Project Report For
The project report for Taxi is as follows.
The taxi industry has acquired popularity in the last 2-3 years in the light of the introduction of app-based aggregation sites, that not only challenged the rickshaw and conventional taxi markets, but also compelled automotive OEMs to update their advertising and investment strategy. The ICRA report reported that perhaps the Indian passenger car market is likely to have a great potential growth throughout the local taxi market in the short future, though medium and long term development would be driven by a low car penetration and an increase in income levels.
In FY2016, sales volume (such as cab aggregates) contributed for ~9% of Indian PV sales, that is projected to arrive 15-17% by FY2020, “said the report. The Indian taxi industry is still very much in infancy, with great opportunities for development due to low car penetration and weak transport utilities.
Market potential & Strategy
The taxi industry in India is valued at $9 billion; the regulated sector accounts for about 6% of the overall market ‘s profit. The taxi sector in India is extremely competitive and unorganized. The unorganized sector consists of specific vehicle owners and organizations operating in one or more cities. Owned vehicles component comprises pure-play car rental firms (e.g. Zoomcar) and firms like Carzonrent and Meru, Aggregators is a recent phenomenon led by the emergence of start-ups like Ola & Uber.
For the very first time, car dealers compensate for 40-45 % of the Indian automotive market, and despite India’s low car density, they are expected to stay a powerful force. Likewise, the substitute segment is estimated to rise at a rapid rate due to the narrowing of the car purchase period in the Indian market.
Even so, the cab aggregation and taxi market presents a major challenge to the category of additional car purchasers. Given that the consumer group already has a vehicle and therefore can depend on a short-term / limited use taxi.
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