THE TAXI MARKET'S GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

The taxi industry is divided into four categories:

• Vehicle type (motorcycles, cars, and other vehicle types)
• Service type (ride-hailing and ride-sharing)
• Booking type (online and offline)
• Geography (North America, Europe, Asia-Pacific, and the Rest of the World)

 For all of the aforementioned segments, the research provides market size and predictions for the taxi market in dollars (USD billion).

MARKET RESEARCH ON TAXIS

The taxi market was estimated to be worth USD 213.14 billion in 2021, and by 2027, it is expected to have grown to be worth USD 356.47 billion, showing a CAGR of 8.95%. (2022 - 2027).

Due to lockdowns and low demand, COVID-19 had a severe impact on the taxi industry as a whole. The shift in consumer preferences towards personal vehicles has limited industry growth due to the increased risk of congestion in urban areas and social isolation measures. However, as lockdown restrictions are being loosened and COVID-19 immunizations are becoming more widely available, demand is gradually returning to the market. The development of taxi services offered by industry leaders like Uber and Ola, along with the choice of convenient pick-up and drop-off sites, is encouraging customers to use them and will have a beneficial impact on the growth of the target market in the coming years.

Long-term growth in the taxi business is expected because more people are using ride-hailing and ride-sharing services, more people are booking taxis online, and the costs of owning a taxi are going up. The taxi industry is also growing because traffic is getting worse and taxi fares are cheaper than those of other forms of transportation.

But the growth of public transportation and the different laws that govern taxi services in many countries around the world slow the growth of the sector. During the period of the forecast, the growth of electric taxi services that are good for the environment is likely to offer a tempting chance for the market to grow.

The target market is predicted to increase at a significant rate in Asia Pacific. This is because the area has the biggest working population in the entire globe and is home to 60% of the world's population, with major contributions from China and India.

INDUSTRY SEGMENTATION FOR TAXIS

Taxis are a particular kind of vehicle leasing business that comprises both the vehicle and the driver's hire. There is the option to share it or not, and there can be one or more passengers.

The taxi industry is divided into segments based on geography, service type, vehicle type, and booking method.

The market is divided into online booking and offline booking according to the kind of booking. The market is divided into motorcycles, cars, and other vehicle types based on the kind of vehicle (vans). The market is divided into ride-hailing and ride-sharing according to service type.

The market is divided into four geographic segments: North America, Europe, Asia-Pacific, and the rest of the world. The market size and forecast in US dollars (billions) for each of the aforementioned segments are covered in the report.

MARKET OVERVIEW FOR TAXIS

Uber, Grab, Lyft, and Ola are a few of the leading cab companies. Uber's primary business plan is to concentrate on cutting-edge technologies like self-driving cars.

In March 2021, the Chinese ride-hailing company DiDi Chuxing started doing business in South Africa and said it wanted to grow to the United Kingdom, France, and Germany.

The major businesses in the sector are making significant investments in technology. Uber and DiDi Chuxing are making cars that can drive themselves to make the user experience better. In India, there has been a big rise in the number of people who use outstation services. As a result, Ola, Meru, and Prydo are providing value-added services to their clients at incredibly low costs. For its Prime Play service, Ola collaborated with Apple Music and other streaming music and movie services.

TAXI MARKET NEWS

Uber and the rental vehicle firm Hertz announced a new agreement in October 2021. By 2023, Uber's ride-hail drivers will have the opportunity to rent 50,000 Tesla Inc. vehicles thanks to this partnership between the two businesses. Starting on November 1, Los Angeles, San Francisco, San Diego, and Washington DC will be the first places in the US where Uber drivers can rent a Tesla through Hertz.

To create the next generation of location technology, including real-time, three-dimensional, and vector maps, Ola purchased GeoSpoc, a provider of geospatial services, in October 2021.

Grab and Panasonic established a partnership in January 2021 to utilize Panasonic air purifiers in taxis to improve the passenger experience.

CONCLUSION

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