The Business Potential of Cloud-Based Bike Taxi Services


The Business Potential of Cloud-Based Bike Taxi Services Company news, News September 1, 2023 The efficient utilization of time and money is one of the primary objectives of frequent commuters. Subways, bus rapid transit (BRT) systems, and taxi services provide very limited means to achieve these goals. The BRT is cheaper but consumes more time since the commuters rarely find a bus at their doorstep. Taxi services save some time of travelers but are expensive to be considered. In such circumstances, the bike taxi service is the most effective scheme which renders an excellent alternative to the traditional commuting options. In the presence of such a service, the users find a bike at their doorstep in less than 5 minutes once they schedule a ride. Moreover, one reaches the destination in relatively lesser time and at an impressively affordable cost. The bike taxi software is as valuable for the service-provider as the users. Following are some of the ways which attract the entrepreneurs in every part of the world to invest in such software. Develop User Persona The foremost aspect of ensuring high user experience is to develop user persona. It refers to the hypothetical sketching of most ideal passengers. Persona identification determines the kind of users that download and use your app.Developing a user person requires market analysis including the needs of users and what competitors are currently offering them. The demography of consumers using app for taxi service widely varies. You can determine the ages, socioeconomic conditions, and cultural limitations of passengers. The design of app should correspond to the technical understanding of users. Craft a User Journey Map A range of reasons push users to abandon your app. Some may find it difficult to use while others see it excessively time consuming. Again others may find it taking more space in your phone. Similarly, there are many factors which attract users to use some mobile apps for taxi services above others. It is vital to determine the causes that retain or lose users. Crafting a journey map in app for taxi service requires quantitative as well as qualitative research. The former is intended at collecting reviews, ratings, and feedbacks of users from various channels. Latter aims at determining the reliability, currency, and validity of information. The map is immensely helpful when compared with the outcomes of user persona. You can realign your marketing strategy to target the most pertinent potential users first followed by the less preferred ones. Studies indicate that developing a correct user journey map increases the revenue by 52% on average. Design App Navigation Blueprint Prior to taxi app development, it is essential to sketch a blueprint of the app. In essence, a flowchart should be developed indicating the root pages and each of the subpage. For better user experience, it is advisable not to go beyond fourth level of hierarchy. The design should be interactive enough to facilitate the non-technical users. At the same time, it should be pleasant as well with attractive color schemes and unparalleled branding. It is advisable to come up with various designing options and choose one of them later. To evaluate each design, you can develop wireframes and prototypes of app. Wireframes are static images which show the appearance of pages once the app would be developed. Prototypes demonstrate the behavior of buttons, links, and other elements. Ensure Uniform Driver Distribution One of the most prevalent problems with Uber clone app systems is the deficit of uniform vehicle distribution in geofence. Some regions have more vehicles than required whereas others have a shorter availability. Consequently, a considerable proportion of passengers struggle to find a vehicle on time. Besides, shortage of drivers in an area also results in price hike due to increased demand. The driver side app should show nearby drivers so that each driver can relocate to an area where the demand is relatively higher. Moreover, depicting the areas in the vicinity with higher demand is also vital. It is notable that drivers do not have to travel miles for relocation. Instead, a distance of up to 500 meters is sufficient in most cases. Ensure Uniform Driver Distribution Time is a crucial factor for on-demand services. Many consumers adopt on-demand models to save time otherwise consumed in getting services traditionally. An app for taxi service should ensure provision of real-time features including vehicle tracking for passengers and route optimization for drivers. Moreover, it should also reveal the location of drivers in the proximity in real-time as mentioned earlier. The option for real-time messaging is indispensable so that drivers and passengers can communicate if needed. A choice to call driver should be available too but most passengers are comfortable with communicating through messages. Furthermore, push notifications also enhance user experience in mobile apps for taxi services. They keep passengers updated with estimated arrival time and promo codes. Drivers also attain better user experience by staying updated with pending and ongoing rides. Prototype Development and Testing While you develop the app, it is immensely important to test it in parallel to development with small prototypes. The testing should not be confined to the business owners and employees. Rather you should acquire services of a group of potential customers who could take independent audits. You should test following aspects. Users should be able to navigate easily to the desired page of the app. App for taxi service should not take more than 15 seconds to schedule a ride. Latency time – the time an app takes to load after user opens it – should be minimal. Efficiency of real time updates including tracking, route planning and messaging. Appearance of app should be pleasant to users. Meet Standard KPIs There are undeniable performance indicators which influence the success of mobile apps for taxi services. Most independent evaluators believe that app loading time is one of the most crucial aspects. Research indicates that around 70% of users would quit an app which takes over six seconds to load. This test takes

