This report describes and evaluates the global taxi and limousine services market, it covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.
The global taxi and limousine services market is expected to decline from $83.0 billion in 2019 to $46.7 billion in 2020 at a CAGR of -43.7%.
The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.
The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $94.4 billion in 2023.
Growth in the historic period resulted from technological development, strong economic growth in emerging markets, and growth in aging population, low oil prices, and surge pricing during peak hours.
Factors that negatively affected growth in the historic period were safety concerns and public lawsuits, weak wage growth in developed economies, and the use of public transportation in urban areas.
Going forward, economic growth, technology, emphasis on cutting carbon emissions, ease of transportation and changing consumer preferences towards car sharing will drive growth.
Factors that could hinder the growth of the taxi and limousine services market in the future include improvement of public transportation, stringent regulations, inadequate chauffeurs, and coronavirus disease (COVID-19) outbreak.
Western Europe was the largest market for taxi and limousine services market, accounting for 39.0% of the global market in 2019.
It was followed by Asia-Pacific, North America and then the other regions. Going forward, the fastest growing regions in the taxi and limousine services market will be the Middle East and Africa, where growth will be at CAGRs of 4.5% and 4.2% respectively.
These will be followed by South America and Eastern Europe where the market is expected to grow at CAGRs of 4.2% and 3.9% respectively.
The top opportunities in the taxi and limousine services market will arise in the online taxi services segment, which will gain $7.0 billion of global annual sales by 2023.
The taxi and limousine services market size will gain the most in China at $2.53 billion.
Market-trend-based strategies for the taxi and limousine services market include increasing bike-taxi services offerings, eco-friendly electric cab services offerings, implementing big data analytics tools in companies’ operations, using social media platforms to improve their reach, and implementing new transportation technologies such as on-demand booking services and taxi soft meter.
Player-adopted strategies in the taxi and limousine services market include reinforcing M&A strategies to expand businesses in other geographic areas, investing in expanding networks, operations and distribution networks, and streamlining business travel experiences through partnerships.
Companies Mentioned in report
- Limo City
- Lyft, Inc.
- Uber Technologies, Inc.
- Yellow Cab
For more information, visit www.researchandmarkets.com