From commuting to work to traveling inter-city, one cannot make it happen without an on-demand taxi service. Today, taxis play an important role in our everyday lives and here’s why you should launch your platform using an Uber clone.
The modern taxi traces its roots to 19th century London. Back then, an Englishman by the name of Walter C. Bersey launched battery-powered electric taxis. From there, the taxi has gone on to play a very important role in driving the economy to support war-efforts and providing humanitarian service in most parts of the 20th century. This doesn’t mean that cabs have become irrelevant in the technologically-charged 21st century.
Taxi Booking Business
With the advent of smartphones and the proliferation, the by using taxi App you can manage transport itself to this digital landscape. Today, with a quick series of taps, one can book a cab in no time. Companies like Uber, Lyft, and Ola have managed to carve a niche for themselves. Their success has inspired many other entrepreneurs to launch their own platforms in this sector. Additionally, with the availability of Uber clone apps, entering this line of business is a very simple affair.
But, one may rightly ask that if there are so many players in this sector, what are the chances to strike a profit? Contrary to popular belief, the taxi industry is not congested, and there is ample space for opportunity, here are some reasons.
Promising Growth Rates
According to Statista, the ride-hailing segment collected a revenue of $183.6 billion in the first three quarters of 2019. Moreover, with the annual growth rate pegged at 14.8% for the next five years, the market volume of this sector is set to grow to $318.7 billion by 2023. These figures go on to show the huge potential that remains to be explored.
The cab industry is miles away from market saturation. It has been revealed that of the 2.71 billion smartphone users across the world, only 13.5% of them use ride services. This number is set to increase in the coming years with Statista reporting that by 2023, more than 20% of the smartphone population will actively use on-demand rides.
Today, most service providers restrict a majority of their operations to large metropolitan cities. This is where a majority of their users live. However, this trend is quickly changing. With internet and smartphone connectivity improving, the focus has shifted to tier 2 and tier 3 cities. These territories possess as new markets and give new entrepreneurs ample space to launch regional businesses.
In the day and age where pollution and fossil fuel usage threaten the environment, ride-sharing services pose as the potential solutions. By enabling commute between different destinations for reasonable rates, taxi operators are helping make everyday transportation greener. Furthermore, the rise of electric taxis shows the adaptiveness of this industry to the changing patterns of consumption.
The Bureau of Labor Statistics revealed that in 2018, more than 200,000 individuals worked as taxi drivers in the USA. In countries like India, this number is higher. Statistica estimates that more than 2.18 million taxi drivers exist in the country. This goes on to show how much employment this sector generates and how new platforms can help create more breadwinners.
The cab booking industry has a lot of opportunities in store for any entrepreneur looking forward to making a mark. Additionally, with the presence of Uber clone scripts and technology partners, one does not need to waste any time on learning programming or searching for competent developers.
These scripts allow you to begin your platform almost instantly and start servicing your customers faster. You can also customize the product to include all the features you have in mind. However, it is advised that one does their prior research before committing to any technology provider.
Zoey Parson is a blogger and digital marketing specialist currently working at Turnkeytown who loves to cover the latest trends in technology, Uber Clone app development, social media, geek culture, and more. She has a graduate degree in Mass Communications and previously worked as a producer for a radio show.