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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Impact of COVID-19 Pandemic on Global Taxi Market
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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Segmental Outlook
The global taxi market is segmented based on booking type, service type, and vehicle type. Based on the booking type, the market is segmented into online booking and offline booking. Based on the service type, the market is sub-segmented into ride-hailing, and ride-sharing. Based on the vehicle type, the market is sub-segmented into two-wheeler, three-wheeler, and four-wheelers. The above-mentioned segments can be customized as per the requirements. Among the service type, the ride-hailing segment is anticipated to grow significantly over the forecast period.
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