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A taxi, also known as a cab or a taxicab, is a rental vehicle with a driver, generally hired by a small group of passengers or single passenger, for a shared or non-shared ride. A taxicab transports passengers between places of their choice. When a passenger opts for a taxi, they have the freedom to choose the pick-up and drop-off point, which is not offered in the case of public transport. It is suitable for passengers who have time limitations. A taxi is usually preferred due to the convenience it provides. A customer can book a taxi using a message or a call. Moreover, passengers also have an option to book online through different mobile applications on their smartphones.
The increase in the use of online taxi booking channels is one of the primary factors driving the growth of the market. This is mainly due to the convenience it offers to the customers. Besides the option to choose the pick-up and drop-off location, it also provides the option to use easy online payment methods. Additionally, the high cost of vehicles in the market, environmental safety measures, and lower taxi fares are responsible for the increasing use of taxis. However, the development in public transport services, people favoring to stay indoors or use their own vehicles to avoid cross-contamination of Covid-19 virus are some of the major factors restraining the market's growth.
Key Market Driver -
Increase in use of smartphone and online cab booking services and low fare cost offered by the taxis are some of the major factors driving the growth of the market.
Key Market Restraint -
the development of public transportation, and people using own vehicles to avoid Covid-19 spread ae some of the major factors hampering the growth of the market.
The global taxi market is segmented by booking type, service type, vehicle type, and geography. Based on booking type, the market is sub-segmented into online booking and offline booking. Online booking accounted for the largest market share in 2020. The primary factor driving the growth of this segment is the higher penetration and increase in usage of online e-booking services through smartphones by consumers globally. Based on service type, the market is further sub-segmented into ride-hailing and ride-sharing. The ride-hailing segment is expected to hold the largest share of the market during the forecast period. The increase in the total cost of ownership of vehicles and the need to reduce traffic congestions due to environmental issues with government regulations supporting ride-hailing options are some of the major factors driving the growth of the segment. Based on vehicle type, the market is further sub-segmented into cars, motorcycles, and others. The cars segment accounted for the largest market share in 2020. An increase in demand for taxi services for short-distance commutes with the ability to accommodate greater number of passengers at a time, helps to reduce the overall cost which is expected to drive the market growth.
Major players in the global taxi market include ANI Technologies Pvt. Ltd., Bolt Technology OU, Beijing Xiaoju Technology Co. Ltd., CAreem, Dubai Taxi Corporation, Curb Mobility, Gett, FREE NOW, Grab, LYyft Inc., Gojek Tech, Grab, Lyft Inc., Maxi mobility Spain, Uber Technologies Inc. and Yandex among others.
Geographically, the global taxi market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific held the largest share of the market in 2020. Major companies in the market such as DiDi Chuxing, Onda, and Ola are using the high smartphone usage rate in the region to their advantage. There is considerable innovation and implementation of cutting-edge technology by the companies such as Uber and Ola that have expanded the functionality of their mobile apps to get a larger consumer base and a larger share in the market. Additionally, the comfort, flexibility, good availability, and end-mile connectivity offered by the taxis is anticipated to drive the growth of the market in this region. North America is expected to show steady growth during the forecast period. The primary factor driving the market's growth in this region is consumers' rapid shift from owning vehicles to opting for taxi services. The enhanced road infrastructure and penetration of smartphones in the area are expected to drive the market's growth. Europe is also expected to show good growth in the market. Adoption of eco-friendly electric taxi services to curb pollution and high use of online taxi booking channels is expected to drive the market's growth.
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