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The cab services market share is expected to increase by USD 224.05 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 18.96%. This cab services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The cab services market report also offers information on several market vendors, including ANI Technologies Private Ltd., Beijing Xiaoju Technology Co. Ltd., BiTaksi Mobil Teknoloji AS, BMW Group, Daimler AG, Grab Holdings Inc., GT Gettaxi (UK) Ltd., Lyft Inc., Maxi Mobility Spain SL, and Uber Technologies Inc. among others. Furthermore, this report extensively covers cab services market segmentation by type (e-hailing, car rentals, radio cabs, and others) and geography (APAC, North America, Europe, MEA, and South America).
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing use of cashless transactions in e-hailing and integration with digital wallets is notably driving the cab services market growth, although factors such as the threat from regional cab service providers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cab services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cab Services Market Driver
The growing use of cashless transactions in e-hailing and integration with digital wallets is notably driving the cab services market growth. The cash-based payment system for cab riders has been replaced by an in-app payment system, which uses digital wallets. A surge in the smartphone application user base has significantly changed the payment system of cab aggregators. Money is preloaded in digital wallets by cab riders, and the service charge is automatically deducted at the destination point without using a two-way authentication process. E-hailing apps, such as Uber and Ola, provide digital payment facilities to their customers by partnering with third-party service providers, such as PayPal, Apple Pay, PayTM, and PayU.
Key Cab Services Market Trend
Technological developments in the taxi market is the key trend driving the cab services market growth. In April 2016, the world's first self-driving taxi service was launched by Singapore-based nuTonomy, which is an autonomous vehicle software startup. The company started this service with a small fleet of six cars in 2016. During the trial period, nuTonomy modified Renault Zoe and Mitsubishi i-MiEV electrics. In this self-driven taxi, each car is fitted with six sets of Lidar, which is a detection system that uses lasers to operate like radar, including one that constantly spins on the roof. In addition, there are two cameras on the dashboard that are used to scan for obstacles and detect changes in traffic lights. These product launches and product innovations are driving the cab services market growth during the forecast period.
Key Cab Services Market Challenge
The major challenge impeding the cab services market growth is the threat from the regional cab service providers. The ride-hailing business depends on the scale for which substantial investment is required. Building a right-sized population of owner-drivers, according to customer demand in the region and the confidence of sufficient work, which will earn their required wages, is a costly process for e-hailing companies. In 2016, Uber pulled out of China due to the increased competition from local cab service provider Didi Chuxing. Didi Chuxing acquired the Chinese operations of Uber in 2016, and after the acquisition, Didi Chuxing combined with Uber's Chinese unit was valued at more than $35 billion.
This cab services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global cab services market is a part of the global trucking market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cab services market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cab services market encompasses successful business strategies deployed by the key vendors. The cab services market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cab services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cab services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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