Global Taxi Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Key Takeaways

• In England in 2021, over three-quarters (77%) of licensed vehicles were Private Hire Vehicles (PHVs), with a total of 251,100 licensed vehicles, showing a 15.9% increase since 2020.

• Over 300 million people globally use taxi apps, with DiDi and Uber accounting for about 150 million users. DiDi led in revenue in 2022, earning approximately USD 19.7 billion, followed by Uber with USD 14 billion.

• As per industry reports, Uber drivers completed 9.44 billion trips in 2023, reflecting a significant increase compared to the previous year.

There is a significant trend towards ride-hailing services, such as Uber and Lyft, which have influenced the taxi market share. These platforms provide a more convenient, user-friendly experience through mobile apps, real-time tracking, and cashless payment options. Uber, for instance, operates in over 70 countries and offers a range of services, including UberX, Uber Black, and Uber Pool.  Moreover, Uber generated USD 37.2 billion in revenue in 2023, marking a 16% increase from the previous year, where USD 19.6 billion came from ride-hailing and USD 12.1 billion from delivery services.

The taxi industry is witnessing a shift towards more environmentally friendly electric vehicles (EVs) in response to global efforts to reduce carbon emissions. For instance, in London, the city's iconic black cabs are being replaced by all-electric models like the LEVC TX, which can travel up to 80 miles on a single charge. This trend is driven by factors such as decreasing EV costs and government incentives, which have made electric vehicles more economically feasible for taxi operators.

As per taxi market analysis, the widespread penetration of the internet and smartphones has led to a significant increase in the preference for online taxi booking and e-hailing services. Consumers are drawn to the convenience of accessing information, tracking driver locations, and managing bookings through mobile apps. The Gojek app in Southeast Asia and the Didi Chuxing app in China have become popular platforms for on-demand taxi services.

The market is seeing a diversification of vehicle types, including not only traditional passenger cars but also motorcycles, scooters, minivans, and even human-powered vehicles like rickshaws. For instance, in India, three-wheeled auto-rickshaws are a common mode of taxi transportation, while in Southeast Asia, motorcycle taxis (known as "ojek") are widely used. This trend reflects the adaptability of the taxi industry to local market conditions.

Taxi Market Segmentation

Global Taxi Industry Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Service Type

• Ride Hailing

• Ride Sharing

Market Breakup by Booking Type

• Online Booking

• Offline Booking

Market Breakup by Vehicle Type

• Cars

• Motorcycle

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Top Taxi Companies in the Global Market

Market players are investing in research and development to introduce new features and functionalities in their taxi solutions.

• Uber Technologies Inc.

• ANI Technologies Private Limited

• Bolt Technology OÜ

• Curb Mobility, LLC

• Dubai Taxi Company

• Flywheel Software, Inc.

• Free Now

• Lyft, Inc.

• Nihon Kotsu Co., Ltd.

• Roppen Transportation Services Private Limited

• Others

Key Highlights of the Report