Gone are the days when we had to go through strenuous efforts to hail a taxi. Imagine having to do that on a sweltering June afternoon or a stormy night, for that matter. The mere thought of it can send one into panic mode. Thanks to the expanding ride-sharing world, we no longer have to fret, for ride-sharing applications have made it relatively simple to catch a ride.
According to growth projections, the ride-sharing market will grow to a whopping USD 242.73 billion in 2028 at a Compound Annual Growth Rate of 16.3%.
A detailed look into some of the top ride-sharing companies will go a long way to helping and inspiring others to set foot in taxi booking application development.
What is ride-sharing?
A ride-sharing application enables users to hire cabs through a mobile app and website. After signing up and entering details like name, contact number, email, and payment information, the user can book a ride on the app. All the user has to do now is enter the destination, and a nearby driver shows up to drop them off at their destination.
Drivers show up at the pick-up location with the help of navigation resources. Navigation resources assist drivers in getting to their destination by providing directions and awareness for detours. The application also allows users to track drivers. The application lets users pay via multiple payment options like GPay, credit card, and debit card.
Uber, popularly hailed as a ride-sharing giant, is at the top of the game with a vast market share, but there are other companies too, like Lyft, Juno, Gett, Grab, and Bolt, in the business that have been actively competing.
A deeper look into some of the ride-sharing companies will offer better insights.
Uber remains at the top of the game despite the escalating number of similar taxi booking apps, thus owning the title- frontiers in the ridesharing services market.
Launched in California initially, Uber has not been short of controversies and has still managed to garner a reputation for itself. Proof lies in the fact that Uber is estimated to have generated $17.4 billion in revenue in 2021.
Pros of Uber
- Uber caters to passenger needs in many ways. Its range of services includes UberX, which seats up to four passengers; UberXL, which seats more people; Uber Select for more luxurious rides.
- Uber provides services at a cheaper rate compared to regular cabs.
- User-friendly mobile application.
Cons of Uber
- Uber practices surge pricing. Uber doubles or triples the fare when the demand is high, which has not been received well by users.
- Uber has faced accusations of discrimination against customers in the past.
Availability: Uber operates in more than 70 countries and 10000 cities globally. The United States, where Uber first began its services, offers the most access to Uber.
Mobile apps: Uber operates its mobile apps on the Android and iOS operating systems.
Lyft, another popular ride-sharing service provider, can be rightly termed as Uber’s competitor, with its services available to nearly 95% of the United States population.
Lyft claims to commit to effecting positive changes for cities by reducing carbon emissions from its rides and by promoting shared vehicle rides, bike share systems, and electric scooters.
Pros of Lyft
- Lyft, like Uber, comes with a wide range. Lyft Plus seats more people than Lyft. Lyft Premier is for more luxurious rides.
- Lyft mandates its drivers to have completely up-to-date insurance coverage on their vehicles.
- Its focus on safety gives Lyft a competitive edge over its competitors.
Cons of Lyft
- One of the drawbacks of Lyft is that it operates only in the United States and Canada.
- Their drivers are not guaranteed a minimum wage and have few benefits.
Availability: Lyft operates only in the US and Canada.
Mobile apps: Lyft operates its mobile apps on the Android and iOS operating systems.
Juno started its ride-sharing services in 2016 in New York. Juno entered the ride-hailing market with a driver-focused angle. Juno said it paid more money per ride to drivers than Uber and Lyft. It even went on to become the next big company after Uber and Lyft. Sadly, Juno could not sustain itself and announced that it would cease its operations in 2019.
Gett, a ride-hailing company, acquired Juno for $200 million. Juno told its users to switch to Lyft for ride-sharing needs.
Pros of Juno
- Juno worked towards creating a hopeful beacon for drivers with a tip button, lower commissions, and other incentives and options.
- Lower commission fees compared to its other competitors.
- It stood right to its tagline, Juno treats drivers better, drivers treat you better, by providing 24/7 support for drivers and customers.
Cons of Juno
- Juno’s service was limited to New York and some parts of New Jersey.
- Juno was infamously known for promising equity to its drivers but only settling with a small, one-time payment.
Availability: Juno provided its services only in New York and some parts of New Jersey.
Gett is an international on-demand ride-share company that started its operations in Israel as GetTaxi in 2010. It is now the highest-rated UK taxi app. Unlike Uber and other similar apps, Gett hails only taxis, not ordinary drivers.
Gett is mainly a B2B transportation technology network focused on ground transportation management, while its competitors center on on-demand car services. It operates in 100 countries and over 1500 cities, serving over a quarter of Fortune 500 companies. Gett, having acquired Juno, transitioned all of its operations in the United States to the Juno platform.