Bike Taxi Business


Bike Taxi Business Company news, News September 1, 2023 Smartphone powered bike taxi apps are crucial players causing disruption in the traditional taxi business. The $6 billion annual revenue of taxi businesses in the US alone indicates the volume of this industry. However, market analysis also reveals that market share is rapidly swinging in favor of on-demand bike apps. Besides, the industry is flourishing in various parts of the world including Asia with huge population density. How to start a bike taxi business? Like any other industry, bike taxi business ideas also require a comprehensive business model. This model includes, but not limited to scope of services, operational regions, and sources of income. It is advisable to sneak into each of them. 1. Business Scope Generally viewing bike taxi model allows the investor to find the wide domain of options. However, bike sharing remains the most attractive one owing to its increasing demand in urban areas. Bike sharing The traffic congestion is discouraging people to use private or taxi vehicles. A bike is an appropriate alternative for its economy factor and relatively easier penetration in high traffic areas. Moreover, it is not only cost-effective for passengers but also service providers. The fact that bike taxi is a solution to high costs and traffic problems prompts governments to promote it. Despite the introduction of autonomous and electric vehicles, starting bike taxi business is far from foolish. Autonomous cars will take at least two decades from now to attain a position where they might disrupt bike taxis. Without autonomy, electric vehicles only solve the high-cost problem. The challenges of traffic jamming remain in place. Thus, bike-taxi startups are here to stay for some time. Delivery Services Delivery and logistics landscape is evolving with the integration of bikes. The challenges of last mile and same day delivery are making this mode of transportation an essential component. Furthermore, delivery services are not limited to B2B or C2C types. Although only a few restaurants and fast foods offered food delivery up to a decade back, yet it is becoming a necessity to stay in competition. One indication of remarkable on-demand food industry potential is the 300% faster growth rate as compared to dine-in restaurants. Repair Services Visiting a car mechanic is one of the least interesting activities. This is why vehicle owners tend to seek on-demand repair services. The availability of a service increases its demand because people not habitual prior to service availability. Apart from vehicles, the service provider may also offer to repair small damages in homes. However, it rests upon the budget of entrepreneurs to scale up the business as much as they can. Rental services This is another variant of bike-sharing service. Instead of a bike-taxi agent riding the passengers to destinations, the service seekers can rent the bike and ride alone. Bike rental services are vital for individuals who need to travel from place to place with considerable distance in-between. Rental bikes are also useful for individuals commuting to work. Thus, Bike-share and rental services have separate user-base with some of them overlapping. The cost of rental and bike taxi operations is more or less the same. In bike-taxi operations, the wages of riding agents are one of the major money consuming areas. Although rental bikes do not require ride agents, yet the relatively lower demand makes the profit margin tantamount to taxi. Emergency Response Bike riders can be the first responders to emergencies in metropolitan areas. The definition of emergency varies with most frequently occurring scenario being the need for first aid to treat minor injuries. Workplaces, as well as residential areas, require an emergency response. Fire eruption presents another instance which requires a quick response. Although these situations occur occasionally, yet the demand is colossal when viewed collectively. The notable factor in each kind of service is the fact that bike is the most essential component. Rest of the elements causing a hike in cost are insignificant. 2. Targeted Towns The identification of appropriate regions is one of the most crucial aspects of bike taxi business plan. The selection of targeted areas involves following consideration. Population density should be higher. If the town is bigger in terms of area with scattered population, the bikes will have to cover greater distances. In contrast, a smaller area with more population reduces the operating radius. In big cities with massive population densities, service provider can offer a number of operational regions. Weather should be moderate. This notion may appear absurd, but it makes a lot of sense when one has to travel on bike at above 95°F or below 50°F. An appropriate workaround is to offer occasional services when weather conditions are favorable. 3. Revenue Model Before sharing sources of revenue, you should note that bike taxi or related services require only small initial capital. You do not need to purchase bikes as bike owners can register their vehicle with your company for profit share. The only factors of initial costs include the cloud-based app subscription or purchase and marketing. The app expenditure is reasonable while marketing cost varies depending on the volume of promotions. The sources of income widely vary depending on the scope of business model. However, service charges are common in each of the models. A passenger or delivery service seeker pays for fare or delivery charges respectively. Similarly, first response service provider and rental bikes also generate revenue through charging per hour. The apps for food delivery services also earn through marketing of restaurant and fast foods. The food outlets pay delivery app owners to keep their restaurants visible in the search results. 4. Payment Choices The flexibility in payment options is one of the distinctive features of on-demand bike taxi. Apart from hard cash and POS machine, an app for the purpose often allows payment through in-app credit. The passengers can top-up the credit ahead of traveling or may pay later. The Sooner the Better The market is growing at astronomical pace with no signs

