Taxi and Limousine Services Global Market Report 2024

The taxi and limousine services market size has grown strongly in recent years. It 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 expansion observed in the historical period can be linked to advancements in technology, robust economic growth in emerging markets, and the increasing aging population.

The taxi and limousine services market size is expected to see strong growth in the next few years. It will grow to $170.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be ascribed to economic expansion and shifts in consumer preferences toward car sharing. Prominent trends during this period encompass an increase in shared transportation offerings, the integration of big data analytics tools into company operations, leveraging social media platforms to enhance outreach, and the adoption of new transportation technologies such as on-demand booking services and taxi soft meter. Strategies adopted by players in the taxi and limousine services market include reinforcing mergers and acquisitions to broaden business presence in different geographical areas and investing in the expansion of networks, operations, and distribution networks. Furthermore, streamlining business travel experiences through strategic partnerships is a key focus.

The taxi and limousine services market is expected to experience significant growth due to a shift in consumer preferences towards using taxis instead of investing in personal cars. Factors such as escalating vehicle and fuel prices, traffic congestion, limited parking space, and cost-effective ride-hailing services encourage individuals, particularly millennials, to opt for taxi services. Globally, ride-hailing companies offer rides at competitive prices, with examples such as Uber in the USA charging a base fare of approximately $3 and around $2 per mile. In India, Uber and Ola provide rides as low as INR 7/km and INR 8/km, respectively, making daily taxi rides more economical than owning a car through a loan. This evolving consumer preference is anticipated to drive increased demand for taxi services in the future.

The growing demand for transportation services is poised to contribute to the expansion of the taxi and limousine service market. Transportation services encompass various means of moving from one location to another, encompassing both public and private transportation options. Taxi and limousine services, known for their convenience and luxury, play a crucial role in the overall transportation service market. For example, in 2021, the U.S. Department of Transportation reported a 9.2% increase in transportation demand, reaching $1.9 trillion, constituting 8.4% of the GDP in 2021. This surge in demand for transportation services underscores the growth potential of the taxi and limousine service market.


Taxi and limousine service providers are meeting the growing customer demand by offering shared transportation services. Shared transportation systems represent an innovative strategy that provides users with short-term access to various transportation modes, including car-sharing, bike-sharing, carpooling, and platform-based ride services. The transit and ground passenger transportation industries are witnessing an increase in shared transportation systems due to the cost benefits they offer. For instance, Uber, a global on-demand cab transportation service provider, has introduced a shared ride service called UberPOOL. Other ride-sharing companies such as BlaBlaCar and Drivezy also enable users to book seats in vehicles of their choice by paying a membership fee or fare.

Innovation in products is a prominent trend gaining traction in the taxi and limousine services market. Leading companies in the industry are actively engaged in developing innovative products to enhance their market position. For example, in September 2021, Renault Group, a French automobile manufacturer, launched Limo, an electric sedan specifically designed for taxi and ride-hailing services. The vehicle boasts a range of 450 km on a full charge, and its 60 kW battery can provide a range of 250 km with a 40-minute charge. Featuring a 150-horsepower electric motor, the Limo can accelerate from 0 to 100 kilometers per hour in 9.6 seconds and achieve a top speed of 140 kilometers per hour. The design of the Limo, with small overhangs and a long 2570mm wheelbase, maximizes internal space, making it a vehicle tailored for passenger service.

Major companies operating in the taxi and limousine services market report are Uber Technologies, Inc., Didi Chuxing Technology Co., Lyft, Inc., Grab Holdings Inc., Gett, Inc., Addison Lee Limited, Daiichi Koutsu Sangyo Co., Ltd., ANI Technologies Pvt. Ltd., Yandex N.V., Daiwa Motor Transportation Co., Ltd., Ola Cabs, Nihon Kotsu, Didi Dache, Hailo, Stefano’s RomeCabs, Rome Chauffeur, Domenico’s Airport Transfers, Chauffeur Privé, LeCab, MyTaxi, Bolt, Prague Taxis, Taxify, Lyft Yellow Cab, Limo City, Cabify, BA Taxi, Careem, Dubai Taxi Corporation, Africa Ride, Oga Taxi, Little Cabs, Yookoo Rider.

Asia-Pacific was the largest region in the taxi and limousine services market in 2023. Western Europe was the second largest region in the taxi and limousine services market. The regions covered in the taxi and limousine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the taxi and limousine services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The taxi and limousine services market includes revenues earned by entities by providing taxis and passenger cars on rent that offer pickup and drop-off services at the door to save passengers' time. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary categories within the taxi and limousine services market include online taxi services, telecab and offline taxi services, and limousine services. Limousine services, in particular, cater to passenger transportation needs on a demand basis. The market is further categorized based on distance, distinguishing between long-distance and short-distance services. Additionally, the segmentation based on application considers the specific transportation needs of both adults and children.

The taxi and limousine services market research report is one of a series of new reports that provides taxi and limousine services market statistics, including taxi and limousine services industry global market size, regional shares, competitors with a taxi and limousine services market share, detailed taxi and limousine services market segments, market trends and opportunities, and any further data you may need to thrive in the taxi and limousine services industry. This taxi and limousine services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.