Taxi & Limousine Services in the US - Industry Market Research Report

Hitch a ride: sustained consumer spending will boost industry revenue growth

Taxi and Limousine services offer nonregular transportation through taxicabs, limousines and luxury sedans. Taxicabs and limousines are supported by per capita disposable income and consumer spending, while luxury sedans are supported by rising corporate profit and business activity. An important downstream market for both offerings is travel, typically to and from airports. All avenues of downstream demand were crushed during COVID-19 as the country was shutdown to attempt to slow the spread. Revenue fell at a CAGR of 1.5% to $49.5 billion, with a 2.8% increase in 2023 alone. 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.