Ever since the inception of ride-hailing service, the way people commute has changed drastically. Gone are the days when people used to wait for hours to hire an auto. With the world moving towards digitalization, almost everything can be done with just a single click.
Want to reach your destination in no time with utmost comfort? Ride-hailing is all you need! All you need to do is just download the app, select your pick-up and drop location and enjoy the ride at an affordable price. Yes, it’s that simple! Ride-hailing has indeed made the lives of people across the world very easy. In this article, we will be sharing some insights about the ride-sharing industry and its growth.
Before jumping to the future of the ride-hailing industry, let us learn something about the market leaders:
Popular Ride-Hailing Companies
- Uber
Founded in 2009, Uber has been the undisputed ruler of the world ride-hailing industry. This company not just offers cars on hire, but also has its hands in other business segments. Started in America, its service is now available in more than 60 countries. The company also recorded a whopping revenue of 1,414.7 crores USD in the year 2019.
- Rapido
When it comes to bike taxi aggregators, Rapido is the promising leader in the Indian market. Launched in 2015, it has grown by leaps and bounds by spreading its service to over 75 cities in the country. It is the safest and most reliable bike-hailing company in the country. In order to avail its service at the best price, you can grab some incredible Rapido coupons and deals and get huge discounts.
- Lyft
Another popular American ride-hailing company is Lyft. Based out of San Francisco, the company offers bicycle-sharing, motorized scooters and food delivery services. With its presence in more than 600 cities in the US, it is the go-to ride-sharing platform for millions of people.
Where Is The Ride-Hailing Market Heading?
Ever since the ride-hailing market came into existence, the world has seen major changes. It became easy for people to commute from one place to another. With more people embracing the ride-hailing option, it sure holds a bright future. The market is expected to register a CAGR of 15% during the forecast period of 2020 to 2025.
Though the COVID-19 era is still here, markets have opened up and so have the people started to commute from one place to another. The overall revenue of the ride-hailing companies had surely gone down during the quarter but things are back to normal now. Not only this, Goldman Sachs has also reported that there might be an estimated global growth of the ride-hailing industry to $285 billion by the year 2030.
Advantages Of Using Ride-Sharing Platforms
If the above points have not convinced you to use the ride-hailing platforms of today, the below mentioned points will surely do.
- Saves Money
First things first! Saving money gives an amazing feeling to each and every individual. And, what if we tell you that making use of a ride-sharing platform will save your tons of money? Yes! You read it right! Booking a cab/bike and sharing it with other commuters will save huge money. It costs less than petrol/diesel and can help you make great savings in the long-run.
- Saves Time
In this tedious world where people do not even get time to eat their meals, time is the most important thing. Believe it or not, hiring a cab can save your precious time and give you plenty of time to do your favorite things. You do not have to drive all the way to work in the hush-hush of the city. While you are in the cab, you can read books, watch movies, listen to songs, or just do your office work.
- Reduces The Traffic
Imagine 3 people traveling to the same destination using the same car instead of 3 different cars? Makes sense right? Ride-sharing works with the same idea. They accumulate different people going in the same direction and help them reach their destination. This way not just the traffic will be reduced but there are chances you strengthen your network and make new friends.
- You Do Not Have To Remember The Toutes
The biggest advantage of using a ride-hailing service is you can travel anywhere even if you do not know the routes. You can completely rely on the driver and reach destinations that you have no idea about. The driver knows all the routes and can also navigate the routes on Google maps and similar apps. With the help of such apps, he can also know the shortest distance and which route to avoid in case of traffic.
- Creates Employment Opportunities
Last but not the least is the most exemplary advantage of the ride-sharing industry. It has created millions of jobs across the world. Anyone who loves driving and wants to make a living out of it can opt to become a driver and earn a little penny. Not just this, drivers can also choose their flexible work hours and take up other jobs at the same time.
Final Words
With umpteen pros offered by the ride-sharing industry, it is sure to have an incredible future ahead. In developed countries, ride-hailing is moving towards robots whereas in developing countries, the industry is focusing on more e-vehicles. The government of India is planning to achieve 30% e-mobility by the end of 2030. Besides this, carpooling and car rentals are also seeing a phenomenal future.
So, next time when you plan to step out, do not forget to use your phone and book a cab or bike. This is high time we save petrol, save time and rely on ride-sharing platforms which are no less than a blessing to mankind.
Author Bio: Anushka Oza is an aspiring journalist, a free spirited package of positive energies! Extremely social and fun to be around, this wordsmith takes her work seriously. She is an avid reader, big foodie, and travel junkie.
