Dublin, March 03, 2025 (GLOBE NEWSWIRE) -- The "Taxi Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)" has been added to ResearchAndMarkets.com's offering.
According to this report, the global taxi market size reached approximately USD 252.8 billion in 2024. Aided by the increasing demand for convenient and on-demand transportation services and the growing adoption of ride-hailing platforms, the market is projected to grow at a CAGR of 11.10% between 2025 and 2034, reaching a value of around USD 688.99 billion by 2034.
Taxis have long been a preferred mode of transportation for individuals seeking on-demand, flexible mobility options. With the advent of technology, the market has evolved significantly, incorporating app-based ride-hailing services and innovations such as electric and autonomous vehicles. The taxi market share has grown steadily due to urbanisation, an increase in disposable income, and the need for affordable and convenient transport solutions.
The market is also driven by the growing integration of digital platforms, such as mobile apps and ride-hailing services, which have revolutionised the way consumers access taxi services. Leading players in the market, such as Uber, Lyft, and Ola, have introduced real-time tracking, digital payments, and dynamic pricing models, making taxis more accessible and efficient. The rising popularity of ride-hailing services has further expanded the market, with millions of users relying on these platforms for their daily commuting needs.
The taxi market growth is primarily driven by the increasing demand for convenient and on-demand transportation services. As urbanisation accelerates, particularly in developing regions, there is a growing need for efficient and accessible transportation solutions that can accommodate large populations. Taxis offer a flexible and personalised mode of transport, allowing consumers to travel according to their schedule without the need for vehicle ownership.
The rise of ride-hailing platforms has further fuelled this demand. App-based services allow users to request a ride with a few taps on their smartphones, offering convenience and ease of use. The ability to book rides instantly, track the driver's location, and make digital payments has significantly enhanced the user experience, making ride-hailing platforms an attractive option for commuters in both urban and rural areas.
Moreover, the increasing cost of vehicle ownership, coupled with traffic congestion and limited parking spaces in urban areas, has driven many consumers to opt for taxis instead of private vehicles. This shift is particularly evident among younger generations, who prioritise convenience and affordability over car ownership. As a result, taxis have become an integral part of the urban transportation ecosystem, providing a cost-effective alternative to owning and maintaining a personal vehicle, consequently leading to the taxi market expansion.
The market has undergone significant transformation in recent years, driven by technological advancements and the growing digitalisation of transportation services. Ride-hailing apps, which connect passengers with drivers through a mobile platform, have disrupted the traditional taxi sector, offering a more efficient and user-friendly service. These apps have streamlined the booking process, enabling passengers to access taxis within minutes, track their journey, and make cashless payments.
The integration of GPS technology and real-time data analytics has also improved route optimisation and reduced waiting times for passengers. Drivers can use navigation systems to identify the most efficient routes, helping to minimise delays caused by traffic congestion. In addition, dynamic pricing models, which adjust fares based on demand and availability, have allowed companies to maximise revenue while providing affordable rates to consumers.
As per the taxi market analysis, electric vehicles (EVs) are another key innovation shaping the future of the market. As governments and organisations worldwide push for a reduction in carbon emissions, the adoption of electric vehicles in the taxi sector is gaining momentum. Companies are investing in electric and hybrid vehicles to provide eco-friendly alternatives to traditional gasoline-powered taxis. The increasing availability of charging infrastructure, coupled with government incentives for electric vehicles adoption, is expected to drive the growth of electric taxis in the coming years.
Moreover, autonomous vehicles (AVs) represent a significant technological leap for the market. Although fully autonomous taxis are still in the testing phase, major companies are investing heavily in the development of self-driving cars for ride-hailing services. Autonomous taxis have the potential to reduce labour costs, increase efficiency, and provide a safer and more reliable transportation solution for consumers. As autonomous vehicle technology advances, it is expected to play a pivotal role in reshaping the taxi sector.
Market Segmentation
The global taxi market can be divided based on service type, booking type, vehicle type, and region.
Market Breakup by Service Type
- Ride Hailing
- Ride Sharing
Market Breakup by Booking Type
- Online Booking
- Offline Booking
Market Breakup by Vehicle Type
- Cars
- Motorcycle
- Others
Market Breakup by Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global taxi market. Some of the major players explored in the report are as follows:
- Uber Technologies Inc.
- ANI Technologies Private Limited
- Bolt Technology OU
- Curb Mobility, LLC
- Dubai Taxi Company
- Flywheel Software, Inc.
- Free Now
- Lyft, Inc.
- Nihon Kotsu Co., Ltd.
- Roppen Transportation Services Private Limited
Key Attributes
| Report Attribute | Details |
| No. of Pages | 204 |
| Forecast Period | 2025-2034 |
| Estimated Market Value (USD) in 2025 | $267.17 Billion |
| Forecasted Market Value (USD) by 2034 | $688.99 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/4le37v
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