The global Cab Services market is anticipated to increase at a 48.5% CAGR to reach value $1,478.0 million in 2030
Cab services market has shown the substantial increase in the past some years because of the technological developments, mobilization, increase in the population, change in the preference of customers for traveling and growth in the disposable income. Factors that are fueling the cab services market are growth in the demand for vehicles and easy transportation. Nowadays, hiring a taxi cab has become easier, as compared to the traditional methods. At present, the customer can book the cab for the particular destination with the details of the driver, cashless travel, SOS features, and live tracking, at a single touch. Developments in the technology have surged the global cab service market, customers can access several providers of cab facility and book a cab for comfortable, secure and safe travel. Main factors that are hindering the cab services market are growth in the crowd on roads and change the regulations of government and rules related to driver and road safety.
The main driver that is increasing the global cab services market share 2018 is the increase in the usage of the cashless transaction for e-hailing and corporate with the digital wallets. The system of cash-based payment for cab riders are been interchanged by the in-app system of payment, by using digital wallets. Increase in the smartphone application user has substantially changed the system of payment of cab aggregators. Money is primarily loaded in the digital wallets by customers and the service charge is directly reduced from wallets at the destination point without the two-authentication procedure.
Global cab services market trends are increasing in the developments of technology in the taxi market. For instance, in April 2016, the first self-driving service of the cab across the world was started by the Singapore-based company named nuTonomy, is an independent startup of vehicle software. This service was started by the company with a total of 6 cars in the year 2016. At the time of trial, nuTonomy improved the Mitsubishi i-MiEV electrics and Renault Zoe. In this self-driven cab, each cab is fixed with Lidar, is a detection system that are using lasers to get operated like radar. Moreover, there are cameras on the dashboard used to detect the changes and obstacles in the traffic lights.
Platforms of social media like Facebook, Google Plus and Twitter are providing the data of customer’s behavior to the companies of cab service. Ola and Uber are using the analytics that is effectively measuring the demand and supply of the taxi operations and recognizes the pattern of demand at the ultimate hour. The technology of analytics are helpful for implementing the pricing model that analyzes the prices during the peak time. Growth in the use of analytics and social media is the key trend participating in the global cab services market growth.
Global cab services market is segmented into the application, type, and region. On the basis of application, cab services market is divided into advertising, entertainment, business and more. Based on the type, the market is divided into radio cabs, car rentals, and e-hailing.
Geographically, regions involved in the development of global cab services market share 2018 are Europe, the United States, China, Southeast Asia, Japan and India. The United States is the main contributor to revenue in the cab services market are encouraged by factors like tourism, leisure and business travel.
Key players involved in the cab services market are Didi Chuxing, Uber, Lyft, BMW Group, Grab and more.
Cab Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$1,478.0 million|
|Growth Rate||CAGR of 48.5 % during 2022-2030|
|Segment Covered||by type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||BMW Group, Didi Chuxing, Daimler, Lyft, Uber, BiTaksi, Cabify, Grab, Gett, GoCatch, Ingogo, LeCab|
Key Segments in the “Global Cab Services Market” are-
By Application, market is segmented into:
By Type, market is segmented into:
- Radio cabs
- Car rentals
By Regions market is segmented into:
- United States
- Southeast Asia