Summary
The market is segmented by Age Group (20-30, 30-40, 40-50 and 50+ years) and Gender (Male and Female)
Market Overview
Al-Fujairah Taxi Services Market Overview
The Al-Fujairah Taxi Services market was valued at 34.4 AED Mn in 2017 and reached 33.3 AED Mn in 2022. The market is expected to reach 53.3 AED Bn by 2028 at a CAGR of 8.1%. Amongst the top players in Al-Fujairah taxi services, Cars Taxi has the maximum revenue, accounting for 61.3% of total revenue. Advanced technologies like app-based bookings and GPS navigation enhance the service quality. Fujairah City is likely to require a sufficient number of taxis to cater to the transportation needs of residents and visitors within the city.
Al-Fujairah Taxi Service Market Definition
Fujairah Taxi Service Market Size: A comprehensive market sizing exercise was conducted to assess the traditional taxi services market, calculated in total kms travelled per day and annually collectively and the Average revenue in AED. The study includes a range of prominent areas in Fujairah, including Fujairah International Airport, Fujairah Port, Fujairah Mall & more. The market sizing focused exclusively on the traditional taxi market and exclusive of additional charges levied such as tolls.
Traditional Taxi Services: This includes carriage of passengers by road to the requested destination under a metered connection with a minimum base fare coupled with the fair charges levied on the kms run and the subsequent time taken for the journey.
Sedan Cars Segment: Segment covering cars passenger cars in a three-box configuration with separate compartments for an engine, passengers and cargo. Sedans are widely used and converted for personal protection offering enough space to accommodate four people in the passenger cabin such as Toyota Corolla, Toyotas Camry & Hyundai Sonata
MPV Cars Segment: Multi-Purpose Vehicles (MPV) segment consists of small vans and 7-seater cars designed to transport passengers in rear seating rows with reconfigurable seats in two or three rows such as Toyota Highlander & Toyota Innova.
EV Cars Segment: Includes "Battery electric vehicles", range-extended electric vehicles (REEV) and fuel- cell electric vehicles (FCEV) leading to superior energy conversion efficiency, no exhaust emissions and lower overall vehicle emissions such as Tesla Model 3.
Taxonomy
Al-Fujairah Taxi Services Ecosystem
Al-Fujairah Taxi Services Market Size (in AED Mn), 2017-2022
Al-Fujairah Taxi Services market was valued at 34.4 AED Mn in 2017 and reached 33.3 AED Mn in 2022. The market reached this number at a CAGR of -0.6%. The growth rate of the market in 2022 was -12.3% in 2021 and increased to 7.4% in 2022. Negative growth in taxi services in Fujairah in 2020 and 2021 can be due to the COVID-19 pandemic, leading to reduced travel, lockdowns, and economic challenges, impacting overall demand for transportation services. Fujairah government was involved in a project aimed at upgrading the Port of Dibba Al Fujairah, which has played a role in driving the taxi market, generating heightened transportation demand and business opportunities within the expanded commercial port area. Due to its strategic location, Fujairah Port serves as a transhipment point for goods moving between different regions, which allows it to capitalize on various investment opportunities.
Al-Fujairah Taxi Services Industry Analysis
Al-Fujairah Taxi Services Market Segmentation, 2022
Al-Fujairah Taxi Services Market Segmentation by Age Group, 2022
The maximum contribution in Fujairah taxi services market is by the age group of 30 to 40 years. Their revenue contribution in 2022 was 19 AED Mn, which stands at a market share of 57%. This age group consists of working professionals, entrepreneurs, and individuals involved in shipping and cargo. They rely on taxi services for convenient and efficient transportation to navigate their daily work routines, contributing to the sustained demand for taxis in the area. People in their 30–40s usually take taxis for business activities due to the convenience offered by taxi services. Those in the age group of 20 to 30 years rely on traditional taxi services since they do not have capital investment to afford a private vehicle. Those above the age of 50 years use taxi services due to potential health considerations or a preference for hassle-free transportation in retirement.
Al-Fujairah Taxi Services Market Segmentation by Gender, 2022
Out of the total revenue of 33.3 AED Mn in 2022, the revenue contribution by the male population is 32 AED Mn and the female population is 1.3 AED Mn, i.e., 96% and 4% of revenue share respectively. Men in Fujairah commonly use taxis for various purposes, including daily work commutes, business activities, or when seeking a convenient transportation option that aligns with their busy schedules. Also, their share in the population is higher, due to which their contribution rises. Cultural norms and expectations drive women's choices regarding transportation. In some places, women are more inclined to use private or family-owned vehicles for safety and cultural reasons.
Al-Fujairah Taxi Services Future Market Size
Al-Fujairah taxi services market size was 33.3 AED Mn in 2022 and is expected to reach 53.3 AED Bn by 2028. The market is expected to grow at a CAGR of 8.1%. The surge in urbanization propels the taxi market, with the growing urban population fostering an increased demand for transportation services like taxis. Fleet modernization, while including fuel-efficient or electric vehicles, acts as a catalyst for taxi companies in Fujairah. Economic and tourism growth in the region is expected to increase business activities, resulting in higher demand for corporate travel and taxi services.
Frequently Asked Questions
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