Taximeters Market Size, Share, Growth, and Industry Growth by Type (LED Display and LCD Display) By Application (Taxi and Auto Rickshaws), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Taximeters Market REPORT OVERVIEW

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The global taximeters market size is expected to grow from USD 92 million in 2022 and market is projected to touch USD 103.79 million by 2031, at a compound annual growth rate (CAGR) of 4.1% during the forecast period.

The term "taximeter" refers to a device fitted in some types of vehicles (such as taxis, auto-rickshaws, and limos) that is used to determine the fare by measuring the distance or amount of time spent traveling. Alternatively, wires connecting to an internal combustion engine or, in the case of hybrid vehicles, a battery pack will provide power to the equipment. The equipment may be permanently fixed on the dashboard of the vehicle. When the meter is not running at full capacity, the "calculator" button will normally display this information.

COVID-19 Impact: Supply Chain Disruptions to Hamper the Market

The COVID-19 pandemic badly affected the taximeters market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, disruptions in end-use sectors of the product led to lower demand. Lower traveling by consumers in light of lockdowns led to lower demand for taxi services. These factors affected the market growth during the pandemic.

LATEST TRENDS

"Growing Urbanization to Boom the Market Demand"

Growing urbanization and a rising demand for taxi services are the two main reasons behind the growth of the worldwide market for taximeters. The expanding population in emerging nations, notably China, is another element fueling this industry's rise. Taxis have evolved into a necessary form of transportation for individuals, allowing them to avoid wasting time on travel and instead help them save it. The usage of taxis is common in urban areas with ineffective public transportation systems. The market has expanded tremendously because to this.

Taximeters Market Segmentation

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• By Type Analysis

By type, market is segmented into LED display and LCD display. The LED display segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into taxi and auto rickshaws. The taxi segment will lead the global share through 2031.

DRIVING FACTORS

"Environment-friendly Characteristic of LED Display to Accelerate the Market"

The fare amount and distance traveled are shown as numbers on an electronic screen in a taximeter with an LED display. Superior visibility, improved client happiness, and increased durability and resistance are some of its characteristics. They are much preferred over other types of displays for taxis or auto rickshaws since they may be linked directly with the car batteries and don't need any outside power source. LED displays have many uses, but because they don't require an extra component (an alternator) and are also environmentally benign, they are more popular in vehicles that run on batteries, such as electric automobiles and hybrids.

"Economical Attribute of LCD Display to Propel the Demand."

It is economical and environmentally friendly to use a taximeter with an LCD display. Electronic software that is embedded into it automatically determines the fare to be paid and the distance traveled. Drivers benefit from this function since it eliminates the need for them to manually compute fares. This decreases their reliance on cash or credit card payment methods, which improves safety during the night when light levels are low in taxi taxis.

RESTRAINING FACTORS

"Travel Restrictions and Uncertainty Around COVID-19 Could Hamper Market Trends"

The expansion of public transportation services and people's preference for staying home or driving their own automobiles to prevent the spread of the Covid-19 virus are two of the main factors limiting the market's expansion. These factors and trends could limit the market potential to some extent in the forthcoming years. However, demand for cost-effective taxi services will work in favor of market growth in the future.

Taximeters Market REGIONAL INSIGHTS

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"North America Expected to Hold Large Share in the Global Taximeters Market"

The worldwide taximeters market is divided by region into Latin America, the Middle East, and Africa, as well as North America (United States), Europe (Germany, France, and UK), Asia Pacific (China, Japan, India, Australia, and South East Asia), and North America (United States). Since it accounts for a sizeable portion of total global revenue and has experienced an impressive growth rate over the years due to rising auto production in nations like Mexico, Canada, and the USA, the North American taximeters market would continue to dominate in terms of revenue contribution throughout the forecast period. In Europe, the market for taximeters has been expanding rapidly. Taximeter sales are increasing significantly in the Asia Pacific region. Due to the growing use of taxis in several nations, including Argentina, Brazil, and Venezuela.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Pulsar (U.S.)
• Centrodyne (U.S.)
• Record Taximeter (Canada)
• ATA Electronics (France)
• HALE Electronic (Austria)
• Flexitron (Spain)
• Cygnus (U.S.)
• Digitax (India)
• Joong Ang San Jun (South Korea)
• Yazaki (Japan)
• Standard Meter Mfg. Co. (India)
• National Meter Mfg. Co. (India)
• Smart Technology System (Canada)
• Sansui (Japan)
• Schmidt (India)
• Beijing Juli (China)
• Nanjing Toyo (China)
• Shanghai Dazhong (China)
• Qingdao Hengxing (China)
• Shanghai Liangbiao (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.