Taxi and limousine service is a type of vehicle leasing service that comprises hiring the service of a driver along with the vehicle. Taxi services can be availed by single or multiple passengers on the basis of sharing & non-sharing. A passenger can hire or book a taxi via call or message with the help of mobile app, which is also recognize as e-hailing. Passengers can book a taxi for decided route that would be pre-defined by the passenger. Taxi and limousine services can vary according to the distance, passenger, pick-up and drop-off on the basis of the availability of vehicle & location. Advancements in technology have fueled the taxi and limousine services market, as passengers can access a variety of taxi facility providers and hire a taxi for a safe, secure, and comfortable journey. The taxi and limousine services market is categorized as Tele & offline taxi services and online taxi services.
Referring to study, “Taxi And Limousine Services Global Market Report 2020-30: Covid 19 Impact and Recovery” some of the key companies that are currently working in the global taxi and limousine services market include Limo City, Yellow Cab, Eti Taxi Service, and Uber Technologies Inc. Key vendors are concentrating on the growth prospects in the fast-growing segments as well as maintaining their positions in the slow-growing segments.
Growth in technological advancements, increase in mobilization, growth in population, increase in disposable income, change in preferences in travelling, rise in cost of vehicle ownership, increase in demand of vehicles and ease of transportation are some of the major driven factors for taxi and limousine services market. However, change in government rules & regulations regarding road or driver safety and increase in congestion on roads may impact the market. Additionally, growth in technological advancement in taxi & limousine services and emergence of eco-friendly electric cab services are leading opportunities for market. Moreover, live tracking facilities to enhance the security services and monopolies of mobile based app services are key trends for market. Furthermore, inability to provide quality of services on consistent basis is a major challenge for global market.
During the Corona-Virus (Covid-19) pandemic, people preferred to stay at home or travel by their own vehicles to ensure the safety as well as prevent the possibility of cross-contamination in taxis. Additionally, governments banned inter-city & inter-state travel, which in turn, reduced the demand for taxis and limousine. Due to social distancing norms imposed by the health authorities & governments, the preference for ride-sharing services reduced considerably for daily commute during the Covid-19 pandemic.
By regional analysis, the Western-Europe dominates the global taxi and limousine services market owing to increase in cashless transactions in e-hailing and integration with digital wallets across the region. The Asia-pacific and North-America regions are estimated to exhibit considerable growth rate due to increase in number of vehicles, growth in population and rise in per capita income over the forecast period. It is expected that future of the global taxi and limousine services market will be bright on account of rise in demand from online taxi booking channels coupled with increase in shift to internet platform-based disintermediation model & ease of operations during the forecast period.
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Ankur Gupta, Head Marketing & Communications