A guide to Launching Bike Share Services Startup


A guide to Launching Bike Share Services Startup Company news, News September 1, 2023 The transportation network in metropolitans mostly comprises public transit coupled with ride-hailing services. However, this combination is inadequate to fulfill the needs of a considerable proportion of commuters. Many commuters need to travel a distance which is too short to book a taxi, Uber, or Lyft and too long to walk all the way. The latter is often the case when passengers offload from a public bus. Bike-sharing services fill this void effectively. The startups offering bike-sharing app are more likely to remain successful by acquiring sponsorship and assistance in regulations from governments. Public and environmental activists also support such businesses. With such an impressive amount of assistance, bike share business tends to obtain funding comfortably. Prerequisites to Dockless Bike Share Business The selection of a business model varies depending on the socioeconomic and geographic conditions of a region. For instance, a relatively greater per capita income and purchasing power indicate that people are capable of owning vehicles and would be less likely to travel by on-demand bikes. However, improved socioeconomic situations do not necessarily result in people owning vehicles. Colleges and universities provide an example. Bike taxi companies ensure to offer services in educational institutes whose area is widespread. Students find it feasible to acquire a shared bike to move between various departments of an institute. Geographic conditions also affect the choice of business and region because many areas have inclement weather conditions ruling out the possibility of a successful bike-sharing business. Rarely would anyone wish to travel by bike in the immensely hot weather of Texas, Arizona, and New Mexico in summer. Similarly, intensely cold weather of northern regions in winter is likely to halt the bike-sharing business. Bike-sharing industry offers a range of businesses The areas where socioeconomic and geographic conditions suit bike-sharing app services allow the implementation of following business models. On-demand bike This model is around for over a decade now. South Asia and Asia-Pacific are the most successful regions with China and India. Many emerging startups are offering these services because urban areas in these regions are densely populated. The high population density discourages the use of cars and buses. To acquire an on-demand bike service, a user has to request a ride from a smartphone app. The administration staff in company dispatches the most appropriate bike based on location of user. Although the process of dispatching is automated, yet staff administers the process. An agent, usually a gig worker, completes the request. Bike pooling This is one of the most disruptive and flourishing business models in rideshare industry. The worldwide market is set to reach $2 billion. Its success pushed industry leaders including Uber and Lyft to start offering such services. The types of bikes widely vary because motorcycles cost more than bikes and scooters. Uber uses Jump scooters for bike pooling with second generation of such bikes rolling out next week. These electric scooters, though small, are highly cost-efficient for users and operators alike. Lyft, on the other hand, offers e-bikes under the brand name Bay Wheels in the Bay Area. These bikes ensure that the service remains independent of docks by providing locks. The innovation in machinery over time enables developing and underdeveloped countries as well to implement this model. Asia-Pacific is arguably the top contributor in development of bike-sharing industry with oBike in Singapore, and ofo and Mobike in Beijing among the prominent names. Delivery bike The success of Grubhub and postmates encouraged a number of startups to introduce on-demand food and parcel delivery services in respective regions. Uber also followed the suit with its Eats model. Delivery business attains excessive profit margin because operators are able to develop partnerships with food outlets and grocery stores. Such partnerships are helpful for stores, fast food outlets, and restaurants because they can save costs spent on maintaining delivery fleet. Since the amount of food consumption, number of marketplace businesses, and on-demand grocery stores increasing relentlessly, the demand for delivery bike services will continue to incline at a remarkable rate. Types of ownership The companies offering on-demand or pooled bike services either keep company-owned fleet of bikes or register private ones. In the latter scenario, bike owners register their vehicles with on-demand startup and attain a part of generated revenue. Research reveals that this model works better than former because startups can save the purchase and maintenance costs significantly. However, registering private bikes only works well for companies whose daily users are more than at least a hundred thousand. In case of small number of users, the profit margin is too small as a significant part of total earning goes to bike owner. Thus, keeping a base amount of company-owned fleet is advisable to ensure services at all times. Challenges in Bike Sharing Industry Every business has its own set of challenges. Bike share industry is no less challenging. Three most notable problems are shared. There is no regulation whatsoever that pushes riders to park a bike at appropriate places. Most service seekers abandon bikes in the middle of car parks, driveways, and sidewalks. These bikes create traffic congestion and annoy pedestrians and homeowners. Many countries are developing docking areas so that riders can find at least one dock in every square mile. The riding patterns are inconsistent in that some areas have far more bikes accumulated than others. Consequently, the areas with a lesser number of bikes often face increased demand but insufficient supply. Some companies acquire services of recovery vehicles to pick and redistribute bikes at various locations. Companies in many areas face vandalism. Bikes are destroyed or stolen for multiple reasons. While developing countries are more likely to face vandalism, developed countries are not safe either. Gobee bike-share service shut down its operations in France amid increased mass destruction of its fleet. Nevertheless, many new models of bikes have embedded sensors which alarm authorities in case of such an event. The collaborations between manufacturers, service

