Opportunities are in abundance in the ride-hailing industry, as it is still a nascent industry, and companies are exploring its potential.
Uber’s disruption began a decade back, and today, we see numerous companies riding on the back of on-demand business models. Uber, in turn, has given a leeway to its competitors to incubate. As a result, we have Lyft, Via, Ola Cabs, Didi, Gojek, Snapp, Grab, Bolt, and many others in the ride-hailing industry.
If we take the Uber business model as a reference point, we can learn so much about how mobility is evolving in the ride-hailing service space. Uber launched its taxi-hailing app for luxury cars in the beginning. Later, it targeted the people who hail a taxi to commute. Uber went on targeting the people of all cohorts to expand its reach.
As a result, other ride-hailing services made it to the industry, bringing in more user-centric riding solutions. The present taxi industry trend is to analyse the need and devise a solution accordingly to attract as many service providers (drivers) and riders as possible
Top Ride Sharing Trends Unfolding the Future
Ride-hailing software is no longer confined to only taxi-hailing solution. Below are some of the noteworthy ride-sharing trends that you must know about to get a glimpse of futuristic mobility.
- Ride-hailing Solutions:
Today, the taxi is not the only means to hail a ride. Numerous companies are using taxi booking software to get into the ride-hailing business. Autorickshaws and bikes are identified as the new addition to the ride-hailing cohort. This is specifically targeted for riders who are looking for affordable services.
In countries with rivers to cross, some companies even offer boat-hailing service on the bank.
Future of Ride-hailing Apps: Taking a cue from the latest ride-hailing app trends, we can predict that there will be more additions in the number of rides. Today, we have cars, yachts, boats, autos, and bikes. In the future, mobility will find a way to connect common people with an on-demand helicopter.
- Ride-sharing Solutions:
More often than not, people think of ride-hailing services as ride-sharing services, which is not quite the same. Ride-hailing means riders can book a ride of their choice from an app, and can decide to ride individually or with their friends.
On the other hand, ride-sharing means a more connected solution. On-demand public transportation for a commute to work or an on-demand bus for a city ride are examples of ride-sharing solutions.
Future of Ride-sharing Solutions: In the future, intercity travel, interstate travel, and similar public transportation would leverage ride-sharing solutions.
- Car and Bike Rental Services:
In recent times, the on-demand service economy is booming, and the need of riders is evolving simultaneously. Modern riders need more control over their rides, which is raising the popularity of vehicle rental services.
Though car and bike rental services are gaining momentum, these witness a spike in their rental rate during weekends and holidays. Overall, the rental vehicle industry is recording steady growth.
Future of Car and Bike Rental Services: Individuals are restoring their trust in the rental industry, and feel more convenient to rent a car rather than owning one. On similar lines, companies that offer car and bike rental service would catapult, as individuals would leverage subscription-based rentals. Individuals would seek rental services even for going to work and daily travel.
- Electric Vehicle-based Sharing Services:
The on-demand economy has contributed a lot in reducing the overall fuel consumption rate. However, it still has an impact on the environment. As a result, numerous countries have pledged to encourage electric vehicles to cut down on fuel requirements.
A number of automobile companies have launched e-bikes and electric cars, which would become mainstream in the near future. A shift from the fuel-based fleet to the electric power-based fleet would be noteworthy.
Future of Electric Vehicle-based Sharing Services: On-demand electric vehicle-based companies would tie-up with automobile companies to turn into a trendsetter. Besides this, autonomous cars are also going to the future of the on-demand economy.
The essence of the evolution of mobility lies in tracing the trends of automobile companies. It is the rise in the price of cars that encouraged ride-hailing companies to offer affordable service. Opportunities are in abundance in the ride-hailing industry, as it is still a nascent industry, and companies are exploring its potential.
However, the first step to turn this opportunity into revenue lies in building an e-hailing app. If you are a technically sound individual, you can do it on your own by outsourcing developers from a software development company. Alternatively, you can look for a ride-hailing taxi app development company and request for a solution.