(MENAFN- PR Newswire) GURUGRAM, India, Feb. 12, 2024 /PRNewswire/ -- Buckle up, Fujairah. Get ready for a thrilling ride in the taxi service market , projected to zoom from AED 33.3 million in 2022 to a whopping AED 53.3 million by 2028, according to a comprehensive report by Ken Research. Brace yourself for a stat-packed journey exploring the key drivers propelling this dynamic market:
Tourism Boom Takes Off:
80% increase in tourist arrivals expected by 2028, fueled by Fujairah's stunning beaches, historical sites, and strategic location.
54% hotel occupancy rate in Fujairah in 2022 indicates strong demand for accommodation, translating to more taxi rides for exploring the emirate.
AED 18 billion invested in tourism projects by 2026, creating a lucrative opportunity for taxi services.
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Business on the Move, Taxis Lead the Way:
4.6% CAGR projected for Fujairah's GDP, driven by shipping and cargo activities, leading to more business travel and taxi demand.
66% of Fujairah's population are non-Emirati residents, many relying on taxis for convenient transportation.
30-50 age group, the main demographic for taxi services, comprises 54% of the working population in Fujairah.
Tech Revolutionizes the Ride:
22% of taxi booking expected to be through mobile apps by 2028, offering seamless user experience.
15% of the taxi fleet expected to be electric vehicles by 2028, promoting sustainability and attracting eco-conscious customers.
AI-powered dispatch systems to optimize fleet management and reduce waiting times by 20%.
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Understanding the Key Consumers:
Men account for 65% of taxi users, driven by busy work schedules and preference for convenient transportation.
Travelers aged 20-30, with limited car ownership, rely on taxis for exploring the city and attending events.
Demand from retirees (50+) expected to rise due to potential health considerations and preference for hassle-free travel.
Competitive Landscape Heats Up:
Car Taxi, Platinum Taxi, and Reyama Taxi dominate the market, each with unique strengths and strategies.
New entrants expected, attracted by the market's growth potential, potentially disrupting the landscape.
Strategic partnerships and technology adoption crucial for players to stay competitive.
A Future Full of Potential:
Market to grow at a CAGR of 7.3% during 2023-2028, fueled by e-commerce boom and increased online shopping.
58% surge in online purchases expected by 2028, creating a significant demand for last-mile deliveries and taxi services.
Government initiatives promoting tourism and sustainability to further boost market growth.
Unlocking the Potential:
Ken Research's in-depth report provides valuable insights for investors, taxi service providers, and stakeholders alike. It offers a comprehensive analysis of the market, including:
Detailed market size and segmentation: Gain a clear understanding of the market's current structure and its potential growth in various segments.
In-depth competitor profiles and strategies: Stay ahead of the curve by analyzing the strengths, weaknesses, and future plans of key players.
Future growth projections and key trends: Make informed decisions by understanding the market's projected growth trajectory and emerging trends.
Insights into government regulations and their impact: Navigate the regulatory landscape with ease and adapt your strategies accordingly.
Don't miss out on this exciting opportunity! Contact Ken Research today for a free sample of the report and unlock the immense potential of the Al Fujairah taxi service market.
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Al Fujairah Taxi Services Market Segmentation
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Al Fujairah Taxi Service Market
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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
SOURCE Ken Research
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