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The Taxi Market is segmented by Booking Type (Online Booking and Offline Booking), by Vehicle Type (Motorcycles, Cars and Other Vehicle Type (Vans)), by Service Type (Ride-Hailing and Ride Sharing), and by Geography.
2018 - 2026
Fastest Growing Market:
The taxi market is was valued at USD 159.6 billion in 2020, and it is estimated to reach USD 327.54 billion by 2026, at a rate of 8.95 % over the forecast period (2021-2026).
In 2020, the global taxi market experienced significant damage due to COVID-19, with lockdowns and restricted moments the demand for taxi. Increase risk associated with crowded places with social distancing measures have had a negative impact on the growth of the market as the preference of the customers has shifted towards personal vehicles. Yet, with ease in lockdown measures demand is returning back to the market and by the end of 2021, it is expected that the market experience growth.
In recent years passengers’ preferences for utilizing taxi services and ride-sharing services across the developing countries, such as India, China, Vietnam, etc., have increased along with the increase in demand in the developed regions such as the United States and Europe. This has led the companies to enhance the options and expand their operations to be provided in mobile applications, to retain their respective market shares in a highly competitive market.
Asia-Pacific captured a major share of the market, accounting for 73.14% of the global taxi market, in 2020. Increasing traffic congestion and low taxi fare, when compared to other modes of transportation, are the major factors driving the growth of the motorcycle/bike taxi service in the Asia-Pacific market.
The taxi market covers the latest trends and technological development in the taxi market, demand of the booking type, vehicle type, service type, preference type, geography, and market share of major used taxi service providers across the world
|Other Vehicle Types (Vans)|
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The taxi industry has been one of the longest-running industries, contributing significantly to the world’s economy. However, the rising ride-hailing and taxi sharing demand are replacing the conventional taxi market.
Ride-hailing is anticipated to lead the taxi market over the forecast period. According to some surveys, a total of 15 million ride-hailing trips happen each day, which is expected to gigantically increase and hit a 100 million mark, by 2030.
Several ride hailing companies are raising funds from investors with an aim to improve their technology and provide better services to its customers. For instance,
Owing to the modern taxi category, i.e., booking through mobile application, Uber and Grab gained immense traction from passengers. As more than 70% of the passengers consider taxi service as a convenient and quick commuting feature, the market has immense potential over the forecast period.
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The taxi market is on the rise in the Asia-Pacific. Players, like DiDi Chuxing, Ola, and Onda, are using the high smartphone penetration rate in Asia-Pacific to their full advantage and are capturing the market share through innovation and cutting-edge technology. These South Asian taxi giants are acing the competition in local geographies and are expanding overseas. Chinese taxi giant Didi Chuxing has started operations in Mexico, Australia, Costa Rica, Japan, and many other countries, whereas the Indian market leader Ola is serving in Australia, New Zealand, and the United Kingdom.
China has the world’s largest taxi market, and this can be attributed to it being the most populous country. The taxi market in the country began to blossom in the early 1980s. Due to their flexibility, comfort, good availability, and end-mile connectivity offering, taxis quickly became an indispensable service.
India is the second-most populous country in the world, and most of the people fall under the middle-class category who utilize cabs and auto-rickshaws (local three-wheeler taxis) for commuting short distances. The taxi industry is changing continuously even on a quarterly basis, due to the different socio-economic and political situations arising in the country. Pooling/sharing of taxis in the country saw a huge demand and now the bike taxi is becoming even more popular.
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Some of the major players in the taxi market include Uber, Grab, Lyft, Ola, etc. Among them, Uber's main strategy to expand its business is to focus on upcoming technologies, like automated driving vehicles.
In 2020, DiDi Chuxing alone accounted for a maximum market share compared to its competitors, followed by Uber Technologies and Lyft. Didi is most widely used taxi app in the Chinese market and prevalent in the Brazilian market. Didi started following the footprints of Uber’s future strategy by launching a trial run of its self-driving technology in Shanghai, China, in June 2020.
The key players in the industry are investing a lot of money in technology. Uber and DiDi Chuxing are working on self-driving cars. Focus is on enhancing the customer experience. In India, there has been a surge in number of customers opting for outstation services. This has led to players, like Ola, Meru, and Prydo, to offer value added services to their customers at very competitive prices. Ola partnered with Apple Music and other music and video streaming services for its prime play service.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Booking Type
5.1.1 Online Booking
5.1.2 Offline Booking
5.2 Service Type
5.2.1 Ride Hailing
5.2.2 Ride Sharing
5.3 Vehicle Type
5.3.3 Other Vehicle Types (Vans)
5.4.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of the World
188.8.131.52 South Africa
184.108.40.206 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 ANI Technologies Pvt. Ltd. (OLA)
6.2.3 Bolt Technologies OU
6.2.4 Curb Mobility LLC
6.2.5 (Didi Chuxing) Beijing Xiaoju Technology Co. Ltd
6.2.6 Flywheel Software Inc.
6.2.7 Gojek Tech
6.2.8 Grab Holdings Inc.
6.2.9 FREE NOW
6.2.10 Kabbee Exchange Limited
6.2.11 Lyft Inc.
6.2.12 Uber Technologies Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS