Changing Consumer Preferences: A Key Driver Transforming the Taxi And Limousine Services Market 2024
Taxi And Limousine Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What does the journey of the global taxi and limousine market look like in recent years?
The taxi and limousine services market size has shown a sturdy growth curve in recent times. The market size has propelled from $114.66 billion in 2023 to an estimated $124.56 billion in 2024, registering a compound annual growth rate CAGR of 8.6%. Such significant growth in the historic period is primarily attributed to the technological developments, strong economic growth in emerging markets, and the increasing aging population.
What does the future hold for the global taxi and limousine service market?
The future of the taxi and limousine services market appears highly promising with estimations of the market size scaling up to $170.99 billion in 2028 at a compound annual growth rate CAGR of 8.2%. This expected robust growth in the forecast period can be attributed to overall economic growth and shifting consumer preferences towards car sharing.
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What are the significant trends that will guide the market's growth?
Major trends guiding the forecast period encompass the enhancement of shared transportation offerings, employing big data analytics tools in company operations, leveraging social media platforms to broaden their reach, and implementing novel transportation technologies like on-demand booking services and taxi soft meter.
What strategies are adopted by players in the market to expand their businesses?
Key player-adopted strategies in the taxi and limousine services market include reinforcing merger and acquisition strategies to extend businesses into new geographic areas, and investing in expanding networks, operations and distribution networks to streamline business travel experiences through partnerships.
What is driving the demand for taxi and limousine services?
A notable shift in consumer preferences towards travelling in taxis rather than investing in owning a personal car is anticipated to be a key driver of the taxi and limousine services market. Rising vehicle and fuel prices, heavy city traffic, limited parking space availability, and low taxi ridership costs are compelling individuals, especially millennials, toward ride-hailing services. For instance, in the USA, Uber charges a base fare of about $3 and approximately $2 per mile. In India, Uber offers rides at as low as INR 7/km and Ola provides rides at INR 8/km. Such competitive pricing makes the daily taxi journey considerably cheaper than owning a car on a loan basis, ultimately fuelling the demand for taxi services going forward.
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Which players are fuelling the growth in this market?
Major companies operating in the taxi and limousine services market include Uber Technologies, Inc., Didi Chuxing Technology Co., Lyft, Inc., Grab Holdings Inc., Gett, Inc., Addison Lee Limited, Daiichi Koutsu Sangyo Co., Ltd., ANI Technologies Pvt. Ltd., Yandex N.V., Daiwa Motor Transportation Co., Ltd., Ola Cabs, Nihon Kotsu, Didi Dache, Hailo, Stefano’s RomeCabs, Rome Chauffeur, Domenico’s Airport Transfers, Chauffeur Privé, LeCab, MyTaxi, Bolt, Prague Taxis, Taxify, Lyft Yellow Cab, Limo City, Cabify, BA Taxi, Careem, Dubai Taxi Corporation, Africa Ride, Oga Taxi, Little Cabs, Yookoo Rider
What novel trends are emerging in this market?
Taxi and limousine service providers are offering shared transportation services to cater to the growing consumer demand. A shared transportation system is an innovative transportation strategy that allows users to have short-term access to transportation modes as per their needs. It comprises various forms of transportation, including car-sharing, bike-sharing, carpooling, and platform-based ride services.
How is the taxi and limousine services market segmented?
The taxi and limousine services market is segmented as per type online taxi services, tele and offline taxi services, limousine services, distance long-distance, short-distance, and application adults, children.
What are the regional highlights of the market?
Asia-Pacific emerged as the largest player in the taxi and limousine services market in 2023, followed by Western Europe. The regions covered in the taxi and limousine services market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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