Global Taxi Market Size, Share, Growth Analysis, By Vehicle Type(Sedans, SUVs), By Service Type(Individual Taxis, Shared Taxis), By Customer Type(Personal, Corporate) - Industry Forecast 2023-2030

Global Taxi Market size was valued at USD 203.16 Billion in 2022 and is poised to grow from USD 229.89 Billion in 2023 to USD 618.11 Billion by 2031, at a CAGR of 13.16% during the forecast period (2024-2031).

The global Taxi is witnessing substantial growth worldwide, with our report offering detailed insights into its value chain analysis, providing manufacturers with strategies to gain a competitive advantage over the projected period. Taxis represent a vehicle leasing service that includes both a driver and the vehicle, catering to single or multiple passengers, with the option of ride-sharing or individual trips. Passengers can book or hail a taxi through various methods, including phone calls, texts, visiting physical locations of service providers, or using internet-connected smartphone apps or websites, commonly referred to as e-hailing. Taxis encompass a variety of vehicles such as passenger cars, motorcycles, scooters, minivans, vans, buses and coaches, auto rickshaws, bicycles, and tricycles. Additionally, different nations utilize various human-powered vehicles like rickshaws. Over the long term, the taxi industry is expected to grow due to increased demand for ride-hailing and ride-sharing services, the surge in online taxi booking platforms, and rising vehicle ownership expenses. The emergence of eco-friendly electric taxi services is anticipated to present a promising opportunity for market expansion in the future. The widespread availability of the internet and smartphones globally has significantly influenced users to prefer online booking through mobile apps over traditional offline methods. Moreover, the convenience of accessing information such as tracking the driver's location, estimated trip fares, driver contact details, and vehicle specifications through these apps has further enhanced consumer preference for online booking.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Taxi Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Taxi Market Segmental Analysis

Global Taxi is segmented on the basis of vehicle type, service type, customer type, and region. by type, the market is segmented into sedans, SUVs, hatchbacks, luxury taxis, others. by service type, the market is segmented into individual taxis, shared taxis. by customer type, the market is segmented into personal and corporate. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Taxi Market

As urban populations increase, there is a heightened demand for transportation services due to the concentration of people in cities. Taxis are relied upon by urban residents for their daily travels, including commuting, errands, and social activities. The convenience and accessibility provided by taxis make them a favoured transportation option in densely populated urban areas. Furthermore, as urbanization progresses, longer commuting distances and worsening traffic congestion make taxis an appealing choice for individuals seeking efficient and stress-free travel options.

Restraints in the Global Taxi Market

The emergence of ride-hailing platforms like Uber and Lyft has brought significant disruption to the conventional taxi industry. These platforms provide competitive pricing, enhanced convenience, and a smooth user experience via mobile apps. They have garnered a sizable customer following, particularly among younger demographics, drawn to the convenience of booking, cashless payments, and real-time tracking options offered by ride-hailing services. This heightened competition has placed strain on traditional taxi operators, who frequently encounter difficulties in adjusting to swiftly evolving market conditions.

Market Trends of the Global Taxi Market

There's a rising emphasis on sustainability and the integration of electric vehicles (EVs) in response to global efforts towards a greener, more environmentally friendly future. The taxi industry is observing a shift towards electrification as governments, regulators, and consumers prioritize reducing carbon emissions and lessening transportation's environmental footprint. Taxi firms and ride-hailing services are acknowledging the significance of sustainability and making investments in electric vehicle fleets. This trend is propelled by various factors, including the decreasing costs of EV technology and government incentives and subsidies, which have rendered electric vehicles more attainable and economically feasible for taxi operators.