Major companies in the taxi and limousine services market include Uber; Lyft; Yellow Cab; Limo City and Eti Taxi Service. The global taxi and limousine services market is expected to grow from $66.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Taxi And Limousine Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025331/?utm_source=GNW
26 billion in 2020 to $78.92 billion in 2021 at a compound annual growth rate (CAGR) of 19.1%. The growth is mainly due to the companies rearranging their operations and 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 $102.66 billion in 2025 at a CAGR of 7%.
The taxi and limousine services market consist of sales of taxi and limousine services and related goods by entities (organizations, sole traders and partnerships) that provide passenger transportation via automobiles or vans, or provide an array of specialty and luxury passenger transportation services via limousine or luxury sedan, generally on a reserved basis. Taxi and limousine services establishments usually provide services on demand. These establishments do not operate over regular routes and on regular schedules. The taxi and limousine services market is segmented into online taxi services; tele and offline taxi services and limousine services.
Western Europe was the largest region in the global taxi and limousine services market, accounting for 40% of the market in 2020. Asia Pacific was the second largest region accounting for 33% of the global taxi and limousine services market. Africa was the smallest region in the global taxi and limousine services market.
Taxi and limousine service providing companies are offering shared transportation services to cater to an increasing demand of customers. Shared transportation system is an innovative transportation strategy that enables users to gain short term access to transportation modes as needed. It includes various forms of transportation, such as car-sharing, bike sharing, carpooling and platform-based ride services. Shared transportation systems are growing in the transit and ground passenger transportation industry owing to cost benefits this system offers 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 a mere payment of a membership fee or fare.
Expected increase of government investments in public transport infrastructure, especially in emerging markets, will be a major restraint on the taxi and limousine services market going forward. In 2018, in India, for instance, 10 cities had functional metro rail networks stretching for more than 515 kilometers. 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 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 down the growth of the taxi and limousine services market in emerging economies.
The shift in consumer preferences towards traveling 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 prices of vehicles and fuel, high traffic situations, limited availability of parking spaces, and low costs of taxi ridership compel people, especially millennials, to opt for 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.
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