India Radio Taxi Services Market Set to Grow over 21% CAGR during 2019-2024
According to TechSci Research report, “India Radio Taxi Services Market, By Vehicle Type, By City, By User Segment, Competition, Forecast and Opportunities, 2014-2024”, India radio taxi services market is projected to witness growth at a CAGR of 21.1% during 2019-2024. Growth of the market can be attributed to rising smartphone sales and increasing Internet penetration across India. Moreover, improvement in navigation and GPS system is positively influencing India radio taxi services market. Additionally, convenient pickup and drop services available with radio taxis along with their affordable prices is further increasing the demand for radio taxi services across India. Improved location services with accuracy rate of 5–10 meters and raise in purchasing power capacity of people in India would further steer growth in the market.
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Aggregator model radio taxi service providers dominated India radio taxi services market with over 90% share as of 2018. Radio taxi services market is witnessed to be largely concentrated in North India owing to the region’s high population. 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, Fast Track Call Cab Private Limited, Wings Travel India Management Private Limited, etc., and their continued operations in radio taxi services industry of the country is anticipated to intensify competition in India radio taxi services market over the next five years.
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“Factors like technological advancements, flexible policies for radio taxi registration system, easy car attachments with radio taxi service providing platforms, vehicle financing solutions from aggregator models, are fuelling growth in India radio taxi services market. Moreover, government tie-ups and recommendations for radio taxi services is are further boosting demand for radio taxi services across the country. Additionally, ride sharing model available with the aggregator models would steer growth in India radio taxi services market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Radio Taxi Services Market, By Vehicle Type, By City, By User Segment, Competition, Forecast and Opportunities, 2014-2024” 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 the industry.
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