Bike Sharing Business Technology Acquisition and Marketing


Bike Sharing Business Technology Acquisition and Marketing Company news, News September 1, 2023 Micromobility is rapidly replacing the traditional means of commuting particularly in densely populated urban areas. Apart from avoiding congestion, people are also able to reduce cost of traveling and time consumption. A number of bike sharing business models have emerged as a result with dockless and stationed bikes being the most prominent ones. The types of bike also vary as users can seek motorbike, bicycle, or scooters. Regardless of the underlying business model, the acquisition of efficient technology and execution of effective marketing strategies are essential to start bike sharing business. The first part of this article shares the factors that make bike sharing a highly sustainable business. Later in the text, the appropriate technologies and marketing strategies associated with this business are discussed. Meanwhile, it also mentions modules and features of CabStartup platform. Why is On-demand Bike Sharing Business Highly Effective? There are numerous reasons causing sustainability of bike sharing. Following five are the most significant ones. Cost of Bike Sharing Operations Before the advent of bike sharing services, the urban dwellers faced of dilemma of choosing between public transit and taxi services. While former takes excessively greater time in most circumstances, the latter is considerably expensive. Bike sharing provides a decent alternative particularly to cover distances less than five miles. It is highly popular among the residents living in a 5 mile radius of a bus or subway station. By utilizing a bike, they can cover the distance between their residents and nearest station notably quicker. Besides, they also save money otherwise spent on taxi services. An extensive study exploring reasons for using bike share reveals that 73% of Washington DC residents acquire services to save time while 25% for saving costs. Another research from the UK demonstrates contrasting yet still encouraging results. It notes 66% residents saving costs while an impressive 78% for time saving. Excessive Security Features A decade back, bike sharing was widely perceived as impractical due to the inability of startups to offer security framework. The problem persists in some areas where modern bikes are unavailable. Baltimore Bike Share in the US, Gobee in France and Hong Kong, Wukong in China, and oBike in Singapore present some of the notable examples of Bike sharing services shutting down due to vandalism. Fortunately, the significant enhancement in design and software has resulted in remarkable drop in stealing and vandalism incidents. For instance, the top bike share operators ensure that the GPS remains inside the frame of vehicle so that it cannot be detached and remains on at all times. The manufacturers have also introduced bike whose bolts and nuts cannot be removed since the removal requires screw drivers of unique shape. They ensure that bell and headlight remains integrated and fixed within the frame. Encouraging Bike Sharing Statistics Statistics from around the world in general and the US in particular indicate that bike sharing industry is growing rapidly. Although each year saw an increase in the number of users, yet 2018 remained incredible after the arrival of e-scooters. Following information compiled by NACTO shows 240% annual increase in the number of trips in 2018. Dockless bike share companies could not attract sufficient users in 2017. However, they also managed to attain a decent user-base in 2018. One noteworthy reason for these admirable statistics is the fact that bike share companies are incorporating mature technology. The results include a reduced cost of operations and more sustainable revenue generation sources. Western Europe demonstrates even more encouraging results. The Netherlands was already the leader in utilization of bike sharing with a rate of 1.3 bicycles per person – most in the world. The next ten countries in this list are also Europeans sitting above Canada and the US. Flexibility to Expand Business Model It does not matter much whether you start with a dockless bike or a stationed one. Bike sharing business allows expansion of business model in the future provided the underlying dispatch platform is flexible enough. In fact, you may also add bike-taxi and three wheelers in future. However, the vehicles in these business models require gig workers to operate them as in on-demand taxi businesses. Dockless bike share is the best bet if you want to keep the initial cost at minimum. This model saves cost otherwise spent on the installation and maintenance of stations. Moreover, it also prevents cost for service agents’ share. Also read: Mobility as a Service and Transportation Conquest What you need to ensure at the beginning is the efficiency of entire business process regardless of its scale. Investors are more interested in economic sustainability. Thus, they want you to gain a considerable user-base in the opening year. Bike Sharing is Crucial in Urban Areas Urban congestion predominantly emerging from excessive number of cars is one of the most challenging problems. Governments in all states of the US, Western Europe and beyond are convinced that bike sharing is crucial toward decreasing this congestion. Many national firms and welfare organizations are funding startups that aim at providing promising services. Also read: Success Factors of Rideshare Business Model The statistics demonstrating survey results indicate that users are also interested in micromobility for its ability to save time and cost. One credible survey confirms 61% people taking shared bikes while traveling to work to avoid congestion. Following image from NACTO visualizes the presence of bike sharing across the Mainland US. While congestion is a major reason, it is not the only driving force of micromobility. Environmental concerns also provide a significant cause. The city administrations in most US states are aiming to reduce car ownership and encourage commuters to use means of share mobility. How to Start a Bike Share Business Launching a bike sharing startup requires extensive research and acquisition of the most appropriate technology. Following checklist enables you to implement this business model with significant efficacy. Demographic and Geographic Segmentation A range of reasons govern public’s decision to choose

