According to report titled ‘Global Taxi Market Size study, By Booking Type (Online Booking, Offline Booking), By Service Type (Ride Hailing ,Ride Sharing) and Regional Forecasts 2021-2027’ available with Market Study Report, global taxi market valuation is anticipated to reach USD 120.89 billion by 2027 from USD 53.637 billion in 2020 while growing at a CAGR of 12.30% during 2021-2027.
 

Recent surge in demand for ride hailing/sharing services, coupled with increase in the cost of owning & maintaining a vehicle are propelling the growth of global taxi market.
 

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Notably, there has been an aggressive competition between new age digital ride-hailing application operated taxi services and the traditional operators. With a lot of new entrants in the market lately, the application-based service provides more accessibility and transparency to the users than any other medium.
 

Moreover, convenience and features offered by cabs will stimulate the market outlook. For reference, London’s famous black cabs have ample space adjacent to the driver for putting away sacks while some customary fleets have incorporated wheelchair accessible cabs.
 

Development of self-driving taxis and rise of electric cab services are expected to augment global taxi market size during the forecast period. However, ever-changing rules and mandates for taxi administration, in tandem with improvements in public transport are arresting the industry growth.
 

Based on service ambit, the market sphere is bifurcated as ride hailing, and ride sharing. While, online booking and offline booking are the two booking types operating in the industry.
 

Geographically, North America is slated to back worldwide taxi market forecast over 2021-2027, due to consumer preference for this conveyance mode as it is faster and affordable. Parallelly, Asia Pacific market is touted to exhibit appreciable growth in the forthcoming years, pertaining to rising urbanization, rapid digitization, and soaring popularity of elective transportation concept. 
 

Worldwide taxi market competitive scenario is defined by the companies namely Curb Mobility LLC, FREE NOW, Gett, Gojek Tech, Grab Holdings Inc., Lyft Inc., Nihon Kotsu Co. Ltd., Cabify España S.L.U., Uber Technologies Inc., and Yandex N.V.