Fare enough: A rising cost of living is driving consumers away from discretionary travel
The landscape for the taxi and limousine market has changed significantly in recent years as ridesharing services, such as Uber, have grown in popularity at the expense of traditional taxi operators. Revenue for taxi and limousine operators is set to fall at an average of 0.5% per year over the five years through 2023-24, to $378.4 million. This decline is also due to the adverse economic effects of the pandemic and associated lockdown restrictions. However, revenue is anticipated to rise by 3.0% in the current year, as the market continues to recover from the pandemic. Nevertheless, rising cost-of-living pressures are set to slow the recovery, as consumers look to reduce their discretionary spending.
The industry is primarily engaged in operating taxi cabs or private hire cars with drivers that transport passengers. Ridesharing services, such as Uber, are excluded from this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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