The global taxi market is anticipated to grow at a significant CAGR of 10.1% during the forecast period. One of the core factors that is fueling the market is the growing tour and travel sector across the globe. Tours and traveling have been growing for years owing to several reasons such as visiting, functions, studies, jobs, business, and others. As per the World Bank 2019 data of International tourism, the total receipts reached $1.86 trillion in 2019. This has impacted the taxi market positively as taxis are easy to find, and book for the exact destination location.
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The COVID-19 pandemic has impacted several industries, and the tour & travel industry was impacted heavily owing to the implementation of lockdown across the globe. The imposition of lockdown stopped international traveling for months and local traveling which declined the demand for taxi services globally. Key market players also reported a decline in sales and revenue for FY2020 compared to previous years. As per the annual report of Uber 2020, the revenue of the company declined by 16% as compared to the revenue of the company in 2019. Additionally, it also shifted the user’s preference to travel in a private vehicle more than a public vehicle for avoiding contact with unknowns. This change has grown the market exponentially as the situation normalized for traveling. As per the annual report of Uber 2021, the revenue of the company grew by 83% as compared to the revenue of the company in 2020.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Taxi Market Report Segment
By Booking Type
- Online Booking
- Offline booking
By Service Type
- Ride-Hailing
- Ride-Sharing
By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Four-Wheeler
Global Taxi Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global taxi market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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