According to the latest report, the revenue of taxi booking industry is expected to grow at a CAGR of 18% by 2023. It is the right time for new entrepreneurs to launch a ride-hailing app of their own. Get to know the current market trend and the process of developing a taxi app.
The advent of the automobile industry has given rise to taxi booking and rental services. People using rental services are negligible compared to people using taxi booking services. People started using taxi booking services even before the birth of digital media. The pioneers of digital taxi booking are the present-day leaders in the market. However, the number of taxi booking applications is increasing every day because of the dynamics in the market.
North America and Asia-Pacific regions are the top contributors to the ride-hailing service industry. According to the latest report, the revenue of this industry is expected to grow at a CAGR of 18% by 2023.
The taxi booking services have increased the employment opportunities of the regional cab drivers. The majority of the cab drivers are migrating towards digital taxi booking services and, this is forcing the rest of the cab drivers to go digital which when observed keenly is a great advantage for an industrialized society. The entrepreneurial giants and venture capitalists are ready to invest in an app designed for taxi booking. Developing a taxi app intense knowledge on the industry and the right strategies to achieve success.
Rise of taxi-booking industry
The automobile industry in India has seen a steady decline in the quality of manufacturing due to the policies imposed by the Government, which has affected the number of Indians buying vehicles for family purposes. A downfall in the sales of automobiles is expected in the forthcoming years.
India predominantly consists of middle-class societies who could afford to buy a car or bike mostly with the help of a vehicle loan. The fall of the automobile industry and the rise of digital taxi booking applications have paved the way for taxi booking apps to flourish in the market. A recent survey shows the number of people preferring taxi-hailing service is far more than the number of people interested in buying a new car. This suggests there is a wide range of scope for the taxi-hailing industry to thrive in the future.
However, one needs to account for the facts that existing taxi booking applications have established themselves and carved a niche in the digital market. Any institution or any person aspiring to survive and create an identity for their brand should have innovative marketing ideas.
Scalability of on-demand app market
The on-demand app market is expanding its network in terms of both quality and quantity.
The rise in the number of on-demand apps has created more opportunities for employment,
the number of services provided, the number of consumers opting for on-demand apps and the number of workers opting to work under a digital application is increasing steadily. Considering all the above factors, a clone application is the best way to create an application similar to the existing on-demand app.
Significance of Uber
According to statistics, the transportation and travel industry is the top player in the on-demand app market (contributing 75%). Uber, an on-demand application, dominates the transport industry, generates a revenue of about 11 Billion dollars, and has services providers in almost all countries and is still expanding in terms of employees and consumers.
Uber-like clone apps are available in the market which can be purchased, customized, designed, and implemented according to the needs of the consumers. The cost to buy the app is affordable and easy to maintain. The success of the app is in the innovative design and creative marketing ideas of the application.
Cloning app for Taxi-booking
Look for a app development company that offers the following features creating a clone application.
The advantages of using an Uber clone app are that it can be easily customized, marketing can be done under a white label, can accommodate several drivers and users activities, provide code to adopt complete customization, is available on both Android and iOS platforms, has a dedicated admin panel to manage all features of the application and free bug support in the support period, with proper deliverable management of the product.
A standard package for a taxi app development includes:
User Android app, web panel and iOS app
Driver Android app, web panel and iOS app
Site administrator web panel
Account manager panel.
These Uber-like taxi clone application's feature includes Live ride tracking, change/cancel booking, review system, ride allotment algorithm, low battery consumption, security/ sensitive data protection, unlimited registration, Rider and Driver in-app chat, database backup, lost item management, dispute management, etc.
The success rate of Uber-like clone applications is high in the near future provided the app suits the market demands and requirements.