Taxi Market to Reach $120.89 Bn, Globally, by 2027 at 12.3% CAGR: Allied Market Research

- Surge in ride-hailing and ride-sharing services demand, rise in online channels for taxi booking, and increase in the total cost of ownership fuel the growth of the global taxi market.

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Allied Market Research

Apr 14, 2021, 03:30 ET

PORTLAND, Ore., April 14, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Taxi Market by Booking Type (Online Booking and Offline Booking), Service Type (Ride-hailing and Ride-sharing), and Vehicle Type (Cars, Motorcycle, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global taxi industry generated $69.18 billion in 2019, and is expected to generate $120.89 billion by 2027, witnessing a CAGR of 12.3% from 2020 to 2027.

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Prime determinants of growth

Increase in demand for ride-hailing and ride-sharing services, surge in demand from online taxi booking channels, and rise in cost of vehicle ownership drive the growth of the global taxi market. However, improvement in public transportation and varying government regulations on taxi services in different countries restrain the market growth. On the other hand, development of robo-taxies and emergence of eco-friendly electric cab services create new opportunities in the coming years.

Covid-19 Scenario

During the Covid-19 pandemic, people preferred to stay home or travel by their vehicles to ensure safety and prevent the possibility of cross-contamination in taxis. Many governments banned intercity and interstate travel, which in turn, reduced the demand for taxis.
Owing to social distancing norms imposed by health authorities and governments, the preference for ride-sharing services reduced significantly for daily commute during the pandemic.
As governments in various countries relaxed lockdown restrictions, ride-hailing services began gradually and companies have been taking necessary precautions for keeping drivers and passengers safe.

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The online booking segment to maintain its leadership status during the forecast period

Based on booking type, the online booking segment accounted for the highest share in 2019, holding more than four-fifths of the global taxi market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to grow at the fastest CAGR of 12.8% from 2020 to 2027. This is due to flexibility and convenience offered by this booking type and rise in usage of internet and smartphones by people across the world. The report also offers a detailed analysis of the offline booking segment.

The ride-hailing segment to maintain its lead position throughout the forecast period

Based on service type, the ride-hailing segment held the largest market share, accounting for more than half of the global taxi market in 2019, and will maintain its lead position throughout the forecast period. This is attributed to rise in cost of vehicle ownership, need for reducing traffic for environmental concerns, and government regulations to promote ride-hailing options. However, the ride-sharing segment is projected to witness the highest CAGR of 13.2% from 2020 to 2027, owing to the preference for carpool and bike pool services among the regular office commuters.

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LAMEA, followed by North America, to grow at the fastest rate

Based on region, LAMEA, followed by North America, is estimated to portray the highest CAGR of 14.9% during the forecast period. This is due to increase in demand for alternative transportation, rapid urbanization, and digitization. However, Asia-Pacific contributed to the largest market share in 2019, accounting for nearly two-fifths of the global taxi market, and will maintain its dominance in terms of revenue by 2027. This is attributed to rapid adoption rate of ride-sharing services among customers in countries such as India, Vietnam, China, and Singapore.

Leading market players

ANI Technologies Pvt. Ltd.
Beijing Xiaoju Technology Co, Ltd.
Bolt Technology OU
Careem
Curb Mobility
Dubai Taxi Corporation
FREE NOW
Gett
Gojek Tech
Grab
Lyft, Inc.
Maxi Mobility Spain, S.L.
Nihon Kotsu Co., Ltd.
Uber Technologies Inc.
Yandex

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