Taxi - Worldwide | Statista Market Forecast

Taxi - Worldwide

Worldwide

Highlights

The Taxi market worldwide is expected to generate a revenue of US$140.70bn by 2024.
This projection indicates a steady growth rate, with an annual growth rate (CAGR 2024-2029) of -1.15%.
As a result, the market volume is estimated to reach US$132.70bn by 2029.
In terms of user base, it is anticipated that the number of users in the Taxi market will reach 995.20m users by 2029.
This growth is in line with the projected user penetration rate of 14.5% in 2024, which is expected to decrease to 12.3% by 2029.
The average revenue per user (ARPU) is projected to be US$125.50, highlighting the potential value generated by each user in the Taxi market.
In a global comparison, it is noteworthy that China is expected to generate the highest revenue in the Taxi market, with an estimated revenue of US$54bn in 2024.
This highlights the significant market presence and potential of China in the Taxi market industry.
Despite the rise of ride-hailing services, traditional taxis still remain the preferred mode of transportation for locals and tourists in many developing countries worldwide.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Taxi market continues to evolve with changing consumer preferences and technological advancements driving key trends in the industry. The market exclusively covers offline bookings of taxi services, excluding any digital or app-based bookings. Despite the rise of ride-hailing platforms, traditional taxi services booked offline continue to hold significance in the global mobility landscape.

Customer preferences: Customers are increasingly looking for convenience, safety, and affordability when choosing transportation options. This has led to a rise in demand for ride-hailing services that offer easy booking, cashless transactions, and real-time tracking features. At the same time, however, many customers value the option of hailing a taxi on the street or via phone, enjoying the familiarity and ease of traditional taxi services in various situations.

Trends in the market: In the United States, the Taxi market has been heavily impacted by the rise of ride-hailing services such as Uber and Lyft. These companies have disrupted the traditional taxi industry by offering lower prices and more convenient services. As a result, many taxi companies have had to innovate and improve their offerings to stay competitive. In Europe, on the other hand, traditional taxi services still dominate the market due to stricter regulations on ride-hailing companies. However, there is a growing trend towards digitalization and mobile app-based taxi services in European countries.

Local special circumstances: In Asia, particularly in countries like China and India, the Taxi market is experiencing rapid growth due to urbanization and increasing disposable incomes. Taxi providers are adapting to the digital age by offering both traditional and app-based services. By shifting to these hybrid business models, taxi providers are catering to a wider range of customer preferences. In Latin America, safety concerns have been a major driver shaping the Taxi market, with customers prioritizing secure and reliable transportation options over other factors. This has led to the emergence of specialized taxi services focusing on safety and trust.

Underlying macroeconomic factors: The overall economic conditions in each region play a significant role in shaping the Taxi market. Factors such as GDP growth, unemployment rates, and disposable incomes influence people's transportation choices and spending habits. In developing countries, the growth of the middle class and urbanization are driving the demand for taxi services. On the other hand, in mature markets, economic stability and regulatory frameworks are key factors impacting the growth and evolution of the Taxi market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings and revenues of traditional offline taxi services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.