The Business Research Company (BRC) recently released a report on Global Taxi and Limousine Services Market Size and a Trends Analysis, with a Forecast for 2024-2033. According to the BRC: “The taxi and limousine services market size… will grow from $114.66 billion in 2023 to $124.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%.” The growth is being attributed to new tech, strong economic growth in emerging markets, and growth in the aging population.”
The taxi and limousine services market size is expected to grow to $170.99 billion in 2028, at a compound annual growth rate (CAGR) of 8.2% – which is being attributed to economic growth, and changing consumer preferences towards car sharing. The report forecasts increasing shared transportation offerings, the implementation of big data analytics tools, the use of social media platforms, and new booking technologies. Also expected to be a key driver: More consumers are traveling in taxis, rather than investing in a personal car. Rising vehicle and fuel prices, heavy traffic, limited parking spaces, and low taxi ridership costs compel people – particularly millennials – to use for-hire transportation services.
Source: Open PR
