Corporate and young India relies on radio taxis
Forecasts reveal further growth for India radio taxi services market, which has been reporting noticeable YOY growth since 2009. Taxis in India are no longer the realm of traditional black & yellow cabs as modern day radio taxis have captured a fair share of taxi bookings here.
Equipped with AC, GPS, 24×7 customer support, electronic fare metre, online bookings, rentals in the dead of the nights and other features, demand for radio taxis has surged ahead. Companies operating under aggregator business model are reporting healthy double digit business growth. Adaptation to the aggregator model has expanded opportunity for unorganized taxi operators to switch to organized radio taxi services market.
As per a TechSci Research report, “India Radio Taxi Services Market Forecast and Opportunities 2019″, revenues forecast points to CAGR of about 25% during 2014-19. Rapidity is attributed to urbanization, increase in demand from corporate sector, growing per capita income and benefits offered by Radio Taxis.
At present, major radio taxi providers in India include Meru Cabs, Carzonrent, ANI Technologies, and TaxiForSure with metro cities such as Delhi, Mumbai, Bangalore, Hyderabad and Chennai being robust as a result of high corporate demand from existing and upcoming industrial hubs and corporate parks on outskirts of metro and tier-1 cities. Efforts are now being concerted on service network expansion in tier-2 cities. A younger working class relies on convenience and safety of radio taxis. Radio taxi market in India will continue to grow positively over the next 5 years.