Ride-hailing apps like Uber, Ola, Lyft, Grab, and Didi Chuxing led to a huge change in the comfort and convenience offered by on-demand transport. Powered by smartphone usage and rapid penetration of the Internet, taxis can be booked 24×7 by the users. These popular platforms began as small taxi-booking firms but have become global giants in the transport industry now.
While passengers get immense benefits by using taxi-hailing apps, there have been many cases where drivers have also become successful entrepreneurs eventually managing a fleet of vehicles over time.
What does Mobility Imply?
- The ease at which vehicles can move – from one place to another without facing traffic or congestion on the roads refers to mobility.
- Not just cars provided by taxi-booking platforms – we have e-bikes, e-bicycles, and e-scooters also aiming to improve mobility by acting as a viable alternative to trains, buses, and autos.
- Governments across the world want to enhance the mobility rate – in their respective countries by making a certain percentage of the vehicular population 100% electric.
- The future of mobility lies in – self-driving cars, advanced aerial mobility, usage of modern technologies like Artificial Intelligence, Machine Learning, and the Internet of Things, and reducing fuel consumption and carbon emission by promoting the production and sale of electric vehicles.
Some Must-Know Statistics Related To The Future of the Ride-Hailing Industry Are
- A whopping $285 billion will be the global market value of all ride-hailing apps in 2030.
- The ride-hailing market will be 4 times bigger than the taxi market.
- Most of the cabs will continue to be used by the people residing in urban areas like cities and towns.
- More growth will be witnessed in the markets of China and Latin America where more than 80% of the population are located in urban areas.
- The ride-sharing market will grow at an impressive 16.6% every year till 2023.
- The global self-driving car industry will reach a humongous $65.3 billion by 2027 with the United States of America pocketing almost a 40% market share.
- 71 million trips offered by ride-hailing platforms in India in January 2021 valued at more than $164 million with 83% of users booking rides from metro cities.
- Autonomous travel in private vehicles will lead to a 25% growth in the number of miles travelled by passengers by 2030.
What Will Be The Innovative Solutions Offered By Ride-Sharing Related to Mobility?
- Long-distance range travel like 10 km will be the thing of the past as most commuters will travel mostly on the range of 2-5 km in the future.
- We already have players like Rapido, M-Taxi, and Baxi in India offering affordable bikes for travel to successfully solve all the issues related to last-mile connectivity.
- There will be a massive shift in the market trends from ride-hailing to ride-sharing and self-driving propelled by platforms like Zoomcar and Revv.
- There will be more travel by users for business-related purposes. Office transport solutions both for B2B and B2C rendering on-demand pick up and drop services will skyrocket. Mobile apps like Shuttl and MoveInSync will play a major role in this fast-growing segment.
- More production of e-vehicles to reduce the impact that vehicles have on the environment. E-vehicles will be increasingly produced by the likes of Yulu, Ola, Tata, Lexus, Ather, and Okinawa.
- Advanced and futuristic public transportation will emerge through air taxis of Air Asia, Boeing, Airbus, and tunnel travel offered by Virgin Hyperloop and Tesla’s Hyperloop based on tube travel.
- Autonomous driving without any human intervention will become mainstream promoted by Waymo and Apple.
- The emergence of the fleet of Electric Vertical Takeoff and Landing (EVTOL) aircraft is expected to grow by 21% every year from 2021 to 2031.
- Connected cars that use 5G technology for 24×7 internet connectivity. It will cross $48.77 billion in market value by 2027 growing at a rate of 26.3% every year.
The Various Challenges That Ride-Hailing Apps Have To Overcome In The Years To Come
- Complying with the guidelines – issued by state and national transport authorities.
- A uniform policy may be set – by the concerned regulatory bodies for ride-sharing, car-pooling, and bike taxis to create a fair and transparent level-playing field for all the different stakeholders.
- Encouraging more commuters – not to own cars to ensure less pollution in the environment and instead convince them to rent on-demand cars.
- Ensuring that drivers – of these ride-hailing and bike-taxi booking platforms are not exploited in any form.
- Joining hands with automobile manufacturers – who will have to change the internal combustion engines to make more e-vehicles.
- Investing in an adequate number of charging stations – similar to how petrol bunks are found in almost every nook and corner of an area.
- Offering home-based charging stations to customers – It provides more convenience as there is no need to visit a public charging station that may be far away and very crowded.
How Will Mobility Change for People In The Next 5 to 10 Years From Now?
- Seamless integration between public transport, infrastructure development, and energy systems.
- Factors such as population density will put more pressure on the environment leading to more pollution and chances of congestion, especially in cities.
- Rather than owned vehicles, there will be more demand for shared vehicles utilized by more passengers per trip.
- Smart parking management to ensure efficient space allocation for self-driving vehicles and e-vehicles.
- Real-time management of fleet, infotainment systems, and cloud-based telematics to provide a better travel experience.
- Increase in overall connectivity to outskirts of cities and rural areas to grab a greater market share and better user patronage.
As seen above, there will be sea changes in the mode of travel for people. Governments need to pass consumer-friendly and investor-favorable regulations to make the most of innovative transport solutions. The priority towards rapid urbanization has put immense stress on the public transit systems of cities and deteriorated the environment to a great extent.
Micro-mobility solutions that are offered by e-scooters and e-mopeds will witness more usage. Drivers will also have to adjust to these new changes as their skill-sets get replaced by customized software and pilot systems. The future of mobility will be enhanced by the collaboration between automobile makers, technology companies, ambitious entrepreneurs, and forward-thinking government agencies.