Best Rideshare Apps in the US with Evaluation Criteria


Best Rideshare Apps in the US with Evaluation Criteria Company news, News September 1, 2023 The number of ridesharing apps is growing every day in the US. Citizens often ask about the best app in terms of quality and financial management. Ridesharing drivers – which now account for over one percent of American households – also show keen interest. It is unfair to decide about the best rideshare app based on a single parameter. Besides, simultaneously comparing modules for passengers and drivers is also unwise. Analysts at CabStartup pick one rideshare app for driver and passenger each. Following is the criteria for best passenger side apps followed by editor’s pick. Best Rideshare Apps for Passengers The assessment of best rideshare apps varies for different ranking agencies. Some value user-experience the most whereas others emphasize security. Again others focus on economic factors. CabStartup evaluates ridesharing apps for passengers based on the following evaluation criteria. 1. Economic rides While having many options at their disposal, urban residents prioritize economy – particularly when they travel frequently. To ensure reasonable fare calculation, top companies are using multiple algorithms. For instance, an efficient system should calculate fare based on time consumed as well as by distance covered. Besides, driver and passenger should be able to pause meter with mutual consent and administrators’ approval if vehicle breaks down. The app should allow carpooling to enable passengers to divide fare. However, carpooling should also ensure that it only picks nearby passengers to prevent excessive time consumption. Bonuses and promotions are parts of every ridesharing marketing model. Ineffective application of promotional discounts irks passengers who end up adopting an alternate option. 2. Availability Saving money is a priority but time is money too. A corporate worker aims to reach workplace on time whereas a movie enthusiast wants to enter cinema before show starts. Every passenger values time. Thus, the vehicle should reach the riders’ location in at most five minutes. Besides, it should be accessible at all times including past midnight and peak time. The number of operational regions is significant too. Via would have been the best app for passengers if it offered services in a considerable number of cities (No spoiler intended). However, it operates in only three US metropolitans as yet. Passengers who need to visit various cities should not require more than one app. 3. Payment Flexibility It is rare to find a passenger who carries complete amount of dollars and cents in hard cash. Developers of app should not expect that passengers will pay full amount all the time. Thus, the top on-demand mobile apps provide the flexibility to pay via a range of methods. Credit Card and PayPal are most widely used payment methods in the US. Moreover, top companies also provide the facility to maintain a virtual wallet. The passengers can recharge balance or pay a previously unpaid fare. In the latter case, the in-app balance appears with a negative symbol as a sign of outstanding payment. Why is Uber best taxi app in USA for Passengers? Uber is undeniably the best choice for US ridesharing consumers when evaluated with above three parameters. The fare calculation is the most reasonable with lesser per kilometer and minute charges. Moreover, the base fare is also less than other top apps. However, peak time surcharge is substantially higher. Statistics from the company reveal that the service is available in 267 US cities – the most for any ridesharing service. By the end of 2018, the company held a 69.6% market share in the US. There is no significant drop in share despite growth of rival Lyft and scores of other businesses. Uber offers a number of payment methods to facilitate passengers. Recently, it also started the facility of virtual wallet labeled as Uber Cash which enables travelers to fill the balance upfront. Best Apps for Rideshare Drivers The driver module of apps usually differs from passenger modules. Following points provide the criterion for driver module. 1. Significant Earning without Influencing Owners’ Profits Some apps are inefficient in calculating fare – especially when customers have promotional discounts. A percentage of revenue goes to company while rest of it is driver’s earning. The app should ensure that promotion and bonuses have little impact on owners’ profits. 2. Navigation system Integration Route optimization is one of the most crucial aspects of ridesharing services. The driver should be able to find the most appropriate route to customer’s pick and drop off location. Two of the primary factors making route an appropriate one include distance and traffic congestion. The integration of an effective navigation system enables drivers to save time and costs. Google Navigation and Waze are the most widely integrated systems by successful taxi apps. Developers should ensure that the passengers are also able to track the ride and get an expected time of arrival. Both route navigation and tracking should be occurring in real-time. 3. Dispute Settlement Research on ridesharing experiences of customers and drivers indicates that disputes are occurring more frequently than one would imagine. Hence, a robust scheme is essential for best rideshare driver apps which quickly and efficiently ensures settlement. Effectiveness of customer satisfaction system is one of the key differences between traditional and on-demand taxi services. Traditional taxi management requires phone calls or in-person meetings for settling complaints. People rarely bother to go through this pain and prefer not to lodge complaints.  Therefore, a ridesharing app should have a comprehensive quality assurance and customer satisfaction mechanism. Ensure Uniform Driver Distribution One of the most prevalent problems with Uber clone app systems is the deficit of uniform vehicle distribution in geofence. Some regions have more vehicles than required whereas others have a shorter availability. Consequently, a considerable proportion of passengers struggle to find a vehicle on time. Besides, shortage of drivers in an area also results in price hike due to increased demand. The driver side app should show nearby drivers so that each driver can relocate to an area where the demand

