There were days we used to call and get a taxi. Those scenarios are now known as traditional taxi booking methods. Now the world has shifted to a digital era, wherein people can get anything through mobile apps starting from food, transport services, clothing, professional services, etc. The services offered by the apps have become unlimited. The demand for taxi booking apps like Uber will increase several folds in the coming years. Almost all millennials and Gen-Z are using these ride-booking services to go from point A to point B.
Market trends and stats related to ride-booking services
- According to the analytics website Statista, the revenue of the ride-hailing and taxi booking sector will reach $19.27 billion by 2020.
- The revenue is expected to grow at a CAGR of 17.5% annually(2020-2024), resulting in projected market value of $35.58 billion by 2024.
- A report states that Uber provides 50,000 jobs a month for drivers in the US alone, and other taxi booking apps like Ola, Grab, Lyft are providing job opportunities worldwide.
- In the first quarter of 2020, Uber has earned a revenue of 1.6 million.
Types of taxi app development and major contenders in the sector
Before proceeding with the taxi-app development, it is important to consider the types of taxi apps to launch. Decide on the type based on the interests of the target audience and current market trends. Here is the list of the major taxi-booking apps types:
Simple taxi booking app
These taxi apps are aimed at providing the basic features for the users. People can easily book for the required cab services or call the preferred taxi driver using these apps. Traditional taxi business is plummeting into significant loss after the introduction of apps like Uber. So they can deploy a simple taxi booking app to upgrade their business and increase their revenues. These apps do not require a server, so the investment cost is far less compared to Uber-like apps.
Taxi-hailing app like Uber
Compared to traditional taxi booking services, people have to invest in a taxi, drivers’ wages, and so on. The investment cost is less, and the profits are far greater than traditional taxi services. Popular apps like Uber, Ola, Grab, Lyft, Rapido fall under this category. Now, these apps have upgraded their features pertaining to the safety regulations due to the Coronavirus crisis. Here are some of the enhanced features to consider during taxi-hailing app like Uber development
- Map Integration: The map is integrated with GPS services for real-time tracking of customers and drivers. Amid the COVID-19 times, drivers are notified when they come across red zones and suggested alternate routes.
- Payment options: There are various secure payment options available such as credit card, debit card, digital wallet like PayTM, etc., for the time being, many ride-hailing apps have restricted cash payments due to curb virus spread.
- Coronavirus tracker: Customers can be updated on the current number of cases near their vicinity through the COVID tracker.
- Ride options: Uber and grab have not taken up pool services as a precautionary measure, so apart from that, they have restricted the passenger count to two members in other rides.
Taxi-booking app owners can win over customer trust is they make the necessary changes to impart safety measures in the taxi services.
These apps act as a hub connecting people who travel on the same route. The popular app that comes under this model is the BlaBlacar app. In this app, users can post ads and connect with potential riders if the parties reach an agreement based on fare and other factors. They can schedule a ride with the assistance of BlaBlacar. These apps are getting popular among users, so investing in these apps would be a great business investment.
Entrepreneurs need not have any second thoughts about investing in ride-booking apps as these apps are going to be the future of availing taxis. Choose the appropriate app type, business model, revenue stream for your on-demand taxi app development. Then there is no hindrance to stop you from being successful.