1. Market Research
  2. > Transportation
  3. > Road Transport
  4. > Road Passenger Transport Market Trends
Taxi Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Taxi Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • January 2021
  • 95 pages
  • ID: 6020212
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Jun 20th 2021

Summary

Table of Contents

Search Inside

The taxi market is was valued at USD 159.6 billion in 2020, and it is estimated to reach USD 327.54 billion by 2026, at a rate of 8.95 % over the forecast period (2021-2026).

In 2020, the global taxi market experienced significant damage due to COVID-19, with lockdowns and restricted moments the demand for taxi. Increase risk associated with crowded places with social distancing measures have had a negative impact on the growth of the market as the preference of the customers has shifted towards personal vehicles. Yet, with ease in lockdown measures demand is returning back to the market and by the end of 2021, it is expected that the market experience growth.

In recent years passengers’ preferences for utilizing taxi services and ride-sharing services across the developing countries, such as India, China, Vietnam, etc., have increased along with the increase in demand in the developed regions such as the United States and Europe. This has led the companies to enhance the options and expand their operations to be provided in mobile applications, to retain their respective market shares in a highly competitive market.

Asia-Pacific captured a major share of the market, accounting for 73.14% of the global taxi market, in 2020. Increasing traffic congestion and low taxi fare, when compared to other modes of transportation, are the major factors driving the growth of the motorcycle/bike taxi service in the Asia-Pacific market.

Key Market Trends
Rising Demand for Ride-Hailing and Ride-Sharing Services

The taxi industry has been one of the longest-running industries, contributing significantly to the world’s economy. However, the rising ride-hailing and taxi sharing demand are replacing the conventional taxi market.

Ride-hailing is anticipated to lead the taxi market over the forecast period. According to some surveys, a total of 15 million ride-hailing trips happen each day, which is expected to gigantically increase and hit a 100 million mark, by 2030.

Several ride hailing companies are raising funds from investors with an aim to improve their technology and provide better services to its customers. For instance,

- In December 2020, Estonian ride-hailing firm Bolt raised EUR 150 million (USD 182 million) in a funding round led by D1 Capital Partners. The company said it will use the money to develop driver face verification and use machine learning to prevent potential incidents. The firm’s app now counts more than 50 million users in over 40 countries across Europe and Africa.
- In November 2020, Meru cabs announced that they are planning to raise USD 54.25 million (INR 400 Crore) from private equity funds. The fundraising plan comes at a time when the company is sharpening focus on providing cabs to corporates and expanding its base of electric vehicles in India.

Owing to the modern taxi category, i.e., booking through mobile application, Uber and Grab gained immense traction from passengers. As more than 70% of the passengers consider taxi service as a convenient and quick commuting feature, the market has immense potential over the forecast period.

Asia-Pacific - Leading the Taxi Market

The taxi market is on the rise in the Asia-Pacific. Players, like DiDi Chuxing, Ola, and Onda, are using the high smartphone penetration rate in Asia-Pacific to their full advantage and are capturing the market share through innovation and cutting-edge technology. These South Asian taxi giants are acing the competition in local geographies and are expanding overseas. Chinese taxi giant Didi Chuxing has started operations in Mexico, Australia, Costa Rica, Japan, and many other countries, whereas the Indian market leader Ola is serving in Australia, New Zealand, and the United Kingdom.

China has the world’s largest taxi market, and this can be attributed to it being the most populous country. The taxi market in the country began to blossom in the early 1980s. Due to their flexibility, comfort, good availability, and end-mile connectivity offering, taxis quickly became an indispensable service.

India is the second-most populous country in the world, and most of the people fall under the middle-class category who utilize cabs and auto-rickshaws (local three-wheeler taxis) for commuting short distances. The taxi industry is changing continuously even on a quarterly basis, due to the different socio-economic and political situations arising in the country. Pooling/sharing of taxis in the country saw a huge demand and now the bike taxi is becoming even more popular.

Competitive Landscape
Some of the major players in the taxi market include Uber, Grab, Lyft, Ola, etc. Among them, Uber’s main strategy to expand its business is to focus on upcoming technologies, like automated driving vehicles.

In 2020, DiDi Chuxing alone accounted for a market share of 13%, followed by Uber Technologies with 6% and Lyft with 1%. Didi is most widely used taxi app in the Chinese market and prevalent in the Brazilian market. Didi started following the footprints of Uber’s future strategy by launching a trial run of its self-driving technology in Shanghai, China, in June 2020.

The key players in the industry are investing a lot of money in technology. Uber and DiDi Chuxing are working on self-driving cars. Focus is on enhancing the customer experience. In India, there has been a surge in number of customers opting for outstation services. This has led to players, like Ola, Meru, and Prydo, to offer value added services to their customers at very competitive prices. Ola partnered with Apple Music and other music and video streaming services for its prime play service.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
10% Off

$4250

  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Ride-Hailing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • $ 4250
  • March 2021
  • 91 pages

The global ride hailing market is valued at USD 113 billion in 2020 and is anticipated to reach a value of USD 230 billion by 2026, registering a CAGR of 8.75%, during the forecast period, 2021-2026. During ...

  • World
  • Europe
  • Ride Hailing
  • Taxi Service
  • Industry analysis
  • Greenhouse Gas Emissions
  • Car Sales

ref:plp2020

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on