The market growth is expected to considerably increase by customer behavior to avoid the high cost of car ownership. Ride-hailing services are mainly gaining more popularity due to factors such as tariff transparency, convenience to pay, door-to-door service and the known identity of the driver through the app. Furthermore, the growth in the urban population owing to the migration of people from rural areas for employment purposes leads to the lack of parking space and growing traffic congestion. These factors are enabling consumer inclination towards opting for taxis and ride-hailing which will contribute to the growth of the market during the forecast years.
According to Data Bridge Market Research the Regional Taxi Public Transport accounted a CAGR of 7.70% in the forecast period of 2022 to 2029.
“Increasing internet penetration globally is expected to drive the market growth”
Increasing internet penetration is expected to enhance the demand for the regional taxi public transport in the global market. Online taxi services are becoming increasingly popular due to high-speed internet accessibility and the simplicity of using online services. According to Internet World Stats, the number of internet users increased from 4,208 million to 4,833 million in June 2020. Furthermore, it is anticipated that the number of internet users in India would increase from 636.73 million in 2019 to 974.86 million by the end of 2025. The need for online taxi public transport is fueled by the fact that an increasing number of internet users with smartphones now have access to taxi services that provide the driver's information and location while promoting the user. Thus, the increasing internet penetration globally is expected to drive the growth of the regional taxi public transport market.
What restraints the growth of regional taxi public transport market?
“Stringent regulations imposed by government on online taxi service operations”
The expansion of the internet taxi service business is constrained by strict regulations imposed on operations. Governments all around the world have established strict rules on the services' suppliers in response to multiple complaints of assault and child abuse against online taxi services. These occurrences highlight the need for a strict policy to protect customers. Governments have implemented fingerprint background checks and stringent background checks for Uber and Lyft drivers to prevent such incidents. The Motor Vehicle (Amendment) Bill 2016 in India, the Information Technology Act of 2000, the Land Public Transport Act of 2010 (also known as the "LPTA 2010"), the Commercial Vehicles Licensing Board Act of 1987 (Act 334) (also known as the "CVLBA 1987") in Malaysia are a few additional laws that have been imposed by governments to ensure that service providers comply (Act 715). The act's laws govern both in relation to e-hailing operators and drivers are subject to the laws outlined in the act. Thus, over the forecast period, the growth of the regional taxi public transport market will be constrained by the severe rules and regulations put on taxi services.
Segmentation: Regional Taxi Public Transport Market
The regional taxi public transport is segmented on the basis of booking type, service type and application.
- On the basis of booking type, the regional taxi public transport is segmented into online booking, offline booking.
- On the basis of service type, the regional taxi public transport is segmented into ride hailing, ride sharing.
- On the basis of application, the regional taxi public transport is segmented into city, rural.
Regional Insights: Asia-Pacific is expected to dominate the regional taxi public transport market
Asia-Pacific dominates the market and is expected to grow significantly owing to the increasing investment by the government for the expansion of transport infrastructure and rising demand for passenger vehicles in this region. Furthermore, increasing focus towards the integration of passenger safety systems in both passenger and commercial vehicles and growing disposable income of the people in China and India will further boost the growth of the market.
In addition, the North America region is likely to register highest growth rate during the forecast period of 2022 to 2029 because of the growth and expansion of automotive industry in this region. Moreover, increasing industrialization and urbanization will further increase the growth of the market in this region.
Recent Development: Regional Taxi Public Transport Market
- In 2022, Ola Cabs which is an India-based car and online taxi booking company has announced their acquisition with Uber Technologies, Inc. for an undisclosed amount. With this acquisition, both companies are focusing on to improve ride services, taxi rentals, and customer experiences to expand their business outcomes. Uber Technologies, Inc. is the United States based a mobility-as-a service company that pioneered food delivery, hotel reservations and online taxi bookings.
- In 2021, Uber has announced their partnership with Hertz which is a rental car company. With this partnership, the companies will provide 50,000 Tesla Inc. vehicles by 2023 as a rental option for Uber’s ride-hail drivers. Uber drivers can rent a Tesla through Hertz starting on November 1, in San Francisco, San Diego, Los Angeles, and Washington DC, with the program increasing to cities nationally.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-regional-taxi-public-transport-market
The Prominent Key Players Operating in the Regional Taxi Public Transport Market Include:
- Waymo LLC (U.S.)
- Daimler AG (Germany)
- GM Cruise LLC (U.S.)
- Aptiv (Ireland)
- AB Volvo (Sweden)
- Ridecell, Inc (U.S.)
- Tesla (U.S.)
- Uber Technologies Inc. (U.S.)
- Volkswagen AG (Germany)
- Lyft, Inc. (U.S.)
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- BMW AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Continental AG (Germany)
- DENSO CORPORATION (Japan)
- NVIDIA Corporation (U.S.)
- Robert Bosch GmbH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of regional taxi public transport companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Regional Taxi Public Transport Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
