Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- The Global Taxi And Limousine Services Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
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Top leading Companies of Global Taxi And Limousine Services Market are – Uber Technologies, Inc.; Didi Chuxing Technology Co.; Lyft, Inc.; Grab Holdings Inc.; Gett, Inc.
By Type Of Service: Online Taxi Services; Tele And Offline Taxi Services; Limousine Services
By Vehicle Type: Cars; Motorcycles; Others
By Payment Mode: Online; Cash
By Ride Type: Individual; Car Pool/Share
The global taxi and limousine services market is expected to decline from $83.0 billion in 2019 to $46.7 billion in 2020 at a compound annual growth rate (CAGR) of -43.7%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $94.4 billion in 2023.
Growth in the historic period resulted from technological development, strong economic growth in emerging markets, and growth in aging population, low oil prices, and surge pricing during peak hours. Factors that negatively affected growth in the historic period were safety concerns and public lawsuits, weak wage growth in developed economies, and use of public transportation in urban areas. Going forward, economic growth, technology, emphasis on cutting carbon emissions, ease of transportation and changing consumer preferences towards car sharing will drive growth. Factors that could hinder the growth of the taxi and limousine services market in the future include improvement of public transportation, stringent regulations, inadequate chauffeurs, and coronavirus disease (COVID-19) outbreak.
The global taxi and limousine services market is segmented by type of service into online taxi services, tele and offline taxi services, and limousine services. The tele and offline taxi services market was the largest segment of the taxi and limousine services market in 2019 at 41.4%. The online taxi services market is also expected to be the fastest-growing segment going forward at a CAGR of 5.6%.
The top opportunities in the taxi and limousine services market will arise in the online taxi services segment, which will gain $7.0 billion of global annual sales by 2023. The taxi and limousine services market size will gain the most in China at $2.53 billion. Market-trend-based strategies for the taxi and limousine services market include increasing bike-taxi services offerings, eco-friendly electric cab services offerings, implementing big data analytics tools in companies operations, using social media platforms to improve their reach, and implementing new transportation technologies such as on-demand booking services and taxi soft meter. Player-adopted strategies in the taxi and limousine services market include reinforcing M&A strategies to expand businesses in other geographic areas, investing in expanding networks, operations and distribution networks, and streamlining business travel experiences through partnerships.
The outbreak of coronavirus has affected taxi and limousine services across several countries across the globe, mostly in countries where a lockdown has been declared to contain the disease. According to data by Aurora Mobile, a leading mobile big data solutions platform in China, the daily active users on the ride sharing apps declined by more than half after the Chinese government declared the coronavirus outbreak in the country. In most of the states in the USA, shops, businesses and offices have shut, and this has resulted in less demand for taxi services. In India, the coronavirus outbreak has highly impacted the earnings of taxi drivers, because in lockdown the ride hailing services are also restricted to operate. Spain is currently the second most-affected European country with COVID-19. The taxi sector has seen its business negatively impacted by the ongoing coronavirus public health crisis
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Taxi And Limousine Services market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the global Taxi And Limousine Services market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focused in the research study. It discusses about prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Taxi And Limousine Services market.
Market Segments: This part of the report discusses about product type and application segments of the global Taxi And Limousine Services market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach Taxi And Limousine Services used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
Finally, Taxi And Limousine Services Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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