[88 Pages Study PDF] Rising trend of on-demand transportation services, increasing traffic congestion in Indian cities and rising demand for first and last mile connectivity propel the growth of the global construction market pipelines. Based on vehicle type, the motorcycle segment held the highest market share in 2021, holding nearly three quarters of the total market share. However, in 2020, leading bicycle taxi provider Rapido and OLA temporarily suspended operations in India during the pandemic.
Portland, OR, June 15, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the Indian bike taxi market generated $50.5 million in 2021 and is projected to reach $1.46 billion by 2030, growing at a CAGR of 48.5% from 2022 to 2030. The report provides a detailed analysis of changing dynamics of the market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rising trend of on-demand transportation services, rising traffic congestion in Indian cities and increased demand for first and last mile connectivity are pushing the growth of indian bike taxi market. However, legal issues associated with bicycle taxi services and resistance from local public transport operators have hampered the growth of the market. Additionally, technological advancements in the bike sharing system and increase in the inclusion of e-bikes are expected to generate potential opportunities for the market over the forecast period.
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Social distancing norms and regulations put in place by health and government authorities have encouraged citizens to maintain a distance of two meters from other people for safety reasons. This has limited the use of transport services such as taxis and bicycle taxis for daily trips. Users prefer to travel in their personal vehicles due to security concerns, which has hampered the taxi business.
In 2020, along with the taxi and ride-sharing industry, bike taxi companies such as Rapido, Ola, Uber and others have suffered badly due to travel restrictions and closures. For example, in March 2020, major bicycle taxi providers Rapido and OLA temporarily suspended operations in India.
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The report offers detailed segmentation of vehicle type and propulsion type based on India bicycle taxi market.
Based on vehicle type, motorcycle segment held the highest market share in 2021, holding almost three quarters of the total market share, and is expected to maintain its leading status during the forecast period. However, the scooter segment is estimated to register the highest CAGR of 51.3% from 2022 to 2030.
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Based on propulsion type, ICE segment held the largest market share in 2021, holding almost 93% of the total market share, and is expected to maintain its leading status during the forecast period. However, the electric segment is expected to register the highest CAGR of 80.6% from 2022 to 2030.
The major players of the India bicycle taxi market analyzed in the research are Baxi, Bikxie, Desto-Bike Taxi, Dunzo, Jugnoo, Mopedo, Ola (ANI Technologies Pvt Ltd), PykUpz, Rapido, and Uber Technologies, Inc.
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