Cab service is a type of vehicle leasing service, which includes hiring the service of a driver along with the vehicle. Cab services can be availed by a single or multiple passengers on basis of sharing and non-sharing. A passenger can book or hire a cab via a call or message with the help of a mobile app, which is also known as e-hailing. Passengers can book or hire a cab for a decided route, which would be pre-defined by the passenger. Cab services can vary according to passenger, distance, pick-up and drop-off on the basis of availability of vehicle, location, etc.
The global cab services market has registered significant expansion in the last few years due to mobilization, technological advancements, increase in disposable income, rise in population and changing preferences in travelling. Major factors driving the global cab services market are the increase in demand of vehicles and ease of transportation, as the market has witnessed significant rise in demand for vehicles in the last few years. Hiring a taxi cab has presently became much easier, as compared to earlier times.
Currently, a passenger can book cab for a desired destination along with the information of the driver, live tracking, cashless travel, and SOS features, at the touch of a button. Advancements in technology have fueled the cab services market, as passengers can access various cab facility providers and book a cab for a safe, secure, and comfortable journey. Major factors restraining the global cab services market are increase in congestion on roads and changing government rules and regulations regarding road and driver safety.
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The global cab services market can be segmented based on vehicle type, booking, distance, number of passengers, and region. Based on vehicle type, the cab services market can be bifurcated into passenger vehicle, buses & coaches and shuttles. Number of passenger vehicles have increased significantly in the last few years, which is a major factor that is driving the demand for cab services. In terms of booking, the global cab services market can be segregated into e-hailing, car rental, and radio cabs. Hiring a cab through the smartphone with help of mobile apps and paying through e-wallets (cashless transaction) is known as e-hailing.
The e-hailing has expanded at a considerable pace due to the increase in integration of mobile devices with vehicles and services as presently, a passenger can book a cab at any time and at any place. On the basis of distance the cab services market can be segmented as, the cab service can be hired, for long distance journey passenger can hire big and comfortable vehicles. Based on the number of passenger, the customer can book a cab based upon the number of passengers for single or couple of passenger a customer can book 2-seater, 3-searter, and 5-seater vehicles but if the number of passengers is big then they can hire buses & coaches, shuttles etc.
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In terms of region, the global cab services market can be segmented into Europe, Middle East & Africa, North America, South America, and Asia Pacific. Demand for cab services in anticipated to increase in Asia Pacific due to increase in population, per capita income, and number of vehicles in countries such as India and China. These countries are home to a major portion of the population and vehicles; hence, these countries offer significant market opportunities for cab services providers
Key players operating in the cab services market include Uber, Cabify Ola, BMW, Diamler, Gett, ZoomCar, Grab, Drivezy, BiTaksi, GoCatch, and Ingogo.