The Online Taxi Services Global Market Report 2023 by The Business Research Company, provides online taxi services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Online Taxi Services Global Market Report 2023, the global online taxi services market size 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global market size of the online taxi services is expected to grow to $56.37 billion in 2027 at a CAGR of 10.0%.
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 fuelling the demand for the growth of online taxi services market.
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The online taxi services market is segmented:
1) By Service Type: Ride-Hailing, Ride Sharing
2) By Vehicle Type: Motorcycles, Cars
3) By Payment Mode: Online, Cash
4) By Ride Type: Individual, Car Pool/ Share
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 online taxi services market report table of contents includes:
1. Executive Summary
2. Online Taxi Services Market Characteristics
3. Online Taxi Services Market Trends And Strategies
4. Online Taxi Services Market – Macro Economic Scenario
5. Online Taxi Services Market Size And Growth
…
27. Online Taxi Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Online Taxi Services Market
29. Online Taxi Services Market Future Outlook and Potential Analysis
30. Appendix
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