Cab aggregators market comprises various participants that connect the customers and car drivers, using different forms of communication technology. Proliferation of smartphones and low cost internet connectivity across the globe has led to considerable growth prospects for mobile application-based business models. Cab aggregators are among the prominent businesses that have garnered large profit margins over the last few years.
Increasing commuting requirements for business and leisure activities is expected to drive market growth
High urbanization rates across all major economies, rampant economic development especially in the highly promising markets of India and China, and increased investments in the development of road infrastructure is expected to present strong growth prospects for the cab aggregator market participants. Emerging economies such as India, China, Indonesia, Thailand, and Malaysia are expected to present significant growth potential over the forecast period, owing to increasing business activities and growing consumer spending capacity in the region.
Increasing requirements for daily commuting favored by inconsistency of public transport means in the developing countries will present considerable growth prospects over the forecast period. Industry participants are increasingly innovating offerings through competitive service costs, availing premium and luxury cars at the consumers’ doorstep, and ease of availability at the required time. Increasing focus of key players in the market to further enhance use experience by providing low-cost traveling options in these price-sensitive countries is expected to propel growth the cab aggregators market.
Cab Aggregators Market Taxonomy
On the basis of end use, the global cab aggregators market is classified into:
On the basis of customer types, the global cab aggregators market is classified into:
On the basis of booking type, the global cab aggregator market is classified into:
On the basis of business sector, the global cab aggregator market is classified into:
On the basis of vehicle types, the global cab aggregator market is classified into:
Proliferation of cab aggregator market has led to significant impacts on unorganized transport service providers and automotive industry
Consumers’ inclination towards owning an automotive is primarily to gain access to transportation means. Increasing consumer satisfaction through these service offerings has led to significant negative impacts on automotive sales and local taxi service providers. Owing to these impacts, automotive industries are forced to consider sales strategies in accordance to the cab aggregator market presence. Chief automotive industry participants are establishing collaborations to enhance with cab aggregators to maintain sales consistency. For instance, in India, Ola has established collaborations with Maruti, Hyundai, Nissan and Tata to enable better loan facilities, repayment choices and financial benefits for drivers who opt to purchase cars through its channels.
Asia Pacific is expected to witness highest growth rates over the forecast period
Countries such as China, Indonesia, India, and Malaysia are expected to witness significant growth over the forecast period. Consumers have showcased high inclination towards mobile solutions, which is still in its nascent stage in these regions. Moreover, companies are increasingly focused on capitalizing on the opportunity through considerable investments and enhancing their offerings in these regions. For instance, in May 2017, Ola announced plans to invest US$ 2 billion in India to ply one million e-vehicles on the Ola platform by 2020. In May 2017, Uber announced plans to enhance its offerings through enabling offline booking options through SMS, WhatsApp and calls; and enhance consumer safety by providing car safety related information.
Global cab aggregators industry is consolidated with the presence of few major participants such as Uber, Lyft, Hailo, Ola, Grab Taxi, Didi Dache, Gett, LeCab, Cabify, and Bitaksi. Owing to low initial investments and large growth opportunity, industry is expected to be attributed with large number of new entrants. New industry participants include Cabby, TenZillionCabs, HiCabs, DropTaxi and Baxi Taxi. These are expected to present considerable challenge to the major players and intensify the competition over the forecast period.
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