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Industry revenue of »taxi operation« in Finland 2011-2023

Finland’s taxi market recently underwent one of its biggest changes ever in terms of deregulation and the launch of a competitive market. As a result, one of the sectors expected to get a boost is ride-hailing, with Statista pegging the market at 559 million U.S. dollars in 2023, up from just 245 in 2017. What’s particularly works in its favor is that the market is still very much in its nascent stage with only a small percentage of people currently using these services.

However, a recent survey conducted by the Finnish Transport and Communications Agency (Traficom) found that these reforms are not expected to have much of a positive impact on both consumers and the legacy taxi companies. The overall revenues for Finland’s taxi industry are expected to increase only marginally from 1.3 billion U.S. dollars in 2018 to just 1.4 billion in 2023.

Card and Cash preferred methods of payment

Finnish people prefer to use cards and cash while paying for their taxi trips with mobile payments having a share of just 3%. One of the reasons this is so is that Nordic banks are more reluctant to join providers like Apple Pay, Samsung Pay, and Google Pay, as compared to their European counterparts. The situation, however, is changing gradually with Finnish Aktia Bank and Danske Bank having recently integrated Apple Pay in their systems.

Industry revenue of »taxi operation« in Finland from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Finland. The industry “taxi operation“ has the code “H4932“.

Details on the methodology can be found here.

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Statistics on "Economic Outlook Finland"

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