The ridesharing industry is expected to surpass a CAGR of 19.87% by 2025, reaching the $ 218.0 billion market size from $ 73.07 billion in 2019. The main influencing factors include a drastic decline in car ownership, an increasing need for personal mobility, increasing urbanization, and software or application sharing. Ride sharing app development is trend and is a product action plan if executed as per the market demand.
What Industry analysis says about ridesharing app market?
- The top five prospering markets in terms of revenue are China, the United States, India, Brazil, and the United Kingdom.
- Taxi market revenue is expected to register an annual growth rate (CAGR 2019-2023) of 14.8%, translating into a market volume of US $ 318,765 million by 2023.
- The reduction in the taxi fare and the ease of booking through mobile applications are the main factors that drive the online cab booking segment. In 2017, it captured a significant share of over 40% of the global taxi market.
- It has been a thriving on-demand business since the world went digital. Not only startups, but established companies are embarking on this ridesharing business on demand.
The importance of a ridesharing business is considered even more after the Uber and Lyft's success.
So what is the first step towards building your app?
Research! study your competition thoroughly
The higher the building, the deeper the foundation. To clarify, research is the most vital aspect of building your business without spending money. So, divide your main question. Question your objectives, raise the bar of curiosity of how broad will be horizons of the
Building a ridesharing application-based business is very different from regular taxi application services, so you need to know your potential market, find a favorable region to start your services.
Build your technical capabilities beforehand
Remember that Uber has already released its API to the public and developers and introduced the affiliate program. You can also create your app similar to Uber.
The server, mapping, and payments are the three giant bases for developing a taxi application. First, you need your server to handle hundreds of user requests, driver routes, and other data.
Some of the common programming languages used at the backend develop ridesharing applications include,
- Node.js
- Python
- Java
- PHP
- Ruby on Rails
Moving on to designing part,
Design Guidelines to make a ride-sharing app
An app with useful features, but bad graphics, is a disaster. Having an appealing design doesn't come with complex codes, as following basic guidelines can keep your app design up to the mark.
- UI / UX designs must be fluid.
- You must have friendly navigation.
- There must be stunning images.
- The application must have real-time functionality.
Expansion Possibilities For Ridesharing Business
Taxi Business: Transportation and travel companies can leverage their customers with a handy ridesharing application.
Government organizations: A regional or national government agency can present ridesharing application solutions to citizens and residents to reduce traffic.
Corporate offices: By using a free ride app for corporate employees, they can increase employee efficiency.
Educational institutions: Schools or universities can start their ride system for students and teachers using instant ride application solutions.
Entrepreneurs: Startups can invest in a peer-to-peer ridesharing application platform to provide a mobility solution.
In Nutshell;
Whatever be the future ridesharing, one thing seems certain: connectivity technologies will continue to drive innovation, reducing the need for car ownership. When automated vehicles are finally ready for large-scale deployment, you need to look for the number of car owners starting to decline. Some optimistic industry analysts believe that private cars will one day look as outdated. In short, ridesharing, carpooling, ride-hailing are set to thrive in the coming future.
Wish to jump in this pool of mobility opportunities?
Partner with Panacea Infotech, a leading app development partner for aspiring entrepreneurs who believe in opportunities out of mobility solutions.
