Dublin, June 26, 2023 (GLOBE NEWSWIRE) -- The "Taxi And Limousine Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest growing market for taxi and limousine services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
Market Insights
The global taxi and limousine services market grew from $105 billion in 2022 to $113.9 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The market is expected to grow to $153.23 billion in 2027 at a CAGR of 7.7%. Asia-Pacific was the largest region in the taxi and limousine services market in 2022. Western Europe was the second largest region in the market.
The shift in consumer preferences towards travelling in taxis rather than investing in buying a personal car is expected to be a key driver of the taxi and limousine services market. Rising vehicle and fuel prices, heavy traffic, limited parking space availability, and low taxi ridership costs compel people, particularly millennials, to use ride-hailing services. Ride-hailing companies are offering rides at low prices globally. For instance, in the USA, Uber charges a base fare of about $3 and about $2 per mile. In India, Uber offers rides at as low as INR 7/km and Ola offers rides at INR 8/km. This makes a daily taxi ride much cheaper than a car bought on loan. This change in consumer preferences will drive the demand for taxi services going forward.
Taxi and limousine service providers are offering shared transportation services to cater to the increasing demand of customers. Shared transportation systems are growing in the transit and ground passenger transportation industries owing to the cost benefits these systems offer to customers. For example, Uber, an American on-demand cab transportation service provider with an international presence, is offering a shared ride service known as UberPOOL. Ride-sharing companies such as BlaBlaCar and Drivezy also facilitate users to book a seat in vehicles according to their choice by the mere payment of a membership fee or fare.
The expected increase in government investments in public transport infrastructure, especially in emerging markets, will be a major restraint on the taxi and limousine services market going forward. It is expected that the overall national metro rail network will increase by 664 kilometers, taking into account the metro construction activities in 15 Indian cities. By 2024, the railways, roads, and highways sector in India is expected to receive INR 30 trillion ($0.42 trillion) to improve the country's public transport infrastructure. Increasing investments in the public transport infrastructure sector are expected to slow the growth of the taxi and limousine services market in emerging economies.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $113.9 billion |
| Forecasted Market Value (USD) by 2027 | $153.23 billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Uber
- Daimler AG
- Lyft
- MOL Hungarian Oil and Gas plc
- ComfortDelGro Corporation
- A2B Australia Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/vewhi6
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