NEW YORK, Feb. 23, 2023 /PRNewswire/ — Major players in the online taxi services market are Ola (ANI Technologies Private Limited), Uber India Systems Private Limited, Lyft Inc., Didi Chuxing, GrabTaxi Holdings Pte Ltd, Carzonrent (India) Private Limited, Mega Cabs Private Limited, Meru Mobility Tech Private Limited, and Savaari Car Rentals Private Limited.
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The global online taxi services market will grow from $34.82 billion in 2022 to $38.54 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The online taxi services market is expected to grow to $56.37 billion in 2027 at a CAGR of 10.0%.
The online taxi services market includes revenues earned by entities by providing transportation and shipping services by bringing drivers and riders onto one platform to ease travel.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Online taxi services refer to transportation and travel service that is provided by digital middlemen who act as a link between customers and taxi drivers, either through a mobile platform, GPS-enabled applications, or radio signals. They are mainly engaged in providing passenger transportation by taxi that is booked using a mobile application.
Asia Pacific was the largest region in the online taxi services market in 2022.Western Europe was the second largest region in the online taxi services market.
The regions covered in the online taxi services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The online taxi services market covered in this report is segmented by service type into ride-hailing and ride-sharing.Ride-sharing refers to an arrangement or instance involving the sharing of rides in a motor vehicle with other people, mainly commuters.
The different types of vehicles include motorcycles and cars and involve various payment modes such as online and cash. The several types of rides include individual, carpool/share,
Rising internet penetration drives the demand for the online taxi service market.The availability of high-speed internet connectivity and the convenience associated with using online services is shifting consumer preferences towards online taxi services.
According to the Internet World Stats, the number of internet users increased from 4,208 million to 4,833 million in June 2020. Furthermore, internet users in India are expected to grow from 636.73 million in 2019 to 974.86 million by the end of 2025. A growing number of internet users with smartphones now have taxi services at their fingertips that give the drivers’ details and location and benefit the user, thereby fueling the demand for the online taxi services market.
Stringent regulations imposed on online taxi service operations limit the growth of the online taxi service market.As a result of numerous reports of assault and molestation against online taxi services, governments around the world have imposed stringent regulations on their providers.
These incidents call for a strong policy to secure customers.Governments have imposed strict background checks on Uber and Lyft drivers and mandated fingerprint background checks to avoid such incidents any further.
Other regulations imposed by governments to comply with the service providers include India’s Motor Vehicle (Amendment) Bill 2016 and Information Technology Act, 2000; Malaysia’s Commercial Vehicles Licensing Board Act 1987 (Act 334) (“”CVLBA 1987″”) and the Land Public Transport Act 2010 (“”LPTA 2010″”)(Act 715).The laws under the act regulate both e-hailing operators and drivers.
Moreover, e-hailing service providers are mandated to have an intermediation business licence to operate their business in Malaysia. Thus, the stringent rules and regulations imposed on taxi services are restricting the growth of the online taxi services market during the forecast period.
The launch of self-driving taxi services is gaining popularity in the online taxi service market.Major players operating in the industry are continuously focused on introducing innovations and technologies to better serve the needs of consumers.
For instance, in August 2020, AutoX, an autonomous driving start-up, announced the public launch of Robo-taxi services in China.
In August 2022, Ola Cabs, an India-based online taxi and car booking company, announced a merger agreement with Uber Technologies, Inc. for an undisclosed amount. Through this merger, both companies joined forces to improve taxi rentals, ride services, and customer experiences to enhance business outcomes. Uber Technologies, Inc. is a mobility as a service company based in the United States that pioneered food delivery, online taxi bookings, and hotel reservations.
The countries covered in the online taxi services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The online taxi services market research report is one of a series of new reports that provides online taxi services market statistics, including global market size, regional shares, competitors with an online taxi services market share, detailed online taxi services market segments, market trends and opportunities, and any further data you may need to thrive in the online taxi services industry. This online taxi services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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