Quadintel has published a new report on the Online taxi services market. The research report contains detailed information about demand, growth, opportunities, challenges and restraints. Also, it provides an in-depth analysis of the structure and possibility of global and regional industries.
The online taxi service offers mobility services to customers through a mobile platform connected through Global Positioning System (GPS) or General Packet Radio Service (GPRS) system. Organized taxi services were introduced to the Indian market with the launch of Mega Cabs services in 2000, and the market shifted from the concept of car ownership to the ride-sharing alternative. The online taxi or radio taxi service providers in India operate either as aggregators or radio taxis depending on their tracking feasibility.
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With the transition from the conventional tracking system based on radio signals to the GPS or GPRS system, the market for organized taxis in India has witnessed tremendous growth. In fiscal 2019, the organized taxi market held a share of about 11.5% of the total revenue generated by the entire taxi market in India. The online taxi services market in India was valued at INR 29.75 billion in fiscal year 2019. Further, the market is expected to grow at a compound annual growth rate (CAGR) of approximately 16.60 % to reach a sales value of INR 61.59 billion by 2024. Increasing smartphone penetration in India, improving availability of broadband internet connectivity, increasing investments in the market Online taxis by Foreign Institutional Investors (FIIs) and increasing disposable income are the major factors driving the market growth. However, the imposition of Goods and Services Tax (GST), shortage of online taxi services due to reduced incentives for drivers, skyrocketing transport fares and long waiting time for passengers, along with the growing popularity of affordable ride-sharing services like SRide and Quick Ride are some of the factors hindering the growth of the market. With the implementation of the new Indian government policy, which does not allow the marketing of ride-sharing services, the growth of the online taxi services market in India is expected to rebound.
Competition analysis :
Theonline taxi services marketin India is mainly driven by two major players ANI Technologies Private Limited (Ola Cabs) and Uber India Systems Private Limited (Uber India). In fiscal 2019, Ola Cabs accounted for almost 72.44% of the total revenue generated from the online taxi services market in India, while Uber India held a share of around 21.01%. Other market players include Meru Mobility Tech Private Limited, Mega Cabs Private Limited and Carzonrent (India) Private Limited, and together they held around 6.55% of the overall market in FY2019. Radio signal based tracking The GPS and GPRS based tracking system was introduced by market leader, ANI Technologies Private Limited. The company’s wide geographic reach in India (152 cities), coupled with its wide range of services available to customers belonging to different income profiles, has helped the company achieve such a high market share. Large-scale investments by major private equity firms in major market players and the introduction of new user-friendly features in their applications by the companies are expected to further accelerate their market growth.
ANI Technologies Private Limited
Carzonrent (India) Private Limited
Mega Cabs Private Limited
Meru Mobility Tech Private Limited
Savaari Car Rentals Private Limited
Uber India Systems Private Limited
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- Market overview
- Market definition and scope
- Market dynamics
- Market industry analysis
- Market, regional analysis
- Analysis of leading companies
- Competitive intelligence
- Research process
- Market analysis and forecast, by product type
What aspects regarding the regional analysis market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa region.
- The report consists of a detailed analysis by region of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in each region including their countries during the forecast period is included in the market report.
- On the basis of what factors are the major market players assessed in this report?
- The report offers a detailed analysis of the major companies in the market across the globe.
- It provides details of major vendors involved in the market including key players
- A comprehensive overview of each business, including company profile, revenue generated, commodity prices and
- the products produced are included in the report.
- Facts and figures about market competitors along with the viewpoints of major market players are presented in the report.
- Recent developments, mergers and acquisitions related to the major players mentioned are provided in the market report.
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