Market scenarios and taxi trends for 2020 and beyond

Taxi industry has come a long way in the past 10 years. The technological innovations that took place over these years have totally changed the face of taxi industry.
The advent of Uber was an event that triggered the transformation. Uber served as a case study for all the riders, drivers, and taxi company owners that a taxi business could also be run in this way. The concept of app-based taxi aggregator business was novel for all of us.

Once the idea was out in the market, entrepreneurs from all the corners of world jumped to take the first mover advantage. Lyft emerged as the first chief rival of Uber. Slowly other big players like Grab, Yandex, Didi Chuxing, Ola, and many others emerged and started ruling in their respective regions.
Since then taxi industry has seen rapid growth over the years. And the trend seems to continue in future also.

Market overview

The forecast for the years 2019-2024 says that the taxi market is expected to register a CAGR of 9.22%.
The online booking segment has captured a mammoth share of 40% of the taxi market in the year 2017. There are many reasons which has driven online booking segment towards this. Some of these reasons are ease of booking, reduced taxi fare, and many more.
With the increase in smartphone penetration in the countries like Vietnam, China, India, etc, the people have begun preferring ride-sharing services over the traditional taxi services. This trend has encouraged many companies to expand their business on the mobile application platforms. Not only that, it has also helped them to retain their respective market share.

Original Source : Market scenarios and taxi trends for 2020 and beyond


Location: United States

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