Taxi & Limousine Services in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
NAICS 48533Revenue
$42.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
1m
Businesses
1m
Wages
$XX.Xbn
Taxi & Limousine Services in the US industry analysis
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. Travel, typically to and from airports, is a crucial downstream market for both offerings. All avenues of downstream demand were crushed during COVID-19 as the country was shut down to slow the spread. Revenue fell at a CAGR of 7.8% to $42.8 billion, with a 2.7% increase in 2024 alone.
Trends and Insights
- Rising oil prices have caused a major depression in profit levels. While prices are anticipated to drop in 2023, there is still a lot of uncertainty surrounding this.
- Ride-hailing services have taken over the industry, since they offer decent price competition as well as the luxury of ordering a ride from an app on a smartphone. As more customers continue to adopt smartphones, accessibility to ride-hailing services will heighten.
- Atlanta's Hartsfield-Jackson Airport is the single busiest airport in the US, creating a massive downstream market for taxi services. Regions that house active transportation hubs are popular among new establishments.
- Almost all of the industry is nonemploying, making up over 99.0% of all establishments.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 7.8 % over the past five years, to reach an estimated $42.8bn in 2024.
Trends and Insights
Growth in corporate profit and business activity supported performance throughout the period
- Business activity and corporate profit are crucial indicators for the taxi and limousine services industry, as many corporate clients and businesses procure taxi and limousine services for meetings and transport to and from flights.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Falling crude oil prices will support revenue and profit
- The price of oil is a crucial aspect of this industry, as it is the primary input and cost for most taxi and limousine drivers.
Biggest companies in the Taxi & Limousine Services in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Uber Technologies, Inc. | 6,953.0 | -1,527.2 | -22.0 |
To view the market share and analysis for all 1 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Taxi and taxi leasing services, Stretch limousine services and Luxury and corporate sedan services. Taxi and taxi leasing services is the largest segment of the Taxi & Limousine Services in the US.
Trends and Insights
Despite disruptions during the period, taxi and taxi leasing services still represent the largest segment
- Major services provided in this segment are simply taxi transportation and taxi leasing services.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Public Transportation in the US
- Scheduled and Charter Bus Services in the US
Complementors
- Charter Flights in the US
- Moving Services in the US
International industries
- Taxi & Limousine Services in Canada
- Taxi and Limousine Transport in Australia
- Taxi and Limousine Transport in New Zealand
- Taxi Operation in the UK
- Taxi Operation in Ireland
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Providing limousine servicesProviding luxury sedan servicesProviding chauffer and personal driver servicesProviding corporate sedan servicesCompanies
Uber Technologies, Inc.Purchase this report to view all 1 major companies in this industry.
Related Terms
TOWN CARSTRETCH LIMOUSINEMEDALLIONLIMO BUSIndustry Code
NAICS 485310 - Taxi & Limousine Services in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Rising oil prices have caused a major depression in profit levels. While prices are anticipated to drop in 2023, there is still a lot of uncertainty surrounding this.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Ride-hailing services have taken over the industry, since they offer decent price competition as well as the luxury of ordering a ride from an app on a smartphone. As more cu...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Atlanta's Hartsfield-Jackson Airport is the single busiest airport in the US, creating a massive downstream market for taxi services. Regions that house active transportation...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Almost all of the industry is nonemploying, making up over 99.0% of all establishments.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Ride-hailing services like Uber have taken the industry by storm, allowing for non-taxi drivers to participate in an otherwise difficult-to-operate industry.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Uber Technologies, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Uber Technologies, Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
New York City is the largest market for taxi and limousine services; during the period, the city released COVID-19-related aid, which acted as a semi-buyout program for taxi d...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The industry is employee-centric, making wages the highest cost for operators. Most wages are paid out to nonemploying workers.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Taxi & Limousine Services in the US industry in United States in 2024?
The market size of the Taxi & Limousine Services in the US industry in United States is $42.8bn in 2024.
How many businesses are there in the Taxi & Limousine Services in the US industry in 2024?
There are 1m businesses in the Taxi & Limousine Services in the US industry in United States, which has grown at a CAGR of 2.2 % between 2019 and 2024.
Has the Taxi & Limousine Services in the US industry in United States grown or declined over the past 5 years?
The market size of the Taxi & Limousine Services in the US industry in United States has been declining at a CAGR of 7.8 % between 2019 and 2024.
What is the forecast growth of the Taxi & Limousine Services in the US industry in United States over the next 5 years?
Over the next five years, the Taxi & Limousine Services in the US industry in United States is expected to grow.
What are the biggest companies in the Taxi & Limousine Services in the US market in United States?
The biggest company operating in the Taxi & Limousine Services market in United States is Uber Technologies, Inc.
What does the Taxi & Limousine Services in the US in United States include?
Providing limousine services and Providing luxury sedan services are part of the Taxi & Limousine Services in the US industry.
Which companies have the highest market share in the Taxi & Limousine Services in the US in United States?
The company holding the most market share in United States is Uber Technologies, Inc..
How competitive is the Taxi & Limousine Services in the US industry in United States?
The level of competition is high and increasing in the Taxi & Limousine Services in the US industry in United States.
