PORTLAND, Ore., April 14, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Taxi Market by Booking Type (Online Booking and Offline Booking), Service Type (Ride-hailing and Ride-sharing), and Vehicle Type (Cars, Motorcycle, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global taxi industry generated $69.18 billion in 2019, and is expected to generate $120.89 billion by 2027, witnessing a CAGR of 12.3% from 2020 to 2027.
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Prime determinants of growth
Increase in demand for ride-hailing and ride-sharing services, surge in demand from online taxi booking channels, and rise in cost of vehicle ownership drive the growth of the global taxi market. However, improvement in public transportation and varying government regulations on taxi services in different countries restrain the market growth. On the other hand, development of robo-taxies and emergence of eco-friendly electric cab services create new opportunities in the coming years.
- During the Covid-19 pandemic, people preferred to stay home or travel by their vehicles to ensure safety and prevent the possibility of cross-contamination in taxis. Many governments banned intercity and interstate travel, which in turn, reduced the demand for taxis.
- Owing to social distancing norms…