DUBLIN, November 2, 2017 /PRNewswire/ --
The "Global Cab Services Market 2017-2021" report has been added to Research and Markets' offering.
The global cab services market to grow at a CAGR of 8.46% during the period 2017-2021 .
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 report also includes a discussion of the key vendors operating in this market.
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 The cash-based payment system for cab riders has been replaced by in-app payment system, which uses digital wallets.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.
Key Market Trends
- Technological developments in taxi market
- Use of social media and analytics
- Expansion of service portfolio and single interface for cab service providers
- BMW Group
- Didi Chuxing
Other prominent vendors
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market Landscape
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation By Type Of Cab Service
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers And Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/w2xwz9/global_cab
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