Europe Taxi Market is projected to be worth USD 157.47 billion by 2033 and is anticipated to surge at a CAGR of 8.34%.
A taxi, commonly referred to as a cab or a taxi cab, is a chauffeur-driven rental car that is typically used for either a shared or private travel by a single person or a small group of people. A taxicab carries people to and from locations of their choosing. When using public transportation, passengers are not allowed to select the pick-up and drop-off locations. This is not the situation when using a cab. It is appropriate for travelers with limited time. Most people favor taxis because of their convenience. A client can phone or send a message to reserve a cab. Additionally, travelers can make online reservations using a variety of smartphone applications.
Europe Taxi Market Driving Factors and Challenges
Drivers: The European taxi market is growing due to the high-quality services that taxis provide. Taxis enable people to fully participate in social life by offering top-notch services to everyone, especially those with disabilities and in busy regions. Over a million taxis are in great demand throughout the European Union's member states. Forty percent of households in Europe lack a private car, while fifty percent of elderly people either don't own a car or are unable to drive. These populations heavily rely on cabs when they don't have access to public transportation. Taxi services are used three times as often by physically disabled individuals as by the general public.
Challenges: There are multiple challenges facing the European cab industry. Regulatory obstacles are frequent, and because countries and cities have different licensing requirements and rules, this causes complication for both traditional taxi services and ridesharing platforms. Safety laws are still a cause of concern, especially in light of ridesharing's growth and the conversations it has raised around driver screening and vehicle inspection protocols.
Impact of COVID-19 on Europe Taxi Market
The COVID-19 pandemic has created previously unheard-of challenges and annoyances for the European taxi sector. Lockdowns, travel restrictions, and social distancing measures implemented across the continent caused people to stay indoors and severely reduce travel. The demand for taxi services decreased as a result. As a result, the revenue of taxi companies dropped dramatically, and many of them struggled to stay in business while their customers decreased.
Europe Taxi Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Addison Lee, BerlKönig, Bolt, FreeNow, Gett, Helbiz, Hopp, iTaxi, London Lady Chauffeurs, MiniTaxi, Ola, Taxi Polska, Uber, YandexTaxi, and others.
Europe Taxi Market Segmentation:
By Booking Type: Based on the Booking Type, Europe Taxi Market is segmented as; Online Booking, Offline Booking.
By Service Type: Based on the Service Type, Europe Taxi Market is segmented as; Ride-hailing, Ride-sharing.
By Vehicle Type: Based on the Vehicle Type, Europe Taxi Market is segmented as; Motorcycle, Cars, Others
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.