The major companies in the taxi and limousine services market are Uber, Daimler AG, Lyft, MOL Hungarian Oil and Gas plc, ComfortDelGro Corporation and A2B Australia Ltd. The global taxi and limousine services market is expected to rise from $95.
New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the “Taxi And Limousine Services Global Market Report 2022” – https://www.reportlinker.com/p06250353/?utm_source=GNW
$5 billion in 2021 to $104.87 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The market is expected to reach $147.26 billion in 2026 at a compound annual growth rate (CAGR) of 8.9%.
The taxi and limousine services market includes sales of taxi and limousine services and related goods by entities (organizations, sole proprietorships, and partnerships) that transport passengers via automobiles or vans, or provide range of specialized and luxury passenger transport services via limousine or luxury sedan, usually by reservation. Taxi and limousine service establishments usually provide services on request.
These establishments do not operate on regular routes and on regular schedules.
The major types in the taxi and limo services market are online taxi services, TV and offline taxi services, and limo services. Limousine services generally provide on-demand services for passenger transportation.
The market is segmented by distance into long distance and short distance and by application into adults and children.
Asia-Pacific was the largest region in the taxi and limousine services market in 2021. Western Europe was the second largest region in the taxi and limousine services market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The shift in consumer preferences towards traveling by taxi rather than buying a personal car is expected to be a key driver for the taxi and limousine services market. the low cost of using taxis is forcing people, especially millennials, to opt for ride-sharing services.
Ride-sharing companies offer low-cost rides around the world. For example, in the United States, Uber charges a base fare of around $3 and around $2 per mile.
In India, Uber offers rides starting at 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 in the future.
The expected increase in public investment in public transport infrastructure, especially in emerging markets, will be a major constraint for the taxi and limousine services market in the future. metro construction activities in 15 Indian cities.
By 2024, the railways, roads and highways sector in India is expected to receive INR 30 trillion ($0.42 trillion) to improve the country’s public transport infrastructure. Rising investments in the public transport infrastructure sector are expected to slow down the growth of the taxi and limousine services market in emerging economies.
Taxi and limousine service companies are offering shared transportation services to meet growing customer demand. A shared transport system is an innovative transport strategy that allows users to access modes of transport on a short-term basis according to their needs.
It includes various forms of transportation, such as car sharing, bike sharing, ride sharing, and platform-based transportation services. Shared transportation systems are growing in the mass transit and ground passenger transportation industry because of the cost advantages that this system offers to customers.
For example, Uber, an American provider of on-demand taxi ride services with an international presence, offers a ride-sharing service known as UberPOOL. Carpooling companies such as BlaBlaCar and Drivezy also allow users to reserve a place in the vehicles of their choice by simply paying a membership fee or a fare.
The countries covered in the Taxi and Limousine Services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic , Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria , Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
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