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Startup Ride Hailing Market Potential

Ride-hailing Service Market Overview

The global ride-hailing service market was valued at $36,450 million last year, which is expected to reach $126,521.2 million by 2025. Ride-hailing service, the most comfortable means of transportation has made it easier for passengers to get a ride easily at economical rates. In the ride-hailing application, the information of the passenger and the driver is exchanged, enabling this service to be provided efficiently than a traditional taxi service.

Rise In the Trend and Demand of Online Taxi Dispatch App Solutions

On-demand platform bridges the gap between passengers and drivers. It provides real-time feedback, tracking of vehicle, and allows rating for service experience. Ride-hailing services enables that customers can accurately locate the vehicles and track the journey. It is expected to significantly drive the market growth.

Increase in Employment Opportunities

Ride-hailing service allows driver to work full time or part time, thus, increasing employment opportunities for them. The increase in the global ride-hailing service market is driven by increasing in the trend of on-demand transportation services. It has reduced the rate of car ownership among millennials.

Increase in Trend of Mobility-As-A-Service

Ride-hailing services allow riders to travel through mobility services. Average cost to have a car and operate it is around $8,858, which is decreased by using ride-hailing services. The ride-hailing activity can be managed through a single mobile application.

Internet Penetration

Ride-hailing services solutions allow managing driver, riders, and service providers easily using internet. All the processes such as matching rider with drivers, fare estimation and calculation, payment, and reputation management are done with smartphone using an app.

Scheduled bookings

A feature of scheduled bookings allows to schedule a ride in nearly all cities where CabStartup is available.

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