Online Taxi Services Market in India: Increase in Smartphone Penetration, Improved Availability of High-Speed Internet Connectivity and Investments by FII are Driving Market Growth
DUBLIN, May 22, 2020 /PRNewswire/ -- The "Online Taxi Services Market in India" report has been added to ResearchAndMarkets.com's offering.
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. The online taxi services market in India was valued at INR 29.75 Bn in FY 2019. 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 Bn by 2024. A 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.
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.
Companies covered
- 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
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Evolution of organized taxi sector in India
3.3. Business model and operational model of radio taxi services
Chapter 4: Market overview
4.1. India taxi services market overview
4.2. India online taxi services market overview
4.3. PESTEL analysis
Chapter 5: Market segmentation
5.1. Online taxi services market in India - segmentation
5.1.1. Online taxi services market segmentation - top three company market share
Chapter 6: Market influencers
6.1. Market drivers
6.2. Market challenges
Chapter 7: Government regulations
7.1. Government regulations (central government)
7.2. Government regulations (state governments)
Chapter 8: Competitive landscape
8.1. Porter's five forces analysis
8.2. Player-wise benchmarking
8.3. Comparative study - top two players
8.4. ANI Technologies Private Limited
8.5. Carzonrent (India) Private Limited
8.6. Mega Cabs Private Limited
8.7. Meru Mobility Tech Private Limited
8.8. Savaari Car Rentals Private Limited
8.9. Uber India Systems Private Limited
Chapter 9: Recent developments
Chapter 10: Appendix
For more information about this report visit https://www.researchandmarkets.com/r/34ycux
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