India Radio Taxi Services Market to Grow at a CAGR of over 17% till 2021
Changing
lifestyles and convenience benefits to drive demand for radio taxis among
Indians...
According to TechSci Research report, “India
Radio Taxi Services Market Forecast &
Opportunities, 2021”, radio taxi services market in India is forecast to grow at a CAGR of over
17% during 2016-2021, on account of changing lifestyles coupled with increasing
affordability of travellers. Further, rising demand from corporates has been
increasing demand for radio taxi services in the country. Corporates prefer
well-maintained, on-time taxi services, which is majorly addressed by organized
radio taxi service providers. In Delhi, Mumbai and Bangalore, suburbs are
located 25-30 km away from commercial markets and corporate hubs. This
necessitates frequent use of radio taxi services. Apart from individuals and
corporates, demand for radio taxi services is emanating due to increasing
tourist’s footfall as well.
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Majority of radio taxi service providers in India operate
under aggregator business model. Dramatic growth in radio taxi services market
in India during the last five years can be attributed to rapid increase in
fleet size of aggregator radio taxi companies due to low entry barrier. The
rising adoption of aggregator model in India radio taxi service market has yielded
lucrative opportunities for unorganized taxi operators as well. As a result,
market share of unorganized radio taxi services market in the country is
expected to decline over the course of next five years. Meru Cabs, Easy Cabs,
Mega Cabs, Fast Track Call Taxi, NTL Taxi, etc., are few of the popular radio
taxi companies operating under the aggregator and own asset models in India
radio taxi services market. In 2015, the radio taxi services market in India is
largely driven by demand generated from metro cities. However, the country has
been witnessing increasing demand for radio taxi services across Tier II and
Tier III cities. In 2015, South and West regions of India were the largest
demand generators for radio taxi services in the country, owing to high
population density and large radio taxi fleet in these regions.
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“Radio taxi services are emerging as an attractive business proposition across
India, as a large number of investors have been expressing their interest in India
radio taxi services market. During 2011-2015, venture capitalists, private
equity firms and angel investors across the globe have made huge investments in
this market in the anticipation of lucrative returns. Consequently, investments
in radio taxi services market in India are projected to increase over the
course of next five years.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India
Radio Taxi Services Market Forecast & Opportunities, 2021” 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
essential drivers and key challenges faced by the industry.
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