India Radio Taxi Services Market to Grow at a CAGR of Over 17% Till 2021: Says TechSci Research

Changing lifestyles and convenience benefits to drive demand for radio taxis among Indians According to TechSci Research report, "India Radio Taxi Services Market Forecast & Opportunities, 2021", radio taxi services market in India is forecast to grow at a CAGR of over 17% during 2016-2021, on account of changing lifestyles coupled with increasing affordability of travellers. Further, rising demand from corporates has been increasing demand for radio taxi services in the country. Corporates prefer well-maintained, on-time taxi services, which is majorly addressed by organized radio taxi service providers. In Delhi, Mumbai and Bangalore, suburbs are located 25-30 km away from commercial markets and corporate hubs. This necessitates frequent use of radio taxi services. Apart from individuals and corporates, demand for radio taxi services is emanating due to increasing tourist's footfall as well.

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"India Radio Taxi Services Market" 

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Majority of radio taxi service providers in India operate under aggregator business model. Dramatic growth in radio taxi services market in India during the last five years can be attributed to rapid increase in fleet size of aggregator radio taxi companies due to low entry barrier. The rising adoption of aggregator model in India radio taxi service market has yielded lucrative opportunities for unorganized taxi operators as well. As a result, market share of unorganized radio taxi services market in the country is expected to decline over the course of next five years. Meru Cabs, Easy Cabs, Mega Cabs, Fast Track Call Taxi, NTL Taxi, etc., are few of the popular radio taxi companies operating under the aggregator and own asset models in India radio taxi services market. In 2015, the radio taxi services market in India is largely driven by demand generated from metro cities. However, the country has been witnessing increasing demand for radio taxi services across Tier II and Tier III cities. In 2015, South and West regions of India were the largest demand generators for radio taxi services in the country, owing to high population density and large radio taxi fleet in these regions.

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"Radio taxi services are emerging as an attractive business proposition across India, as a large number of investors have been expressing their interest in India radio taxi services market. During 2011-2015, venture capitalists, private equity firms and angel investors across the globe have made huge investments in this market in the anticipation of lucrative returns. Consequently, investments in radio taxi services market in India are projected to increase over the course of next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"India Radio Taxi Services Market Forecast & Opportunities, 2021" has analyzed the potential of radio taxi services market in India, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes essential drivers and key challenges faced by the industry.

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