The on-demand economy has gained huge attraction among users worldwide. The leading sector among them is the hide-hailing business. Many businesses are shifting to this industry due to the advantages the industry offers. The traditional taxi booking business is also entering the online market to capture more customers.
There are several taxi booking businesses in the on-demand industry, But still, there are a lot of opportunities for the emerging businesses that are willing to offer better and safer taxi services. Join this line now to make massive profits in the long run!
Statistics Proving The Growth Of On-Demand Taxi Booking Business Worldwide
- The profit of the ride-hailing and taxi booking sector is expected to reach 192 billion dollars by 2021.
- The revenue of the ride-hailing sector is expected to show a CAGR of 17.5% from 2021 to 2024. As a result, the market volume will rise to 365 billion dollars by 2024.
- By 2024, the user penetration is projected to hit 20.6%. It was 19.3% in 2020.
Why Invest In A On-Demand Taxi Booking App Development
The taxi booking applications have kept on growing significantly in recent years and there is no doubt in the exponential growth of taxi booking apps in the coming year as well. This is one of the industries that can never stop functioning as it offers so many advantages to the passengers and the drivers who make use of this application. It was around 36,000 million dollars worth of the taxi booking app market in 2017. As said earlier it is expected to rise at a CAGR of 17.5% by 2025, taking the figures up to 126,521 million dollars.
For example, let us consider Uber. This business has experienced leaps and bounds in recent years and in several countries, the app is used effectively. Because making use of taxis is the best option instead of using cars. Uber has reached this place in less than 10 years and has a market value of USD 72 billion.
Take a look at some statistics of Uber:
- From almost 80 countries, Uber has 75 million active riders.
- Up to today, the total number of completed rides by the company is over 5 billion.
- Uber has generated USD 12 billion gross bookings in the quarter of the year.