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The Forecast of On-Demand Taxi Market Growth and Trends in India 2021 -2025
everyone knew the bitter truth, the country known for the lowest car ownership
among all other emerging countries is India. In the same way, it gives the
jaw-dropping answer for the mobility needs in 2013, when the Uber had entered
its footprints in India and launched its services in Bangalore.
though, the footprints of uber not made a wide change until the roll of OLA
takes place. Later, 20% of bookings were made by the accurate app with broader
coverage through desktops and laptops. To point out, India’s weak internet
infrastructure and limited penetration of smartphones were the chief reason
India 2013, the smartphone penetration was 6%, later it touched 28% by 2014. On
the other hand, the fabulous metro cities have reached 60%-65% in the first
quarter of 2015. And the smartphone penetration revolutionized, the revolution
of the on-demand taxi market in India began.
data costs declination in India aided many low income & mid-income users to
come and stay online for an extended duration which truly helped for the growth
of the on-demand taxi market in India.
rise of fuel prices had delivered a huge burden on the profitability of all
commercial fleet operators in India. To mention, the incentive spending of Uber
and Ola has gone down in parallel with the go up of commission rates. As the
explosive growth of this market has cooled down now, both Ola and Uber stepped
into food delivery services to generate new streams of revenue and further
embellish their reach.
Ola and Uber have overcharge during peak hours by surge pricing which drew a
huge criticism and attention among the authorities of the transport regulatory
from 2015 to 2016 where a ride costs 3/4 X of the regular prices. However, in
2019, it was smoothed out and till typically ranges between 50%-60%.
Size & Forecast
Indian taxi market size was estimated at 1.9 million taxis which generated
massive revenue in 2019. The arrival of on-demand taxi players has aid to
organize this market to a great extent which is constant till.
let me describe you the forecast of the on-demand taxi booking market in India
2021 – 2025
forecasting is derived from the key trends and features of the on-demand taxi
Enhanced demand from online channel
Simple booking through mobile apps and an online channel has attracted the
customers significantly which makes them prefer online booking over offline
Besides, the app with stuffed features like drivers’ location tracking, driver
contact, pre-estimated ride fare, and vehicle details have available within the
app has increased the customers’ preference towards the online taxi booking
sustain in the growing trend of ridesharing service, local taxi operators have
initiated to adopt the same strategies as well as trying to integrate the
ride-sharing option in their respective taxi app development.
Forecast of On-Demand Taxi Market Growth in India 2021 -2025
In India, the taxi market stood at around $ 6.4 billion in 2016, and it is
predicted to grow at 13.7% during 2017 – 2022, to reach $ 14.3 billion.
Revenue in the ride-hailing and taxi segment is predicted to reach more than
12% of the current in 2022 and 2023
Revenue is expected to reach an annual growth rate (CAGR 2020-2024) 0f 19.1%,
results in the market volume of more than 30% from the present by 2024. (Source: Statista )
The user penetration is 21.4% in 2020 and is expected to hit 22.5% by 2024.
Uber VS Ola is the right way to define the competitive landscape of the
on-demand taxi market in India. Uber on the other hand has sold its
Chinese and southeast Asian business to Didi and Grab respectively but is fully
committed to the Indian market.
well, the on-demand taxi booking in the future will lead to the following.
The growth of ride-sharing& ride-hailing in India in terms of volume and
value will enhance.
Share of cash and payment in the digital wallet.
Heals the major pain points of driver-partners
Competitive landscape and new operators’ opportunities
Wide usage of taxis with sophisticated mobile applications.
you have grabbed the forecasting statistics of the on-demand taxi market 2021 –
2025. It is evident that starting a taxi booking business will reach better
with high revenue. On the other hand, this is the reason behind many budding
entrepreneurs to launch a taxi booking business. For those entrepreneurs,
startupmart offers the best Uber
Clone Script which is 100% customizable and stuffed with astounding features
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