Ride-hailing Industry Has A Better Potential For Growth In The Future: Top Ride-sharing Trends To Unfold

To imagine a life without taxis, we would have to travel centuries back. Taxis have evolved with modern technology, making them ever-present. The shift from yellow taxis to Uber is, by far, considered the greatest revolution in the modern era. Following Uber, many taxi apps are sharing the global taxi and transportation market. But has the taxi industry attained its threshold? A definite no would be the answer. 

Entrepreneurs are coming up with innovative solutions to make taxi rides more seamless and hassle-free. People get numerous ideas when thinking from different perspectives; what if there’s a way to enhance the comfort of taxi rides even further; what if the taxi rides can be more economical?; what if there’s a way to introduce a new electric vehicle. All these ideas make us conclude that the mobility sector is still in its nascent stages, and the taxi segment’s revolution is very much a possibility. 

In this blog, let’s discuss the top ride-sharing trends that can gain positive reception among the audience. 

Ride-hailing has a wider scope than just taxis

For years altogether, ride-hailing has become synonymous with taxi rides. However, a majority of people do not prefer taxis alone. The success of bike-hailing apps like Rapido stands as a perfect example of the above statement. 

In this near future, ride-hailing apps will expand to multiple vehicles like boats, bikes, yachts, autos, etc. 

Entrepreneurs need to be wary of this situation and not focus too much on taxis alone. In a city with rivers and streams, boat-hailing apps can significantly do the trick. 

Ride-sharing can reduce the cost of taxi rides

People’s constant need to make taxi rides more economical has been answered with the advent of ride-sharing solutions. 

A single passenger traveling towards a destination can accompany a fellow passenger (friend/family/stranger) heading the same way. Ride-sharing solutions come with numerous advantages as well. They include, 

  • Reduced traffic due to fewer vehicles. 
  • Reduction in fares, paving the way for economical rides. 
  • Reduced traffic will lead to lower time to reach the destination. 

Entrepreneurs needn’t have second thoughts about developing a ride-sharing app,  with more leaning towards these solutions gradually. The time is ripe for public transportation services to adapt to this ride-sharing model via smartphones. 

Rental services are everlasting 

Even after so many advancements in technology, people still fear not finding cabs on their way home. Rental solutions can eliminate this fear by enabling passengers to avail of taxi rides on an hourly basis. 

With people having the luxury of traveling wherever they intend, the rental services market forecasts steady growth for years. 

Corporates can opt for specific rentals in the future 

Hospitality is one major factor of consideration among organizations’ responsiveness nowadays. With the growing need among employees to have individual rental solutions, corporates can consider having a taxi platform, explicitly focusing on employee needs. All entrepreneurs have to do is develop a taxi rental solution and join hands with corporates. 

This way, drivers signing up with the platform needn’t worry about rides. They can enjoy consistent revenue through the platform. 

The future for rental services involves self-drive cars 

People demand privacy in their rides nowadays. Having a driver to take them to the destination can hamper their trust and confidentiality. Hence, taxi apps need to roll out self-drive cars for individuals. This way, users who require a daily commute can avail of these rental services. Apps like Zoomcar have gained reasonable success in the field. However, people prefer the platform experiences demand only on weekends or holidays. 

A successful rental solution must enable people to avail of these services daily. 

The market for electric vehicles will grow exponentially 

The environmental impact of automobile vehicles is a matter of concern among people. Even after the reduction in fuel consumption rate, reduced emissions, etc., specific damages like pollution, global warming becomes inevitable. With numerous countries pledging to conserve the environment, e-vehicles can significantly impact the ride-hailing segment. 

E-scooters have already gained a positive reception among the audience. Apps like Bird, Lime, etc., have leveraged on e-scooters. 

Taxi apps have evolved synonymous with automobile advancements 

With most automobile companies stressing on e-vehicles to be the future, it is high time taxi apps evolve with this trend. The shift from fuel to electric vehicles can be a significant revolution, making the process more productive and environment-friendly. 

An Uber clone, encouraging e-vehicles, can easily register a place in customers’ smartphones, as the market is relatively new and unexplored by entrepreneurs. 

SaaS model is gaining the spotlight amid COVID-19 

Ever since the advent of Uber, most taxi cabs emerged under the aggregator model. However, the COVID-19 pandemic has made governments impose various travel restrictions. This pandemic situation has led to considerable losses to taxi apps, as the demand for taxis almost dried up. To cope with the losses, the pioneer of the industry, Uber, has come up with the SaaS (Software as a Service) model. 

What is a SaaS model? 

In this Software as a Service model, entrepreneurs who develop the taxi booking software can rent it out to public transit agencies on a monthly/yearly basis. This way, people preferring public transport can book their spots using the software. While this is considered an alternative way to gain income, this model also has vast potential.

Entrepreneurs leveraging on this model needn’t worry about cabs or drivers. They can rent out their software and earn consistent income with their platforms. 

The future looks bright 

According to GrandViewResearch, the transportation market will grow with a healthy CAGR of 19.8% between 2018 and 2025. With so many innovative ideas sprouting up, the future for the ride-hailing segment looks bright. Safer, environment-friendly rides at economical prices are very much achievable. 

Entrepreneurs need to come up with unique solutions to make their platform stand apart and the system more productive. Reach out to app development companies that share the same interest in bringing about innovation, request for a solution like Uber clone app, and launch your ride-hailing app today! 

Basant Kumar
Basant Kumar, I am an Indian blogger. I specialize in all types of posts and I have been supporting on social media ever since days. If we want to make you successful and successful then social media is a very good and easy way whether you are in studies or business etc.

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