All hail: The proliferation of ride-share services is helping drive rapid industry growth
Taxi & Limousine Services in the US
The Taxi and Limousine Services industry, which provides a range of nonregular transportation services through vehicles such as taxicabs, limousines and luxury sedans, has experienced healthy growth over the five years to 2019. Rising consumer spending and corporate profit levels have promoted demand for taxis and limousines. Moreover, the proliferation of ride-sharing applications, such as Uber Technologies Inc. and Lyft Inc., has enabled a wave of nonemploying operators to enter the market, bolstering industry growth significantly. As a result, industry revenue is estimated to increase. Over the five years to 2024, consumer spending and travel activity will likely continue to rise, generating steady demand for industry services.
Companies in this industry provide passenger transportation via taxis, sedans, limousines and other automobiles. Taxi services are not operated on regular schedules or routes, and limousine services are rented or hired with a driver. This industry also includes limousine and hearse rentals for funeral services. However, specialized shuttle services that transport passengers to or from hotels and airports are not included in this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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