BURNABY, British Columbia, June 23, 2014 /PRNewswire/ --
Expanding middle class, growing per capita income and changing lifestyles to boost radio taxi market in India
India radio taxi services market has been witnessing massive year-on-year growth since 2009. Customers are increasingly shifting from traditional black & yellow taxis to modern Radio Taxis equipped with AC, GPS, 24x7 customer support, electronic fare meter and other tangible and intangible features. Currently, companies operating under aggregator business model are witnessing robust double digit growth. The growing adoption of aggregator model is opening up the market for unorganized taxi operators to switch to organized radio taxi services market.
According to a recently published report by TechSci Research, "India Radio Taxi Services Market Forecast and Opportunities 2019", the radio taxi services market revenues are forecast to grow at a CAGR of about 25% during 2014-19 on account of rapid urbanization, increasing demand from corporate sector, growing per capita income coupled with various benefits offered by Radio Taxis such as enhanced passenger comfort and security as well as GPS/GPRS and internet connectivity. Major Radio Taxi providers in India include Meru Cabs, Carzonrent, ANI Technologies, and TaxiForSure.com. With major presence in metro cities such as Delhi, Mumbai, Bangalore, Hyderabad and Chennai, these players are now increasing their focus on expanding their service network in tier-2 cities.
"Existing and upcoming industrial hubs and corporate parks on the outskirts of metro and tier-1 cities such as Delhi, Mumbai, Bangalore and Chennai are creating significant growth opportunities for radio taxi operators. Moreover, young working class, in particular, opts for radio taxis due to enhanced convenience and safety. These factors are expected to significantly boost the radio taxi market in India over the 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 and Opportunities 2019'’ has evaluated the future growth potential of the India Radio Taxi industry and provides statistics and information on market structure, industry behavior and trends in the country's Radio Taxi market. The report includes Radio Taxi Services market projections and demand forecasts. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the India Radio Taxi market.
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SOURCE TechSci Research