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The Taxi Market is segmented by Booking Type (Online and Offline), Vehicle Type (Motorcycle, Cars, and Other Vehicle Type (Van)), Service (Ride Hailing and Ride Sharing), and Geography.
Fastest Growing Market:
The taxi market is expected to register a CAGR of 9.22%, during the forecast period, 2019-2024.
A taxi or cab is a type of vehicle for hire, with a driver, used by a single passenger or small group of passengers, often for a non-shared ride. A taxi conveys passengers between locations of their choice. This service differs from other modes of public transport, where the pick-up and drop-off locations are determined by the service provider, and not by the passenger.
The taxi market has been segmented by booking type, vehicle type, service type, and geography.
|By Booking Type|
|By Service Type|
|By Vehicle Type|
|Other Vehicle Types (Van)|
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Ease of booking through mobile applications and online websites has significantly attracted customers to prefer online booking over offline booking, owing to the increasing usage of internet and smartphones by people, across the world.
Additionally, information, like tracking the driver’s location, pre-estimated ride fare, driver contact, and vehicle details, all available within an app at a short time has further increased the customer preference more toward the online booking option.
Many major operators, like Grab, Uber, Ola, etc., provide ridesharing option (which provide fare-splitting option among co-passengers) in their respective apps in certain regions, to capture the increasing demand for low taxi fare services, among the customers.
To sustain the above growing trend of ridesharing service, local taxi operators have started to adopt the same strategy, and are trying to incorporate ridesharing option in their respective taxi app development. For instance,
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The demand for taxi service in the Asia-Pacific region has been increasing rapidly, owing to the rapid adoption rate of ride-sharing service among customers, in countries, like Vietnam, India, China, and Singapore. Thus, to capture the growing taxi market in the countries, foreign players, like Ola, Uber, and Didi Chuxing are launching and expanding their existing services in the market. For instance, on 25th June 2018, Didi Chuxing launched its services in Melbourne and India’s Ola also entered the Australian market by the end of 2018.
Although the demand for Taxi in the Asia-Pacific region has been increasing over the past three years, the government norms on the taxi industry have also been stringent, especially in countries, such as Australia, Vietnam, etc.
In recent years, new and innovative technologies and business models have appeared in many countries and cities across the world, through smartphone apps. These involve booking and payments systems, ridesharing services, and using private vehicles for passenger transport.
These technological platforms provide an extension for the on-demand transport market in the region. For instance, ‘sharing economy’ platforms make it easier for customers to negotiate and engage directly with service providers. Consumers are also provided with a higher level of information and opportunity for price comparison in advance. All the above factors have contributed to the growth in Asia-Pacific’s taxi market.
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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 2018, the Toyota Motor Corporation announced to invest USD 500 million in Uber technologies, to develop self-driving cars, and aims to deploy them in Uber ride-sharing network by 2021.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Current Market Scenario
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Government Regulations
4.4 Market Drivers
4.5 Market Restraints
5. MARKET SEGMENTATION
5.1 By Booking Type
5.1.1 Online Booking
5.1.2 Offline Booking
5.2 By Service Type
5.2.1 Ride Hailing
5.2.2 Ride Sharing
5.3 By Vehicle Type
5.3.3 Other Vehicle Types (Van)
5.4.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.4.4 Rest of the World
184.108.40.206 South Africa
220.127.116.11 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers and Acquisitions
6.3 Company Profiles
6.3.1 Uber Technologies Inc.
6.3.2 ANI Technologies Pvt Ltd (Ola)
6.3.4 Lyft Inc.
6.3.5 Yellow Cab
6.3.6 Didi Chuxing
6.3.7 GrabTaxi Holdings PTE Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS