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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.
The analysts forecast the global cab services market to grow at a CAGR of 8.46% during the period 2017-2022.
This industry research report identifies BMW Group, Didi Chuxing, Daimler, Lyft, and Uber as the key vendors in the global cab services market.
Ease of operations and additional relevant features related to destinations and routes are increasingly influencing the expanding customer base. In addition to the wide customer base in developed countries, the customer base in developing countries is steadily expanding. Our market analysts estimate that the market will grow steadily at a CAGR of more than 8% by 2021.
Social media platforms such as Twitter, Facebook, and Google + provides customer behavior data to the cab service companies. Uber and Ola use analytics that efficiently measures the supply and demand of their taxi operations, and understand the pattern of demand during peak hours. Analytical technology also aids in the implementation of dynamic pricing model that calculates the pricing during peak hours. The increasing use of social media and analytics is identified to be one of the key trends contributing towards the growth of the cab services market.
E-hailing service providers enable their customers to book the cab service online to improve vehicle utilization. Customers can customize and select their ride and route as per their requirement. This platform enables the rider to track the cab service, in addition to, providing rating as per service received. Uber and Ola are the major e-hailing apps in India.
Geographical segmentation and analysis of the cab services market
Americas
APAC
EMEA
In Americas, US is the major revenue contributor to the market influenced by factors such as business, tourism, and leisure travel. Uber accounts for major market share of the US that provides on-demand for-hire car services through a smartphone app. additionally, the growing adoption of online cab service companies further supports the growth of the cab booking service market in the region.
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