Rising Smartphone User Base to Aid Growth of India Radio Taxi Services Market
Growing number of smartphone
users, increasing internet penetration along with rising preference for radio
cabs to boost India radio taxi services market through 2023
According
to TechSci Research report, “India Radio Taxi Services Market By User Segment, By Payment Mode, By Vehicle Type, Competition
Forecast & Opportunities, FY2013 - FY2023”, India radio taxi services market is projected to cross $
530 million by 2023. Growth in the market can be attributed to expanding
smartphone user base and rising internet
penetration across India. Moreover,
door step pick and drop facility at comparatively affordable prices is further boosting
demand for radio taxi services across the country. Furthermore, rising
popularity of aggregator cab models along with easy availability of vehicle
loans is expected to fuel growth in India radio taxi services market in the
coming years. Additionally,
owing to reduction in the internet prices, rising number of vehicle accidents
along with increasing purchasing power of working class population, demand for
radio taxi services is anticipated to grow at a robust pace during the forecast
period.
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Cab aggregator
model is the most preferred model in India radio taxi services market. The
popularity of this model is supported by of ease of booking cabs through mobile
applications and improved location services with accuracy rate of 5–10 meters. Rising
presence of various companies such as ANI Technologies Private
Limited, Uber India Technology Private Limited, Meru Cab Company Pvt.. Ltd.,
Mega Cabs Private Limited, Wings Travel India Management
Private Limited, etc., is anticipated to further intensify the market
competition in India radio taxi services market over the course of the next
five years.
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“With technological enhancements,
flexible policies with respect to Radio taxi registration system, along with enhanced
passenger safety and comfort, demand for radio taxi services market is likely
to continue its rise in India over the next five years. Moreover, attractive
incentives to the drivers through cab aggregator model, easy availability of vehicle
loans, coupled with favorable government policies are anticipated to further
steer growth in India radio taxi services market in the coming years. Additionally,
rising popularity of sharing radio taxi services by multiple passengers is
further expected to positively influence the market during the forecast period.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India Radio Taxi Services Market By User Segment, By Payment Mode, By Vehicle Type, Competition
Forecast & Opportunities, FY2013 - FY2023” has analyzed the potential of radio
taxi services market in India, and provides statistics and information on
market sizes, shares and trends. The report will suffice in providing the
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. Besides, the report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by India radio
taxi services market.
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