New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the “Online Taxi Services Global Market Report 2022” – https://www.reportlinker.com/p06250375/?utm_source=GNW
The global online taxi services market is expected to grow from $31.03 billion in 2021 to $34.82 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The market is expected to reach $53.48 billion in 2026 at a compound annual growth rate (CAGR) of 11.3%.
The online taxi services market includes sales of taxi services and related goods by entities (organizations, sole proprietorships, and partnerships) that provide automobile or van passenger transportation through online reservations or by reservation. This industry comprises establishments primarily engaged in providing transportation of passengers by reserved taxi using a mobile application.
These companies use online platforms and mobile apps to offer their services to customers. Examples include Uber, Lyft and Didi.
Taxis booked online via an app are mentioned in the report as ride-sharing services. This does not include taxis parked at the roadside.
Only goods and services exchanged between entities or sold to final consumers are included.
The online taxi services market covered in this report is segmented by service type into ridesharing and carpooling. Carpooling refers to an arrangement or instance involving sharing rides in a motor vehicle with other people, primarily commuters.
The different types of vehicles include motorcycles, cars and involve various payment methods such as online, cash. The different types of trips include individual trips, carpooling/sharing.
Asia Pacific was the largest region in the online taxi service market in 2021. Western Europe was the second largest region in the online taxi service market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Growing internet penetration is driving the demand for the online taxi services market. The availability of high-speed Internet connectivity and the convenience associated with using online services are shifting consumer preferences towards online taxi services.
According to 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 increase from 636.73 million in 2019 to 974.86 million by the end of 2025. An increasing number of internet users equipped with smartphones now have at their fingertips taxi services which gives the contact details and location of drivers and benefits the user and thus fuels the demand for the taxi services market by line.
Strict regulations imposed on the operations of online taxi services are limiting the growth of the online taxi services market. Many cases of assault and molestation have been recorded against online taxi services, as a result of which governments around the world have imposed strict regulations on providers.
These incidents call for a strong policy to secure customers. Governments have imposed strict background checks on Uber and Lyft drivers and mandatory fingerprint background checks to prevent such incidents from happening again.
Other regulations imposed by governments to comply with service providers include the Motor Vehicle (Amendment) Bill 2016 of India and the Information Technology Act 2000, Act 1987 on the Malaysian Commercial Vehicle Licensing Board (Act 334) (“CVLBA 1987”) and the Public Land Transport Act. 2010 (“LPTA 2010”) (Law 715). Laws under the act regulate both email operators and drivers.
In addition, email service providers are required to have a business intermediation license to operate their business in Malaysia. Thus, the stringent rules and regulations imposed on taxi services are restraining the growth of the online taxi services market over the forecast period.
The launch of self-driving taxi services is gaining popularity in the online taxi services market. Major players in the industry are constantly focusing on introducing innovations and technologies to better meet consumer needs.
For example, in August 2020 AutoX, a self-driving startup, announced the public launch of robo-taxi services in China. Additionally, in October 2019, Ola, a ride-sharing company, launched Ola Drive, self-driving car-sharing services in several locations in India, including Bangalore, New Delhi, Mumbai, and Hyderabad.
In September 2019, Mahindra & Mahindra, an Indian multinational vehicle manufacturer, announced the acquisition of 55% stake in Meru Cabs, a taxi service provider for $27.3 million (Rs 201.5 crore) . With the acquisition of Meru Cabs, Mahindra & Mahindra plans to expand its business by participating in the growing shared mobility space. Meru Cabs is an India-based carpooling company operating in the carpooling and corporate transportation solutions segment.
Countries covered in the Online Taxi Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06250375/?utm_source=GNW
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