In India 2013, the smartphone penetration was 6%, later it touched 28% by 2014. On the other hand, the fabulous metro cities have reached 60%-65% in the first quarter of 2015. And the smartphone penetration revolutionized, the revolution of the on-demand taxi market in India began.
Both Ola and Uber have overcharge during peak hours by surge pricing which drew huge criticism and attention among the authorities of the transport regulatory from 2015 to 2016 where a ride costs 3/4 X of the regular prices. However, in 2019, it was smoothed out and typically ranges between 50%-60%.
The Forecast of On-Demand Taxi Market Growth in India 2021 -2025
(i) In India, the taxi market stood at around $ 6.4 billion in 2016, and it is predicted to grow at 13.7% during 2017 – 2022, to reach $ 14.3 billion.
(ii) Revenue in the ride-hailing and taxi segment is predicted to reach more than 12% of the current in 2022 and 2023
(iii) Revenue is expected to reach an annual growth rate (CAGR 2020-2024) 0f 19.1%, results in a market volume of more than 30% from the present by 2024. (Source: Statista
(iV) The user penetration is 21.4% in 2020 and is expected to hit 22.5% by 2024.
I Hope, you have grabbed the forecasting statistics of the on-demand taxi market 2021 – 2025. It is evident that starting a taxi booking business will reach better with high revenue. On the other hand, this is the reason behind many budding entrepreneurs launch a taxi booking business. For those entrepreneurs, Startupmart offers the best Uber Taxi Clone App
which is 100% customizable and stuffed with astounding features that make you a pioneer in the on-demand taxi booking market.