Bike taxi is a form of transportation, which carries one passenger from one place to another. It is much cheaper form of taxi and provides services in various forms, such as bike rentals and pick & drop facilities, at cheaper prices. Improved technology has resulted in reduced taxi fare and ease of booking through mobile apps, which resulted in the bike taxi market expansion. With the advent of e-hailing taxi applications, such as UBER and OLA, taxi services have been one of the game changing innovations of the transportation sector.
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COVID-19 scenario analysis:
- COVID-19 pandemic, social distancing, and staying home have affected the bike taxi market.
- People are advised to stay at home to prevent the spread of the virus, thereby impacting the use of cabs and taxis across the globe.
- COVID-19 pandemic has restricted travel and use of vehicles. They are expected to restart only when the situation becomes stable.
- COVID-19 has reduced mobility, resulting in the declining the growth of the bike taxi market.
- Various drivers are facing a loss of income due to reduced demand for ride shares during the COVID-19 quarantine period.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The significant factors that impact the growth of the bike taxi market are reduced taxi fare with ease of booking and timely availability. However, fluctuations in prices and cancellation of rides hamper the growth of the bike taxi market. Furthermore, increase in population and increase in time-saving rides are expected to fuel the growth of the bike taxi market.
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Reduced taxi fare with ease of booking
Improved technology has resulted in easy way of booking taxi compared to the earlier methods. Car fairs are more compared to bike taxi fares, which increase the cost of traveling of single person. Thus, bike taxi reduced the cost of traveling for one person and leads to the growth of the bike taxi market in near future.
Timely availability
Technological upgrades help to locate the vehicles, and calculate the estimated time of reaching the taxi to the pickup point and to the destination. These upgrades help to reduce the time and lead to easy availability of the taxi. Therefore, this results in the growth of the bike taxi market in near future.
Key benefits of the report:
- This study presents the analytical depiction of the bike taxi market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the bike taxi market share.
- The current market is analyzed from 2020 to 2027 to highlight the bike taxi market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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