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Bike taxi services market in India was valued $50.5 million in 2021; and set to reach $1,478.0 million by 2030; Scooters vehicle type to grow at 51.3% CAGR.
PORTLAND, ORAGON, UNITED STATES, August 25, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the India bike taxi market generated $50.5 million in 2021, and is projected to reach $1.46 billion by 2030, witnessing a CAGR of 48.5% from 2022 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in trend for on-demand ride hailing services, surge in traffic congestion in Indian cities, and increased demand for first and last mile connectivity drive the growth of the India bike taxi market. However, legal issues associated with bike taxi services and resistance from local public transport operators hampered the market growth. Moreover, technological advancements in bike sharing system and increase in the inclusion of e-bikes are expected to generate potential opportunities for the market during the forecast period.
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COVID-19 scenario:
The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the India bike taxi market, owing to the implementation of the lockdown.
Social distancing norms and regulations implemented by healthcare and government authorities encouraged citizens to maintain a two-meter distance from other people for safety. This has restricted the usage of ride hailing services such as cabs and bike taxis for daily commute. Users prefer to travel in their personal vehicles due to safety concerns, which hampered the taxi business.
In 2020, along with the cab and ride sharing industry, bike taxi companies such as Rapido, Ola, Uber, and others suffered severely due to travel restrictions and lockdowns. For instance, in March 2020, leading bike taxi provider Rapido and OLA temporarily suspended their operations in India.
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The report offers detailed segmentation of the India bike taxi market based vehicle type and propulsion type.
Based on vehicle type, the motorcycle segment held the highest market share in 2021, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the scooters segment is estimated to register the highest CAGR of 51.3% from 2022 to 2030.
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Based on propulsion type, the ICE segment held the largest market share in 2021, holding nearly 93% of the total market share, and is expected to continue its leadership status during the forecast period. However, the electric segment is projected to register the highest CAGR of 80.6% from 2022 to 2030.
Leading players of the India bike taxi market analyzed in the research include Baxi, Bikxie, Desto-Bike Taxi, Dunzo, Jugnoo, Mopedo, Ola (ANI Technologies Pvt Ltd), PykUpz, Rapido, and Uber Technologies, Inc.
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Similar Reports We Have on Automotive Industry:
Bike Taxi Market by Booking Type (Online Booking and Offline Booking), Vehicle Type (Motorcycles, Cars, Van and Others), Preference Type (Urban Commute Outstation and Rental) and Service Type (Ride Hailing and Ride Sharing): Global Opportunity Analysis and Industry Forecast, 2021–2030.
Bike Rental Market by Service Type (Pay as you go and Subscription Based), by Propulsion (Petrol and Electric), by Duration (Short Term and Long Term), and by Application (Touring and Commuting): Global Opportunity Analysis and Industry Forecast, 2020–2030.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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