If you are planning to plunge into the online taxi industry, then you are on the right track. You are sure to build a secure and bright future by creating a taxi booking app like Uber for you to earn millions in the booming online mobility service market.
The recent statistics reveal that the taxi market is expected to register a CAGR of 21% by 2023. The CAGR is 10.8% in 2020. So it clearly states how rapidly car culture is spreading and will take over every mobility trend in the future.
A few years back, booking a taxi to commute from one place to another was a cumbersome task. The passengers would face so many questions like
● Will they get a taxi or not?
● What about the driver is he a registered driver or not?
● What would be the fare/price?
● Would it be calculated fairly or not?
The passengers would either then opt for public transportation or personal vehicle but not the taxi service. To all these bothersome questions of the passengers, e hailing taxis was the answer.
Top Players Of Online Taxi Business:
● Lyft: it's the second most downloaded online taxi app in the U.S.A after uber. It operates in more than 300 markets across the U.S and Canada. It's more budget-friendly and convenient. Lyft is very popular among business travelers and professional visits to particular areas.
● DiDi: is the most ride-hailing service in China. The app works in the English language. Apart from China, it operates in 6 cities in Australia. DiDi operates in Brazil as well.
● Ola: everyone is aware of the Ola app for sure. It operates in India and is quite convenient and is cheaper than uber as well.
● Grab: Grab taxi app has a large widespread presence in a country like Thailand, Singapore, Myanmar, Malaysia, etc. Grab had far-flung reach in almost 500.cities of these countries. Apart from ride services it offers the clients with convenient payment options called Grabpay and a food delivery facility called Grab food.
● Cabify: was established in 2011 in Spain. Cabify has extended its services in 12 counties and 90 cities across Latin and South America.
Some major players of the online taxi Industry are Uber, Ola, Lyft, etc. Apart from these popular online taxi booking apps, many local, homegrown cab companies have also left no stone unturned in respect of earning and market capturing. They have also conquered streets, leaving no room for the new competitors.
Current Scenario Of The E-Hailing Market
North America is the highest contributor to the global market of the e-hailing service market, Asia-Pacific ranks second. The ride-sharing market is expected to record a CAGR of 19.87% by 2025 and market size reaching USD 218.0 billion by 2025 from USD 61.3 billion in 2018. The new segments like MaaS, mobility as a service are expected to touch $3.36 billion and $172 million, respectively from nil in 2018.
The Future Prospect Of Taxi App Development In The On-Demand Taxi Business Industry
There is an upsurge in the demand for e hailing service on a worldwide basis.
E hailing is simply described as a service that books any form of transportation by your smart device or mobile.
There are many potential reasons to steer the growth of e hailing business I industries. They are as follows
Huge On-Demand Of Cab Booking Software
There is unparalleled demand for a cab booking software that allows the passengers to book a taxi or cab service through the online taxi app. The on-demand cab booking software makes the whole process of booking and paying hassle-free for the passengers.
Must-Have Features Of The Taxi Dispatch Software:
The on-demand taxi dispatch software is loaded with top technological features that add on to its growth and popularity.
● The user-friendly interface,
● Real-time tracking,
● Dynamic fare calculator,
● Review and ratings,
● In-app navigation tool
● Ride-sharing
● Fare splitting in case of ride-sharing
● Pick up from the location and drop facility
● Beforehand fare calculator
● Registered vehicle with professional drivers
are just too few features. The taxi dispatch apps are more than just mobile apps which turn passengers into a comfortable and secure one.
Creating More Job Opportunities
The e-hailing taxi apps not only provide hassle-free services to the passengers but also create job opportunities for drivers to work either full time or part-time. As per a report, only uber provides 50,000 jobs to the drivers a month. Other taxi apps like Ola, Lyft, etc do their part of the job provides.
Hike In Trends Of Mobility-As-A-Service (Maas)
More and more people are drifting towards online taxi services because of reasons like either they don't have a personal vehicle, or they are lazy enough to drive a car. The maintenance cost of your vehicle is also too high. As per a report, the maintenance cost goes up to $8858 if you run it for 15k miles per year and it's surely too high.
In addition to these, the digital forward countries with cheap internet make online taxi services an apt option for the crowd. Thus, there is a huge growth in e-hailing taxi services.
Some Other Factors Which Are Pushing The Growth Of On-Demand Taxi App High Are
● Increasing the user base for ride sharing
● Lower rate of car ownership among millennials
Essential Things To Consider Before Developing A Taxi Booking Application
It's imperative that you are going to surely face many business challenges, however, the key to successful business operations is to keep up with market trends and act accordingly.