Autonomous Cars and Ride Hailing


Autonomous Cars and Ride Hailing Company news September 1, 2023 The contemporary inhabitants of earth are extremely fortunate to be alive in the current age. They are able to see vehicles running on steam, petrol, gasoline and electric charge. Currently, the technology is enabling them to see the autonomous or self-driving vehicles too. The taxi dispatch solutions are successfully making rounds for over a decade now. The researchers forecast that the commercialization of autonomous cars for ride hailing services will abruptly spread in 2019. Although legislation and regulatory framework for autonomous cars are still in the rudimentary stages, yet the technology has evolved up to the extent that it outperforms human drivers. The disruption in traditional taxi businesses caused by cab startup solutions will not end here. The advent of autonomous vehicles will further evolve and optimize the industry. Autonomous Ride Sharing and Public Response The consumers carry some apprehension about the ability of software to be as good or better as human drivers. The surveys by Forbes indicate that most of the participants were willing to travel in self driving cars if the service provider offers a “considerable” compensation in case of an accident. They also want large scale use of fellow citizens before they would adopt it. However, the self-driving cars manufacturing companies are confident that they are going to win the trust of public. Waymo, an initiative of Alphabet Inc., partially launched the service last month for the residents of some counties of Arizona. The public response is overwhelming as a significant number people are willing to adopt this mean as their primary commuting choice. The riders welcomed the Waymo ride for comfort and reasonable fares. A 3-mile trip lasting for 15 minutes costs $7.59 as reported by Reuters. This cost is almost the same as Lyft and Uber. Another reason for manufacturer’s high expectations is the fact that the surveys conducted five years back with a similar set of questions indicated far greater level of fears surrounding the commercialization of autonomous cars. The experts believe that the substantial reduction in apprehensions follows the decline in the number of accidents of self-driving vehicles. Stance of Ride Sharing Industry Leaders There is a diversity of opinions among executives of on-demand taxi services, but most of them are convinced that a considerable amount of their business will involve the self-driving cars before the end of upcoming decade. The executives at Uber believe that Uber self driving car will be on roads in by before conclusion of 2019. Although they plan to acquire the self-driving cars, yet they rule out the possibility of laying-off drivers. Uber wants drivers to keep the wheel when they sense an unprecedented and unusual behavior by cars. The tablets embedded in autonomous cars enable the riders to view the surroundings as the car “views” it. This ability signals the drivers if the ride is not up to the mark. However, the company also plans to phase out drivers in the long run once they develop efficiency beyond doubt in the automated vehicles. The number of employees will not drop because the continuously running vehicles will require more maintenance and, hence, more mechanics.  