The need for effective fare management and the growing number of taxis are two factors that are driving the market for taximeters. One of the primary factors influencing the growth of the taximeters industry is the increase in the number of taxis and auto-rickshaws around the world. The increasing use of taximeters in emerging nations is another factor fueling industry growth. The market for taximeters is expanding as a result of the growing popularity of ride-sharing apps, which frequently employ taximeters to determine prices. The market for taximeters is anticipated to develop as a result of consumers' growing choice of public transportation as a result of growing worries about air pollution and traffic congestion. Additionally, as more people use taxi-hailing applications like Uber and Lyft to determine fares, it is predicted that this would increase demand for taximeters.
The demand for effective and precise fare collection, as well as the rise in the number of taxis and auto-rickshaws, are driving the growth of the taximeter market. Taxi and auto-rickshaw drivers use taximeters to make sure they are charging their customers fairly for the distance travelled and the amount of time spent.
Installing a taxi metre offers the benefit of a dependable device that accurately measures the amount that should be charged. GPS-based software and MID-approved taximeter are inexpensive tools that make it easier for drivers and passengers to go where they're going. With a taximeter, you can quickly learn the distance travelled, the amount of gasoline used, and the total fare or earnings from your journeys. Your routes can be made better and you can reach your customers on time thanks to the GPS tracking in taximeters, which results in good service.
A mechanical or electrical device installed on a taxi that determines passenger fares based on distance travelled is called a taximeter. Modern taximeters may compute fares using GPS technology and may also print or email receipts to passengers. In many jurisdictions, taximeters are mandatory, and their use enables taxi companies to fairly charge customers for their rides. Many contemporary taximeters also support credit or debit card payments, so customers no longer need to carry cash. Although taxi fares differ from city to city, most have an initial charge (sometimes known as a "flag pull" or "base rate") and an additional per-mile or per-minute price. In some situations, there can additionally be an additional fee for service during rush hour or at night.
With a projected value of US$ 183.3 Mn, up from US$ 132.4 Mn in 2021, and a CAGR of 4.25% by the end of the mentioned timeline, the worldwide taximeters market is expected to experience exponential industrial expansion over the offered forecast period of 2021–2031.
Some of the main issues hindering the growth of this market are the high cost of taxi metres and the difficulties associated with their installation and maintenance. Other issues restricting the market's growth include the increase of public transportation services and people's preference for staying at home or using their own vehicles. The market potential in the upcoming years may be somewhat constrained by these factors and trends. The desire for affordable taxi services, however, will help the sector expand in the future.
Among the top players on the market are Pulsar, Centrodyne, Record Taximeter, ATA Electronics, HALE Electronic, Flexitron, Cygnus, Digitax, Joong Ang San Jun, Yazaki, Standard Meter Manufacturing Co., National Meter Manufacturing Co., Smart Technology System, Sansui, Schmidt, Beijing Juli, and Nanjing Toyo.
The LED Display Type to Emerge as the Most Lucrative Segment
The market is divided into LED display and LCD display categories based on type. Due to its features like superior visibility, higher customer satisfaction, and increased durability and resistance, the LED display is anticipated to see the quickest growth in the taximeters market over the forecast period. Due to its superior qualities over LED displays, such as lower power consumption and a longer lifespan, the LCD display category is predicted to develop at a high CAGR.
The Most Popular Application Segment is Taxi
The taxi and auto rickshaw segments of the worldwide taximeters market have been defined according to application. The black & yellow taxi segment and the app-based taxi segment are further divided into the taxi market. Due to rising urbanisation and industrialization, which have worsened traffic congestion in many cities around the world and encouraged consumers to choose app-based taxis over other modes of transportation, the category of app-based taxis is anticipated to experience the greatest CAGR.
The Region of North America will Provide Adequate Financing Avenues
In 2020, North America accounted for the biggest market share for taximeters globally, and over the forecast period of 2021–2031, it is anticipated to expand at a CAGR of 3.7%. Due to reasons like government incentives for the implementation of smart metres in fleet management operations and an increase in the frequency of cab usage across major cities like Los Angeles, New York City, and Boston among others, the U.S. is predicted to be the main contributor to this growth. Asia Pacific, on the other hand, is anticipated to grow at the quickest rate between 2021 and 2031, with a CAGR of 5.1%. This is due to an increase in vehicle ownership as well as a surge in demand for technologically advanced vehicles from countries like China and Japan, which are expected to spearhead this growth in this region.
COVID-19 Impact and Market Status
Due to the lockdown imposed by many governments in various nations to stop the spread of this pandemic, COVID-19 has had an influence on the taximeter business. The COVID-19 outbreak is anticipated to have a significant impact on the automotive sector and will result in a decline in demand for cars, particularly taxis and auto rickshaws. This could have a detrimental effect on the taximeter market's expansion throughout the forecast period of 2021–2031. Due to the lifting of lockdown restrictions and the revival of industrial activities, this market is anticipated to recover soon.
Latest Innovations in the Global Taximeters Market: A Snapshot
• On February 23, 2017, HERE International B.V. purchased Tele Atlas B.V., an automotive mapping company from TomTom MAPS B.V., a market leader in map information for navigation devices. TomTom anticipates that this acquisition would boost its position in the automobile industry while also enabling it to grow its global presence with cutting-edge map products & services.
• Precision GPS navigation solutions supplier Autonavigation GmbH was purchased by TomTom in September 2017.
Taximeters Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||US$ 183.3 Mn|
|Growth Rate||CAGR of 4.25% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Pulsar, Centrodyne, Record Taximeter, ATA Electronics, HALE Electronic, Flexitron, Cygnus, Digitax, Joong Ang San Jun, Yazaki, Standard Meter Manufacturing Co., National Meter Manufacturing Co., Smart Technology System, Sansui, Schmidt, Beijing Juli, and Nanjing Toyo.|
Key Segment of the Taximeters Market
By Type Overview 2021-2031, (USD Million)
- LED Display
- LCD Display
By Application Overview 2021-2031, (USD Million)’
By Region Overview 2021-2031, (USD Million)
- Rest of Asia Pacific
- Rest of North America
- Rest of Europe
Middle East and Africa