Anshuman Mihir,
CEO & Co-Founder - MyTaxiIndia
Urbanisation is increasing substantially and changing places globally. As per research, by the end of year 2030 approximately 60% of the world’s population will be urbanised with the majority from the developing countries. The mishmash of rapid motorization, developing road infrastructure and urban sprawl has given rise to arduous traffic conditions in major cities. The increased number of vehicles on road and acute shortage of parking space has induced traffic congestion leading to greater time spent in traffic.
Public conveyance services like buses and metros do not provide last mile connectivity and are mostly swarmed with passengers struggling to find space to sit or stand. In addition, travelling through bus/metro also adds travel time to your already busy routine. The escalating demands for faster and convenient modes of travel has given rise to a number of commuting services for the rapidly increasing urban population. The cab industry has huge potential and high growth rates to cater to the growing requisites of the urban population.
The Indian taxi sector has seen a remarkable growth over the past few years. The taxi market in India is estimated at around $15 billion and is forecasted to grow at 17-20% annually. As per research, over the past 4 years, there has been an investment of over $400 (INR 2400 crores) of VC money into the Indian cab/taxi space. The organised taxi services comprise around 6% revenue share of the overall market size of the taxi market of India.
As per survey, approximately 1.6 million vehicles in India are licensed to run as cabs. While the aggregator taxi services stared out many years after the traditional radio taxis, they’ve already started to eclipse them in terms of city coverage, fleet size, offerings and pricing.
With colossal online and radio taxi services available, the vogue certainly seems to be towards hiring cab to travel. The modern-day cab facilities aspire to bring a revolutionary change in the way people commute by addressing the mammoth need for the smoother and convenient travel in urban cities. With rapid urbanisation, the demand for cabs/taxis is bound to increase for its convenience and speedier connectivity. Gone are the days when taxi booking was a mundane task which took a great deal of time and effort. Today, one can avail taxi services with just a few clicks. Hiring a cab within 2 to 5 minute is very much accessible today and such services have made commuting for the people of millennial cities easier and simpler.
Cab hailing services are an easy and quick alternative to reach your destination without worrying about the fuel, parking, safety and traffic while taking car. The present-day cabs/taxis offer hassle free, reliable and faster travel experience. In addition to being cost effective, customers can check cab availability in real time with booking confirmations within minutes. The need and demand for cabs is soaring in metros and big cities as companies, executives, tourists and affluent people prefer travelling via modern cabs/taxis that provide easy, elegant and safe travel experience.
Urban cities are increasingly becoming major drivers of country's economic growth and development. In today’s fast paced life, seamless and comfortable travel experience is a boon for the people of satellite cities.
