Portland, OR, June 15, 2022 (GLOBE NEWSWIRE) -- 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:
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