Taxi And Limousine Services Market Characteristics
The taxi and limousine services market consists of sales of taxi and limousine services by entities (organizations, sole traders and partnerships) that provide passenger transportation by automobile or van or provide an array of specialty and luxury passenger transportation services via limousine or luxury sedan, generally on a reserved basis. These establishments do not operate over regular routes and on regular schedules.
Competitive Landscape of the Taxi And Limousine Services Market
Major players in the global taxi & limo service industry include Uber, Lyft, Yellow Cab, Limo City, and Eti Taxi Service.
Taxi And Limousine Services Market Size
The taxi and limousine services market size is expected to significantly grow at a CAGR of more than 9% during the forecast period. The growth in the taxi and limousine services market is due to increasing disposable income and increase in the number of corporate travelers in countries such as China and India.
However, the market for taxi and limousine services is expected to face certain restraints from several factors such as increasing market competition and increasing investment costs.
Taxi And Limousine Services Market Segmentation
The global taxi and limousine services market is further segmented based on type and geography.
By Type - The taxi and limousine services market is segmented into mobile application based taxi services, and other taxi services.
By Geography - The global taxi and limousine services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific’s taxi and limousine services market accounts for the largest share in the global taxi and limousine services market.
Trends in the Taxi And Limousine Services Market
Shared transportation system is growing in transit and ground passenger transportation industry owing to cost benefits this system offers to citizens. Shared transportation combines passenger transportation services such as drivers, taxis, bikes, and buses under a single platform. Its members can avail services of a transportation system by paying a subscription fee or a one-time fare, as well as can earn money by sharing their own vehicles. For instance, in 2013, US-based startup Downtown Project launched the Project 100 transportation system for Las Vegas.
It is a complete transportation system that allows users to borrow bikes, shuttles, and small electric cars, and gets a driver by paying a subscription fee. Other examples include ride sharing companies such as BlaBlaCar and Drivezy, which allow users to rent vehicles of their choice by paying a membership fee or fare. Uber, on demand cab transportation service provider is also offering shared ride service known as uberPOOL.
Potential Opportunities in the Taxi And Limousine Services Market
With the growing popularity of online taxi hailing services, the scope and potential for the global taxi and limousine services market is expected to significantly rise in the forecast period.