Market Potential for Cab hailing industry

There is a huge market potential. The worldwide cab/taxi market has been growing exponentially and Canada is not an exception

• The analysts use the taxi industry as a base model. They estimated the base case for the market by focusing on San Francisco (hometown of Uber and Lyft), where they say ride-hailing is more than four times the size of the taxi market. As ride-hailing companies like Uber and Lyft continue to grow, they expect other top tier cities, including New York, London and Tokyo, to reach San Francisco’s level of ride-hailing usage by 2030
• Right now, they estimate the global taxi market is worth $108 billion, which is triple the size of the $36-billion ride-hailing market. At the same time, they calculate an average of 15 million ride-hailing trips a day globally, which they expect to increase to 97 million by 2030
• That would translate to $65 billion in revenue for the ride-hailing companies by 2030, based on the assumption that the companies would take a 23% commission from gross market sales
• As ride-hailing companies turn to autonomous fleets, the analysts see the need for drivers disappearing, but not necessarily lowering costs for consumers