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2024 U.S. Industry Statistics & Market Forecast - Taxi and Limousine Service
Market Size & Industry Statistics
The total U.S. industry market size for Taxi and Limousine Service:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Taxi and Limousine Service industry include:- Increased competition from ride-sharing platforms like Uber and Lyft
- Shift towards electric and hybrid vehicles
- Implementation of safety and health standards due to COVID-19
- Growing importance of mobile app-based booking systems
- Regulatory pressures and changes in licensing requirements
- Expansion into package and food delivery services
- Adoption of GPS and real-time tracking technology
- Increased demand for luxury and specialized services
- Environmental regulations driving fleet upgrades
- Consumer demand for cashless payment options
- Influence of consumer reviews and online reputation management
- Strategic partnerships and collaborations with other service industries
- Challenges in managing driver benefits and status as contractors vs employees
- Rising fuel costs impacting operational expenses
- Growing interest in self-driving vehicles technology for future integration
Product & Services Breakdown
Research products and services in the Taxi and Limousine Service industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Local Passenger Transportation By Road, Except Fixed-Route |
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Local Taxi Service |
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Local Passenger Transportation By Limousines And Similar Luxury Vehicles |
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Taxicab Support Services |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
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|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Taxi and Limousine Service company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Taxi and Limousine Service industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Taxi and Limousine Service measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 5% | Order at top of page |
||
| General and Operations Managers | 4% | |||
| Office and Administrative Support Occupations | 18% | |||
| Material Recording, Scheduling, Dispatching, and Distributing Workers | 8% | |||
| Dispatchers | 8% | |||
| Dispatchers, Except Police, Fire, and Ambulance | 8% | |||
| Transportation and Material Moving Occupations | 69% | |||
| Motor Vehicle Operators | 66% | |||
| Passenger Vehicle Drivers | 66% | |||
| Shuttle Drivers and Chauffeurs | 43% | |||
| Taxi Drivers | 21% | |||
Taxi and Limousine Service Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Taxi and Limousine Service industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Taxi and Limousine Service industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Taxi and Limousine Service industry. |
Source:
Innovation News
- Jan 26, 2024: Freedom Services trademarks "FREEDOMCAR" - Online transportation reservation services; Transport of passengers; Transportation of passengers and/or goods by car, SUV, van, minivan, and bus
- Jan 15, 2024: Mile High Casino Services trademarks "MILE HIGH CASINO SERVICES" - Gaming services in the nature of providing currency counting services for slot machines located in casinos, counting currency for kiosk machines located in casinos, providing slot machines to use in casino facilities
- Nov 13, 2023: Peak Limousine trademarks "DRIVEN TO DRIVE YOU" - Transport of passengers; Transport of patients; Transport of persons; Transport reservation; Transportation consulting; Transportation consulting services; Transportation information; Transportation of goods; Transportation reservation services; Transportation services
- May 04, 2023: Via Transportation patents Systems And Methods For Improving Ridesharing
- May 04, 2023: Via Transportation patents Systems And Methods For Improving Ridesharing
- Feb 23, 2023: Via Transportation patents Systems And Methods For Reachability Of Different Destinations
- Jun 11, 2019: Simpsx Technologies raises $5 million in funding.
- Oct 09, 2018: Alto Experience raises $8 million in funding.
- Oct 09, 2018: Alto Experience raises $8 million in funding.
Recent Federal Contracts for Taxi and Limousine Service
- Apr 01, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $28,277
- Mar 29, 2024: G7 (Clichy, ) awarded $118,771
- Mar 28, 2024: DD ENTERPRISES, INC. (Forestville, MD) awarded $2,293,749
- Mar 25, 2024: A PLATINUM PLUS LIMOUSINE (Elkridge, MD) awarded $114,478
- Mar 22, 2024: INSI CLOUD INC (Plainsboro, NJ) awarded $617,273
- Mar 21, 2024: LIMO GROUP - VIBORG LIMOUSINE SERVICE (Viborg, ) awarded $14,923
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