Lyft also projects to initiate the autonomous rides before midyear. The company leaders believe that the complete transformation may take up to five years. It has already collaborated with General Motors to acquire vehicles, and tech analysts put the collaboration as a landmark in the concept of autonomous car sharing. Major Investors While Uber and Lyft have already made a significant amount of investment, a bunch of other notable companies is also following the suit. Tesla is one of the pioneers who introduced autonomy in vehicles. Now, Tesla leaders are finalizing the autonomous ride sharing services. Since the company is manufacturing the vehicles, it is capable of rolling out and growing the autonomous taxi services faster than its competitors. Alphabet’s vehicles have managed to win the consumer trust in the partial release. The leaders project to attain a return of five times of their investment. Ford is all set to introduce their self-driving vehicles by 2021 and wants to invest $4billion by 2023. Nevertheless, the industry is not saturating any time sooner despite remarkable growth of investors’ interest. At the current estimation, the global investment of autonomous ride sharing is still falling short to fulfill the future consumer demand. Besides the traditional needs, there are scores of other benefits of investment in autonomous cabs. The electric vehicles will reduce the operational costs and improve the climate situation as well. Thus, the entrepreneurs opting for self-driving cabs to put their money will be capable of growing their domain to as big as over a billion dollar inside five years. Future Projections Research at Allied Market Research forecasts that market of self-driving vehicles will top up to over $556 billion by 2026. Currently, the market worth stands at little over $54 billion. The increase of an astonishing 39% in a span of seven years reveals that the dominant share of vehicle industry will turn towards the autonomous vehicles. There is little doubt that the combination of autonomous cars and ride hailing technologies will revolutionize the taxi businesses. The only challenge is that of regulation. Up to 600 Waymo One vehicles roam the roads of 25 cities. These vehicles have already covered over 100 million miles with no significant accident reported. The cautious analysts believed that the vehicles would unveil shortcomings once tested in intense traffic areas. However, Waymo rides are proving the critics wrong since the Arizona launch. Apart from corporate giants including Tesla, Alphabet, Uber, Lyft and Ford, many small companies and startup entrepreneurs are also considering the investment. If these investors acquire robustly tested vehicles and fulfill the requisite safety measures, there is no reason for them to fail. As the trends indicate, the public trust on autonomous is bound to grow as the services will soon be launched in multiple cities of the US. Contact us to learn more about the

How CabStartup helps

A brand-new ride-hailing app is available that enabling your customers and drivers to discuss prices online before booking a city or out-of-town trip. According to a senior company official, CabStartup, a ride-hailing platform can be used anywhere in the world.

Book Demo