Ride-Hailing is by far the fastest-growing of all segments of the online mobility services market. There is a wave of new companies entering the world market, which makes competition more intense. Companies offering public transport services are shifting from traditional taxi services to services that can be booked through an app, for example, taxi booking carpooling, making the process more transparent to customers than ever before. Car manufacturers’ massive investments in passenger transport services further stimulate segment growth.
The transformation of the taxi industry over the past decade has been remarkable. Technological progress has played an essential role in shaping the taxi ecosystem, and we are now living in an era when a customer can use a taxi booking app for their next trip in seconds. The global taxi market continues to grow, in the United States and the United Kingdom owing to adoption of ride hailing ventures. On the other side, one of the emerging markets in the UAE has has turned out to be a center point for taxi companies around the world due to its reputation as a center of economic growth.
According to these considerations, specific global trends further confirm a taxi company’s commercial potential. Do you want to know what these trends are and how they will take the taxi industry scenario to the next level of growth in the years to come? So keep reading and stay tuned.
Let’s look at some of the forecasts and trends for the taxi industry.
Taxi booking app and its impact on global mobility market
According to 2019 trade reports, the taxi market in the United States, the United Kingdom, and the United Arab Emirates is estimated to grow by 25% in the coming years. The US market is expected to generate $ 2.81 billion in revenue in 2020, while the United Kingdom will further increase with $ 2.94 billion.
As of this date, at least 15 million trips are made around the globe. According to analysts at Goldman Sachs, that number is expected to increase dramatically, with daily trips to 97 million in 2030.
Many business analysts continue to ensure that the free ride market goes up, thanks to Uber Technologies Inc. and Lyft Inc. and Hailo that are raising millions of dollars in investments from VC.
Taxi booking app driving global ride hailing market
Penetration of on-demand cab booking application is set to have a significant impact on the ride hailing segment in mobility market. Let’s go through some drivers that are encouraging the growth
Futuristic mobility solutions
The future will introduce sustainable and innovative transport. From electric cars to hybrid vehicles to driverless cars, the way people move from place to place will change in the coming years. This change will also have a significant role in the driving the global on-taxi booking industry.
Many countries in the world welcome this green wave of electric and hybrid cars in their taxi companies. The Dubai Transport and Road Transport Authority (RTA) have already deployed 50 Tesla electric vehicles for the limousine fleet, while the UAE is anticipated to introduce 1,582 hybrid cars by 2018.
With technological innovation underway and the increase in the number of market participants, the market share generated by taxi booking app will increase in the coming years. In addition, better bandwidth and an increasing number of smartphones are expected to increase demand from a customer/passenger perspective. Together, they point out that the right time to enter the world of taxi app business is now.
Technological integration in the operational infrastructure will play a crucial role in the success of the sector. Therefore, it is logical to emphasize the technological frontier from the way of developing ideas and strategies. To do this, you must choose the reliable and in-depth experienced taxi booking app Development Company.
The solution offers many advantages, such as a friendly interface for the sender, the passenger, and the driver. It also provides a profound personalization potential to display your brand image. This well-equipped solution facilitates the simplification of your fleet’s activities and increases the opportunities for generating business for your company.
Statistics to consider before taxi booking app development
So, what could be the estimated growth prospects in the global shared mobility market in the coming years? Will we continue to see the growth of cab booking companies and what factors play a role?
According to Statista,
- The ARPU (average revenue per user) currently sums to $189.93.
- User penetration is expected to reach 20.0% by 2023, which for 2020 is 15.4%.
- Ride hailing segment in share mobility market values $216,810 million in 2020.
- The CAGR is anticipated to attain a CAGR of 13.7% during 2020-2023, reaching the total valuation of $318,765 million by 2023.
Following the estimated statistics of global market that are majorly driven by changing technological infrastructure and user-oriented service building, it is clear that on-demand taxi service app would transform the way people travel across the cities.
Panacea Infotech, a leading name in taxi booking app development can be your partner for taxi booking mobile app development and other technical requirement in mobile app development.
Contact for more details.