A decade ago, people used to stand on the roads for several minutes and call out “taxi” to get a ride. It almost frustrated every individual who was in a hurry to reach places in a specific time. This kind of situation was even experienced by our Uber’s CEOs Travis and Garret on a winter night. But they weren’t ready to avoid the situation as it is. Instead, they wanted to create a solution which helps people to get a taxi right at that moment. With this base idea, they created a working prototype (an app) and started to test the application. And the rest is history!
Today, the ride-hailing business is booming and there are investors who are willing to fund in billions. Almost every city has its own taxi application. Moreover, the global market for taxi application is increasing as technology upgrades. When you inspect country-wise to see the prospects of maximum growth in the future, you will definitely have these three in list: the USA, the UK, and the UAE. Since people in these countries are mostly dependent on the taxis for their daily commute.
Budding entrepreneurs who are willing to start a ride-hailing business can target these locations for better revenue generation. But you must also be aware of the competition in the market when you target these places.
This article will give you information about the revenue forecasting of the taxi industry in the coming years.
As per a few estimation reports of 2019, the taxi market of the USA, UK, and UAE is expected to grow 25% in the next five years. With the on-going adaptation of modern technologies like Artificial Intelligence and IoT in the taxi business to enhance the user experience, there is a huge chance for entrepreneurs to generate more revenues.
Recently, Uber came up with a newly enhanced dispatch system to enable convenient usability. Also, it introduced many new services like UberCopter, Uber commute, driverless cars to increase their user strength. With all these innovations emerging around, a recent report revealed that the US market is predicted to create 2.85 Billion income which is slightly less than the UK who is expected to create 2.98 Billion.
How new inventions contribute to the growth of the taxi business
Electric cars, hybrid vehicles, driverless cars are the future of transportation. With the increasing number of taxi services, governments are taking steps to keep it environmentally friendly. Almost every taxi service like Uber, Lyft have started to partner with automobile companies like Tesla, Hyundai, Honda to carry out their taxi services eventually. This change will play a key role in the market.
Moreover, Dubai’s RTA has officially bought 50 Tesla electric vehicles for the limo Fleet while the UAE is set to present 1,590 Hybrid cars from 2018.
Starting up a ride-hailing app through a ready-made app solution
The ride-hailing apps do not often have to be built from scratch. There are ready-made Uber-like app solutions from app development companies like Appdupe which can help you set up an on-demand taxi app. It comes with a pre-built unique set of features and business model. Since the solution is white-labeled, you can create your own brand of taxi app.