Though the e-hailing taxi service is a booming niche in terms of earnings still lack the right mindset and resources can make you fall flat
We have listed a few key points to consider thoroughly before you hire a taxi app development company
● Explore The Market Conditions: before building your taxi booking application, weigh all the market prospects carefully. Analyze the market statistics, the geographical area you want to target, the demand of the taxi app and its requirements, etc.
● Know Your Resources: in addition to screening market conditions, have a look at your resources. It's not even possible to have all resources at your disposal but the level of your investment will decide all.
● Decide your business model: it means deciding what options you want in your taxi business. You can either have your vehicles rented out or can even purchase new ones. The pricing structure is also very crucial. It is implemented keeping in view your requirements.
● Create A Feature List: before you hire taxi app developers, you should be clear with the list of features you want in your customized taxi application. Every app is different from the other with some special features in it. So decide your own wisely.
● Stand Out From Competitors: trust is one best way to establish your newly developed online taxi business. Trust is built with transparency. Transparency in various features like real-time sharing, fare calculator, reliable payment options, etc. This will not only let you retain customers but attract new as well. Shine among competitors with trust and transparency
● Launch With The Minimum Viable Product (MVP): Initially launch your taxi booking app with minimum important features so as to be able to manage it and also it's easier to get proper reviews by the users. Launching MVP is cost-effective as well. An MVP app reduces rework efforts
● Choose The Right Software Experts To Cater To You Best: choosing the right taxi booking app Development Company is the key. The best way to find out an apt expert is through their company profile, client’s testimonials, number of their completed projects, and the industry they cater to. Be clear in your terms before you hire anyone
Be clear, be precise, and make your taxi dispatch app a hit one.
The Essential Features Of An E Hailing Taxi Booking Application
Now that you have read this blog till this, then I'm sure you are too lured to get into the lucrative industry boomed with great future growth. Planning to build your brand name in the online taxi industry, go ahead to get experts to create a taxi app like uber. Developing an app is a massive task; you can start with scratch keeping in mind the various important features of a best e hailing app
● A ride-hailing service has to have a dedication panel for users, drivers, and administrators.
● Your uber like taxi app should be integrated with GPS tracking and real-time tracking. The GPS tracking and live status approach of the cab let the passengers know the cab status and keep the app functional. The GPS also tells about road blockage and traffic.
● The taxi dispatch software should be well connected with online payment options. Hard cash should be eliminated, promoting contact less payments.
● The data stored and analyzed to give insights will come handy for the admin to promote his business.
● Reviews of the clients are the quantifiers of the quality. Thus, your uber like taxi app should let passengers rate and review their experience
● Notifications regarding discounts and schemes keep the clients interested in your app. Thus, regular push notifications help retain loyal clients. The admin can notify the drivers too about the new possible ride routes a d status of their booking.
The taxi app development by the experts is the first step towards your entrepreneurial journey. Once creation and launching in the app store are taken care of, now your concern should be how your taxi app like Uber has a far flinched reach among the targeted customers.
Few Steps You Can Adhere To Promote Your Taxi Dispatch App Are
● Promote your online booking taxi app heavily on popular social media platforms like Facebook, Twitter, Instagram, and YouTube. These social platforms are great to make people aware of your online taxi business
● You can incentive programs. You can incentivize the first set I'd users who will use the services of your application
● You can run referral programs. This is the best way to encourage and attract more customers.
● Keep your taxi dispatch app simple to use, keeping mind you shall not compromise on vivid features. The simplicity of the user interface wins the half battle.
So, the simpler and more accessible your services are, the larger are your customer base.
Also Read:Complete Guide To Set Up Uber Like Business
What Future Of The Ride-Hailing Service Industry Holds In The Future?
● More women drivers and customers in the future than men
● Automotive HWW technologies to be incorporated with features like fatigue monitoring, driver drowsiness, and stress level monitoring, drunk driving detection, etc
● The future has fully automated cabs and taxis. Driver-less cars are the future
● Growth of car-sharing, ride-sharing
● Integrated mobility that is technology-enabled multi-modal travel encompassing pre-trip, in-trip, post-trip services bringing convenience.
While technology has revolutionized the online mobility industry, more is yet to come. Existing and new players in the taxi industry are keen to explore the future of a potent business.
Conclusion:
The on-demand taxi dispatch app has great prospects now and much more in the future. We hope this blog has enlightened you about the scope, features of the online taxi booking app, and its future trends, etc. We hope this article will help you steer a clear vision for the future. Undoubtedly, it has great potential to help you earn and flourish by leaps and bounds.
Top comments (1)
Thanks for this article. Very enlightening