Taxi And Limousine Services Global Market To Reach Value Of About $94.4 Billion In 2023
2 Feb, 2021
The taxi and limousine services market consist of sales of taxi and limousine services by entities (organizations, sole traders and partnerships) that provide passenger transportation via automobiles or vans, or provide an array of specialty and luxury passenger transportation services via limousine or luxury sedan, generally on a reserved basis. Taxi and limousine services establishments usually provide services on demand. These establishments do not operate over regular routes and on regular schedules.
Global Taxi And Limousine Services Market Size And Drivers:
The global taxi and limousine services market is expected to decline from $83.0 billion in 2019 to $46.7 billion in 2020 at a compound annual growth rate (CAGR) of -43.7%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $94.4 billion in 2023. Hiring a taxicab has become much easier when compared to earlier days. Currently, a passenger can book a cab for a desired destination along with the driver information, live tracking, cashless travel, and SOS apps, at the touch of a button. Technology advances have boosted the demand for taxi services, as passengers can access various cab facility providers and book a cab for a comfortable, safe, and secure journey.
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Trends In The Global Taxi And Limousine Services Market
Global warming is a cause of concern across the world. Vehicles emissions are a major contributor to the carbon footprint on our planet. With fossil fuels about to run out and an imminent carbon footprint reduction burden, electric cars have become the future of taxis. Given the growing demand for an eco-friendly future, electric taxis tend to be the logical step. The trend of electric cars is picking up and taxi companies are putting efforts to include electric cars into their fleet. Norway is the leading country with the highest number of electric vehicles per capita worldwide. Electric cars are on many countries’ wish lists, which is why there is a political will for this to happen. Due to this, taxi company owners and taxi drivers may benefit from various incentives and schemes offered by their respective governments.
Global Taxi And Limousine Services Market Segments:
The global taxi and limousine services market is further segmented based on type of service, vehicle type, payment mode, ride type and geography.
By Type Of Service: Online Taxi Services, Tele And Offline Taxi Services, Limousine Services.
By Vehicle Type: Cars, Motorcycles, Others.
By Payment Mode: Online, Cash.
By Ride Type: Individual, Carpool/Share.
By Geography: The global taxi and limousine services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Western Europe was the largest market for taxi and limousine services market, accounting for 39.0% of the global market.
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Taxi And Limousine Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides taxi and limousine services market overviews, analyzes and forecasts market size and growth for the global taxi and limousine services market, taxi and limousine services market share, taxi and limousine services market players, taxi and limousine services market segments and geographies, taxi and limousine services market’s leading competitors’ revenues, profiles and market shares. The taxi and limousine services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.