dependence on both public and private transportation, there is a substantial demand for minicab services.

The European cab sector is undergoing rapid transformation as a result of technological advancements, governmental regulations, and altering consumer preferences. Europe is home to several of the most prominent transportation companies. For example, the European headquarters of Kabbee Exchange Ltd., Free Now, Bolt Technologies OU, and BlaBlaCar.

The North American taxi industry is expected to experience substantial growth in the future years because of a variety of factors, such as the increasing demand for ride-hailing services, urbanization, and the necessity for efficient transportation alternatives. Traditional transportation services and ride-hailing services such as Uber and Lyft are available to individuals in North America. The affordability and convenience of ridesharing services are the primary reasons for their increasing popularity.

Major Players

Uber Technologies Inc., DiDi Global Inc., ANI Technologies Pvt. Ltd, BlaBlaCar, CURB MOBILITY, LLC, FlYWHEEL, FREE NOW, Grab Holdings Inc., and Ola Cabs are significant participants in the global taxi sector.