Dublin, May 26, 2021 (GLOBE NEWSWIRE) -- The "Online Taxi Services Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global online taxi services market.
This report focuses on the online taxi services market which is experiencing strong growth. The report gives a guide to the online taxi services market which will be shaping and changing our lives over the next ten years and beyond, including the market's response to the challenge of the global pandemic.
The global online taxi services market is expected to grow from $23.42 billion in 2020 to $28.65 billion in 2021 at a compound annual growth rate (CAGR) of 22.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $41.22 billion in 2025 at a CAGR of 9.5%.
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Where is the largest and fastest growing market for the online taxi services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Online Taxi Service market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider online taxi services market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section highlights the likely future developments in the market and suggests approaches companies can take to exploit this.
The online taxi services market section of the report gives context. It compares the online taxi services market with other segments of the online taxi services market by size and growth, historic and forecast.
Major players in the online taxi services market are Ola (ANI Technologies Private Limited), Uber India Systems Private Limited, Lyft Inc., Didi Chuxing, GrabTaxi Holdings Pte Ltd, Carzonrent (India) Private Limited, Mega Cabs Private Limited, Meru Mobility Tech Private Limited, Savaari Car Rentals Private Limited, Go-Jek.
The online taxi services market consists of sales of taxi services and related goods by entities (organizations, sole traders, and partnerships) that provide passenger transportation by automobile or van through online reservations or on a booking basis. This industry comprises establishments primarily engaged in providing passenger transportation by taxi that are booked by using a mobile application. These companies use online platforms and mobile applications to offer their services to customers. Examples include Uber, Lyft, and Didi. Taxis booked online through an app are mentioned in the report as ride-hailing services. This does not include taxis stopped on roadsides. Only goods and services traded between entities or sold to end consumers are included.
Rising internet penetration drives the demand for the online taxi services market. The availability of high-speed internet connectivity and convenience associated with using online services is shifting consumer preferences towards online taxi services. According to the Internet World Stats, the number of internet users increased from 4,208 million to 4,833 million in June 2020. Furthermore, internet users in India are expected to grow from 636.73 million in 2019 to 974.86 million by the end of 2025. A growing number of internet users with smartphones now have taxi services at their fingertips that give the drivers' details and location and benefit the user and thereby fuel the demand for the online taxi services market.
The launch of self-driving taxi services is gaining popularity in the online taxi services market. Major players operating in the industry are continuously focused on introducing innovations and technologies to better serve the needs of consumers. For instance, in August 2020, AutoX, an autonomous driving startup announced the public launch of robo-taxi services in China. In December 2018, Waymo LLC, a US-based autonomous driving technology development company, launched self-driving taxi services for paying customers in Arizona, USA. Moreover, in October 2019, Ola, a ride-hailing firm introduced Ola Drive, self-driving car-sharing services in multiple locations in India including Bangalore, New Delhi, Mumbai, and Hyderabad.
The online taxi services market covered in this report is segmented by service type into ride-hailing; ride sharing and by vehicle type into motorcycles; cars.
Stringent regulations imposed on online taxi services operations limit the growth of the online taxi services market. Many cases of assault and molestation have been registered against online taxi services as a result of which governments across the world have imposed strict regulations on the providers. In 2018, were 5,981 claims of sexual assaults were reported by Uber. These incidents call for a strong policy to secure customers. Governments have imposed strict background checks on Uber and Lyft drivers and mandatory fingerprint background check to avoid such incidents any further. Other regulations imposed by governments to comply with the service providers include India's Motor Vehicle (Amendment) Bill 2016 and Information Technology Act, 2000, Malaysia's Commercial Vehicles Licensing Board Act 1987 (Act 334) ("CVLBA 1987") and the Land Public Transport Act 2010 ("LPTA 2010")(Act 715). The laws under the act regulate both e-hailing operators and drivers. Moreover, e-hailing service providers are mandated to have an intermediation business license to operate their business in Malaysia. Thus, the stringent rules and regulations imposed on taxi services are restricting the online taxi services market growth during the forecast period.
In September 2019, Mahindra & Mahindra, an Indian multinational vehicle manufacturing corporation announced the acquisition of 55% stakes in Meru Cabs, a taxi cab service provider for $27.3 million (Rs 201.5 crore). With the acquisition of Meru Cabs, Mahindra & Mahindra plans to expand its business with participation in the growing shared mobility space. Meru Cabs is an India-based ridesharing company operating in the ride-hailing segment and corporate transportation solutions.
Key Topics Covered:
1. Executive Summary
2. Online Taxi Services Market Characteristics
3. Online Taxi Services Market Trends and Strategies
4. Impact of COVID-19 on Online Taxi Services
5. Online Taxi Services Market Size and Growth
5.1. Global Online Taxi Services Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Online Taxi Services Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Online Taxi Services Market Segmentation
7. Online Taxi Services Market Regional and Country Analysis
7.1. Global Online Taxi Services Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Online Taxi Services Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8. Asia-Pacific Online Taxi Services Market
9. China Online Taxi Services Market
10. India Online Taxi Services Market
11. Japan Online Taxi Services Market
12. Australia Online Taxi Services Market
13. Indonesia Online Taxi Services Market
14. South Korea Online Taxi Services Market
15. Western Europe Online Taxi Services Market
16. UK Online Taxi Services Market
17. Germany Online Taxi Services Market
18. France Online Taxi Services Market
19. Eastern Europe Online Taxi Services Market
20. Russia Online Taxi Services Market
21. North America Online Taxi Services Market
22. USA Online Taxi Services Market
23. South America Online Taxi Services Market
24. Brazil Online Taxi Services Market
25. Middle East Online Taxi Services Market
26. Africa Online Taxi Services Market
27. Online Taxi Services Market Competitive Landscape and Company Profiles
27.1. Online Taxi Services Market Competitive Landscape
27.2. Online Taxi Services Market Company Profiles
27.2.1. ANI Technologies Private Limited
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
27.2.2. Uber India Systems Private Limited
220.127.116.11. Products and Services
18.104.22.168. Financial Performance
27.2.3. Lyft Inc.
22.214.171.124. Products and Services
126.96.36.199. Financial Performance
27.2.4. Didi Chuxing
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
27.2.5. GrabTaxi Holdings Pte Ltd
220.127.116.11. Products and Services
18.104.22.168. Financial Performance
29. Key Mergers and Acquisitions in the Online Taxi Services Market
29. Online Taxi Services Market Future Outlook and Potential Analysis
30.3. Research Inquiries
30.4. About the Publisher
30.5. Copyright and Disclaimer
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