Project Report For Taxi
The project report for Taxi is as follows.
The app-based taxi service provides transportation services to consumers via a digital application linked to the Global Positioning System (GPS) or General Packet Radio Service (GPRS) system. With the introduction of Big Cabs companies in the Indian economy in 2016, organized cab companies were established, and the industry shifted from its car-ownership model to the option of ride-sharing. Depending on its monitoring capability, digital taxi or wireless taxi service companies in India function as aggregators or radio cabs.
The shift from the radio signal-based traditional reporting system to the GPS or GPRS system resulted in a significant increase in the organized taxi business in the country.
In the fiscal year 2019, the organized taxi industry accounted for 12.5 per cent of total income earned by India’s taxi sector. In the fiscal year 2019, the industry for online cab services in India was estimated at INR 30.81 billion. The market is likely to develop at a compound annual growth rate (CAGR) of 16.60 per cent to achieve INR 61.59 Bn in turnover by 2024. The key drivers driving the industry’s growth include an increase in smartphone penetration in India, better accessibility of rising internet connections, increased investments in the digital taxi industry by foreign investors, and an increase in personal wealth.
Market potential & Strategy
Nevertheless, the implementation of goods and services tax (GST), a scarcity of internet taxi services of reduced driver bonuses, an increase in travel tariffs and elongated wait times for commuters, and the increasing popularity of reasonably priced ride-sharing services such as SRide and Quick Ride are among the variables inhibiting the market growth. With the adoption of the Indian government’s new law, which prohibits the marketing of ride-sharing services, the development of the digital taxi services industry in India is projected to recover.
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