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What comes to your mind first when you want to book a taxi? If you are thinking aboutu00a0Uber or any other giants, then you are right. As peru00a0Statista, Uber has completed approximately 1.7 billion trips in the second quarter of 2020.<br>A few years ago, no one would have imagined that the emergence of taxi-hailing apps will drastically change the scenario of taxi business markets. As peru00a0Statista, the revenue in theu00a0ride-hailing marketsu00a0will be $1,588.2 billion US dollar (approx.) in 2024. From this, we can say that the taxi-hailing industry is going to witness an upheaval.u00a0<br>
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By: Abdul Jafar & Afajal Meman Company: Yelowsoft Inc. Email: abduljafar@yelowsoft.com, Phone: + 1 8777070459 Website: www.yelowsoft.com
INTRODUCTION What comes to your mind first when you want to book a taxi? If you are thinking about Uber or any other giants, then you are right. As per Statista, Uber has completed approximately 1.7 billion trips in the second quarter of 2020. A few years ago, no one would have imagined that the emergence of taxi-hailing apps will drastically change the scenario of taxi business markets. As per Statista, the revenue in the ride-hailing markets will be $1,588.2 billion US dollar (approx.) in 2024. From this, we can say that the taxi-hailing industry is going to witness an upheaval.
RIDE HAILING IN 2020 Let’s start with the first topic
In 2020 COVID-19 has impacted the taxi industry in the worst way possible. All the big names that were considered as the biggest startups of the century like Uber, Lyft, Didi, Grab, etc are facing tough times. This catastrophic pandemic has disastrous results for taxi companies all around the world.
RIDE HAILING #2020 • Ride-Hailing companies started loosing their drivers and the daily expected trips • Passenger loses trust over taxi services • Public transit and social distance • Decline of shared mobility services • Reduction in the number of taxi & private hire drivers
RIDE HAILING #2020 • Imposed of strict Covid rules to be followed by hailing/conventional companies • Private Hire & Taxi Drivers doing more delivery services • Development & usage of electric and autonomous vehicle will be increased • Ride-hailing companies relying on delivery service
PREDICTION #2021 Will the economy recover in 2021?
Ride-hailing has already shaped mobility by introducing the idea of ‘on demand’ urban transportation. It quickly became the cornerstone of shared mobility, but the novel coronavirus has sent usage plummeting. There’s good news for ride-hailing businesses as the World Economic Outlook forecast report features a gradual recovery of the world’s economy in 2021.
PREDICTION #2021 • Ride-hailing is one of those businesses that are bouncing back after the pandemic • The global ride sharing market is projected to grow to USD 117.33 billion by 2021 from USD 75.39 billion in 2020, at 55.6% Y-O-Y. • Working from home becoming new normal • Volkswagen to launch a ride-hailing business in Rwanda
PREDICTION #2021 • Transportation Systems Management and Operations (TSMO) are all set to integrate the MaaS once the pandemic ends • Ford aims to offer fully autonomous ride-sharing car by 2021 • Launch of eco-friendly electric taxis • Most of the ride hailing company will invest in delivery service
PREDICTION #2021 If we have a look at the stats, then the global ride-sharing market size is estimated to grow at 55.6% to reach USD 117.34 billion in 2021 from USD 75.39 billion in 2020.
SAFETY MEASURES If ride-hailing businesses want the riders to use their services like before then they must establish trust among them. Ride-hailing companies can do this by maintaining safety measures of the highest order.
SAFETY MEASURES During the trip Between trips Sanitize their cars between the trips Drivers to wear masks, use of a protective sheet which would separate driver & passengers. After trip Before trip Companies will implement contactless payments as it’s a safer alternative Notify user that the car is freshly ventilated and sanitized
OPPORTUNITIES #2021 • Investing in delivery business (Food, Grocery, Parcel, Medicine and Cargo • The usage of Bike taxi will be on hike. • Ride-sharing companies to work with transit authorities
OPPORTUNITIES #2021 • Introduction of digital wallet as a payment • Hype of super app • It is a very good time to find loyal employees and to promote your business as socially responsible
GRAB - Moving driver capacity from ride-hailing to on-demand delivery Ming Maa (President Grab) outlined three key focuses for Grab in 2021: last-mile logistics, fintech, and merchant services.
UBER - Food delivery, freight and logistics Uber’s ride-hailing business is by far its biggest, but the Uber Eats and Freight businesses are growing substantially faster after Covid-19 and they are expecting profit in 2021.
GOJEK - Sustaining and stable business in Covid and its 2021 plan Gojek to launch option to book metered fare taxis using its app by first half of 2021 and other plans for Singapore include an option to book larger six- or seven-seat vehicles and a “convenient transport platform for corporates.
Lyft – 2021 Plans Lyft is taking aim at Uber's booming food-delivery business with a delivery service of its own. Lyft will turn a profit by 2021 and Lyft plans to spend $300 million on AWS through 2021
THANKS! Please contact the team to discuss queries and further discussion: www.yelowsoft.com live:abduljafar_2 +91 8000683444 abduljafar@yelowsoft.com
