India Radio Taxi market has witnessed a robust growth over the last few years primarily due to entry of new players. Additionally, changing lifestyle, upliftment of middle class society, growing tourism industry and rising demand for convenient public transportation have further fuelled the Radio Taxi market in India.
According to 6Wresearch, Radio Taxi market is exhibiting tremendous growth prospects for the operators in the country. Moreover, increase in smartphone adaptation and rising consumer awareness for app based booking are further fuelling the demand for Radio Taxi’s in the country. Some of the major players in the India Radio Taxi market are Ola, Mega, Meru, Taxiforsure, Uber, Mega and Easy cab.
Key highlights of major regions:
Increasing number of industrial hubs and corporate parks in the outskirts of the city have augmented employment opportunities in the region resulting in growing demand for efficient public transport. Further, aggressive marketing by the players backed by global investors have appealed commuters towards this newer concept of public transport.
Change in commuters lifestyle and preferences, accurate and affordable pricing models as well as high level of customer convenience including safety, comfort and time efficiency have put radio taxi much ahead of other traditional public transports. Additionally, increasing demand from corporate sector and influx of tourists in the city have further assisted the Radio Taxi market in Mumbai.
Over the period of time, competition in the Radio Taxi market has increased tremendously due to which operating margin for taxi operators have declined. As a result of this factor, companies have opted to generate huge funds through equity and debt thus pumping enormous amount of money in the market. This has resulted in players devising new payment models and providing discounts for first time passengers making their experience praiseworthy.
Absence of safe and convenient public transport, trending corporate culture and increasing working class population have made radio taxis as a modern version of public transport. Additionally, precise fare calculation along with suitable booking and payment model through mobile apps have further helped the cause.
Growing urban population, increasing aggressive investment strategies including predatory pricing have paved the path for the development of Kolkata Radio Taxi Market. Additionally, customer incentives in the form of festive discounts and free rides have further helped the cause.
Kolkata is regarded as the most progressive city in the country in terms of public transport. Further, Taxi culture in the region was prevalent even before the advent of radio taxi market in the country. High level of customer convenience, GPS enabled vehicles coupled with convenient app based booking and payment model have lured the commuters to opt for radio taxis over the traditional taxis.
Government initiatives such as issuing permits to the fleet operators, granting licenses to the radio cab operators as well as rising investment by global investors have resulted in the entry of new players in the market over the past few years. Further, entry of new operators in the radio Taxi market has led players to introduce new pricing models and taxi segments eventually benefiting the end user.
Rising disposable income, accurate meter readings and fare calculation along with convenient booking and payment model have helped to create a fresh consumer base for the radio Taxi market in the region. Further huge demand-supply gap in the public transport segment in the capital region have helped the cause.
Affordable pricing models, increasing demand from corporate sector and lack of safety and security in other public transport modes have attracted commuters, especially working class to opt for radio taxis in Bangalore. Additionally, increasing disposable income and rising working class population in the city have further helped the cause.
The vast IT culture and abundance of tourist places have amplified the requirement of safe and efficient public transport in the region. Moreover, factors such as accurate fare calculation, GPS-enabled vehicles as well as convenient booking and payment model have further attracted commuters towards the radio taxis.
India Radio Taxi Market Report provides in depth analysis offering insights on Mumbai, Pune, Kolkata, Delhi and Bangalore Radio Taxi market share. The report estimates and forecast overall Radio Taxi market by revenue, overall, owned & aggregator fleet size, service providers and avg. & aggregator trips across mentioned cities.