Global Cab Services Market 2017-2021
About Cab Services
A cab or taxi service is a type of vehicle for hire with a driver, used by a single or small group of passengers on either sharing or non-sharing basis. The passenger hires a taxi for a defined route, which is pre-decided by the customer passenger. The taxi cab conveys passengers between locations of their choice. The cab service differs from other modes of public transport, where the pick-up and drop-off service locations are determined by the service provider and not by the passenger.
Technavio’s analysts forecast the global cab services market to grow at a CAGR of 8.46% during the period 2017-2021 .
Covered in this report
The report covers the present scenario and the growth prospects of the global cab services market for 2017-2021 . To calculate the market size, the report considers the revenue generated by different cab operators from passenger customers that hire various cab services for different routes. These cab services include e-hailing, car rental, radio cabs, and offline unorganized cabs.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cab Services Market 2017-2021
Technavio recognizes the following companies as the key players in the global cab services market: BMW Group, Didi Chuxing, Daimler, Lyft, and Uber.
Other Prominent Vendors in the market are: BiTaksi, Cabify, Grab , Gett, GoCatch, Ingogo, LeCab, and Ola.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Technological developments in taxi market. In April 2016, the world’s first self-driving taxi service was launched by Singapore-based nuTonomy, which is an autonomous vehicle software startup. The company started this service with a small fleet of 6 cars during 2016. During the trial period, nuTonomy modified Renault Zoe and Mitsubishi i-MiEV electrics. In this self-driven taxi, each car is fitted with six sets of Lidar, which is a detection system that uses lasers to operate like radar, including one that constantly spins on the roof. In addition, there are two cameras on the dashboard that are used to scan for obstacles and detect changes in traffic lights.”
According to the report, one of the major drivers for this market is Growing use of cashless transaction in e-hailing and integration with digital wallets. The cash-based payment system for cab riders has been replaced by in-app payment system, which uses digital wallets. A surge in the smartphone application user base has significantly changed the payment system of cab aggregators. Money is preloaded in digital wallets by cab riders, and the service charge is automatically deducted at the destination point without using a two-way authentication process.
Further, the report states that one of the major factors hindering the growth of this market is Threat from regional cab service providers. The ride-hailing business depends on the scale for which substantial investment is required. Building a right-sized population of owner-drivers, according to customer demand in the region and the confidence of sufficient work, which will earn their required wages, is a costly process for e-hailing companies. In 2016, Uber pulled out of China due to the increased competition from local cab service provider Didi Chuxing. Didi Chuxing acquired the Chinese operations of Uber during 2016, and after the acquisition, Didi Chuxing combined with Uber’s Chinese unit was valued at more than $35 billion.
BMW Group, Didi Chuxing, Daimler, Lyft, Uber, BiTaksi, Cabify, Grab , Gett, GoCatch, Ingogo, LeCab, and Ola.
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