The recent “India Online Taxi Services Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report
The report on the “India Online Taxi Services Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.
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India Online Taxi Services Market Analysis and Growth Forecast:
The online taxi services market in India was valued at INR 29.75 Billion in FY 2019. Further, the market is anticipated to expand at a compound annual growth rate (CAGR) of 16.60% to reach a sales value of INR 61.59 Billion by 2024.
The online taxi service offers mobility services to customers via mobile platform connected through the Global Positioning System (GPS) or General Packet Radio Service (GPRS) system. Organized cab services were introduced in the Indian market with the launch of Mega Cabs services in 2000, and the market evolved from the car-ownership concept to the alternative of ride-sharing. Online taxi or radio taxi service providers in India operate either as aggregators or as radio cabs, based on their tracking feasibility.
With the transition from the radio signals-based conventional tracking system to the GPS or GPRS-enabled system, the organized taxi market in India witnessed a momentous growth. In FY 2019, the organized taxi market held a share of ~11.5% of the total revenue generated by the overall taxi market in India.
Rise in smartphone penetration in India, improved availability of high-speed internet connectivity, increasing investments in the online taxi market by the foreign institutional investors (FII) and swelling disposable income are the major factors that are driving the growth of the market. However, the imposition of goods and services tax (GST), shortage in the supply of online cab services as a consequence of the reduction in drivers incentives, surge in ride fares and extended wait-time for passengers, and the growing popularity of affordable ride-sharing services like SRide and Quick Ride are some of the factors impeding market growth. With the implementation of the new policy of the Indian government, that does not allow commercialization of ride-sharing services, the growth of the online taxi services market in India is expected to rebound.
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The online taxi services market in India is mainly driven by two major players ANI Technologies Private Limited (Ola Cabs) and Uber India Systems Private Limited (Uber India). In FY 2019, Ola Cabs accounted for almost 72.44% of the total revenue generated by the online taxi services market in India, whereas, Uber India held a share of ~21.01%. Other players in the market include Meru Mobility Tech Private Limited, Mega Cabs Private Limited and Carzonrent (India) Private Limited, and together they held ~6.55% of the overall market in FY 2019. The transition from the radio signal-based tracking system to GPS and GPRS-based tracking system was introduced by the market leader, ANI Technologies Private Limited. The company’s extensive geographical reach within India (152 cities), coupled with its wide range of services available for customers belonging to different income profiles has helped the company to fetch such a high market share. Large scale investments by big private equity firms on major players of the market and introduction of new customer-friendly features in their applications by the companies are anticipated 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 Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.
Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.
Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.
Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.
The Analysis Objectives of the Report are:
To determine the size of the Market by identifying its sub-segments.
To research the key players and analyze their growth strategies.
To assess the size and value of the Market based on key regions.
To analyze the Market in terms of growth trends, potential, and participation in the overall sector.
To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.
Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.
To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.
What is new in 2024?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the market.
– Updated financial information and product portfolios of players operating in the market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
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