Initially, the on-demand apps were started as a niche segment. The advent of smartphones was the reason behind the massive success of these on-demand apps. 8 out of 10 people use smartphones for their daily purposes. When it comes to launching mobile...read more
Initially, the on-demand apps were started as a niche segment. The advent of smartphones was the reason behind the massive success of these on-demand apps. 8 out of 10 people use smartphones for their daily purposes. When it comes to launching mobile apps, every smartphone user should be considered as your prospects.
Uber is the pioneer of on-demand apps. The launch of Uber in 2009 was a massive breakthrough that influenced several entrepreneurs to step into the on-demand service market. With an app like Uber, people need not have to wait for fear of missing their rides. The advanced technology embedded in Uber enables the users to track their rides in real-time. With just a few clicks, the users can book their rides effortlessly.
Statistics and scope of the taxi-hailing market
Followed by the success of Uber, many taxi booking apps like Lyft, OLA, etc., are also remaining successful in the market.
According to the statistics reports, the ride-hailing business will generate $31,094 million by the end of 2021.
By 2025, the number of users of taxi-hailing apps will increase to 331.2 million users.
The revenue of the taxi-hailing industry is expected to show a CAGR of 15.8 percent from 2021 to 2025. This will lead to a market volume of $55,924 million by 2025.
The user penetration is expected to increase to 22.9% by 2025.
Why launching a taxi-hailing app will be a great option?
Gone are the days when people waited and booked their rides manually by making calls to the taxi operators. With more easy modules like taxi booking apps, they book their rides easily without much stress. Many traditional taxi-hailing businesses have also shifted their focus to digital platforms to streamline their business operations. The many performances of taxi booking apps in the market are a must to consider. The taxi-hailing industry is expected to gain a revenue of $31,094 million. This is a good sign of marching towards a good show.
According to the report of Statista, we can understand that by 2025, the industry's revenue will increase with a CAGR of 15.8 percent. This evidence makes it clear that the taxi-booking market will attain massive growth by 2025.