Pros of Gett
- Gett lets its drivers keep all of their tips.
- Gett helps solve the issue of hectic traveling and offers 24/7 support to business customers.
- Gett claims on its website that it provides simple solutions for a corporation’s travelers with SaaS solutions.
Cons of Gett
- Gett is not easy to access when there is peak demand for taxis- when it’s raining or during rush hour.
Availability: Gett is available in North America, Europe, Israel, and Russia.
Mobile apps: Gett operates its mobile apps on the Android and iOS operating systems.
Grab, a predominant taxi-booking app in the Southeast Asian region, began its operations in 2012. It was formerly known as GrabTaxi. GrabHitch services by Grab allow users to carpool and hence offer cheaper rides. It typically costs 20-404% less per ride.
Grab offers a variety of car and taxi options. GrabCar is where it operates like Uber- drivers register to use their vehicles. GrabTaxi is where Grab pairs with other licensed taxi services allowing users to get a taxi through the app. Grab also offers GrabBike(motorcycle) and GrabExpress(courier service), depending on the area.
Pros of Grab
- Grab provides various taxi options to suit customer needs.
- GrabHitch helps reduce carbon footprint.
- GrabFamily provides safety seats for customers.
Cons of Grab
- Grab offers its services only in 30 cities across the Southeast Asian region.
Availability: Grab is available in eight countries across the Southeast Asian region, including Singapore, Malaysia, Indonesia, and the Philippines.
Mobile apps: Grab operates its mobile apps on the Android and iOS operating systems.
Bolt, initially known as Taxify and founded in 2013, is the first European super-app with the mission to make urban mobility more affordable, safe, and sustainable. Bolt is now one of the fastest-growing mobility platforms, offering ride-hailing, car-sharing, and electric-scooter services to more than 100 million customers in over 45 countries.
Bolt has become a fierce competitor to Uber in many parts of Europe.
Pros of Bolt
- Bolt actively tries to reduce its carbon footprint by bringing more electric vehicles and scooters.
- Bolt’s Green Plan intends to impact communities positively and includes investing in reforestation and soil conservation.
Cons of Bolt
- There is no wide range of car types available as provided by its other competitors.
Available countries: Bolt operates in over 500 cities across Europe, Africa, Asia, and Latin America.
Mobile apps: Bolt operates its mobile apps on the Android and iOS operating systems.
Via, headquartered in New York City, is another ride-hailing operator
that connected users to affordable car rides.
Via’s decided to cease its on-demand ride operations when profits started to decline after the pandemic. It has now shifted its attention to mass transit systems like buses and vans. Via is now pretty content with its growth of transit technology.
Pros of Via
- Via was open to letting licensed service animals ride with their owners.
- Via has come to be an efficient option in public transportation networks.
Cons of Via
- Via’s ride-hailing service prevailed only in a few select markets, unlike Uber or Lyft.
Available countries: Via operates in over 20 countries globally, including the United States, United Kingdom, Germany, France, and Canada.
Mobile apps: Via operates its mobile apps on the Android and iOS operating systems.
Curb is one of the top taxi apps in the United States. It is known for enabling users to connect with nearby taxi drivers through the application. The Pair and Pay feature allows users to pay with their preferred payment method instead of with cash.
Pros of Curb
- People find it relatively simple to hail a taxi with the help of the Curb app.
- Curb ensures to make a thorough check on taxi drivers.
- There is no prevalence of surge pricing.
Cons of Curb
- The Pair and Pay option is available only in select cities.
Available countries: Curb is available for operations in 65 cities across the United States of America.
Mobile apps: Curb operates its mobile apps on the Android and iOS operating systems.
Gojek is an Indonesian company founded in 2010 that provides on-demand ride-hailing and many other services like food delivery. Since its focus is on the Southeast Asian market, it is no secret that Grub is its rival.
Gojek provides a wide range of options for its users. GoCar, GoCar XL, and GoTaxi are some of the options available.
GoRide is Gojek’s motorbike ride-sharing service.
Pros of Gojek
- Gojek’s motorbike ride-hailing services provide a competitive edge to others in the business.
Cons of Gojek
- Gojek, in the past, got into a controversy when it suspended its drivers, citing their fraud attempts.
Available countries: Gojek is available in over 200 cities in five Southeast Asian countries
Mobile apps: Curb operates its mobile apps on the Android and iOS operating systems.
The ride-sharing service offers numerous benefits like easy booking options, no parking trouble, and a low carbon footprint.
The global ride-sharing market is to hit USD 242.73 billion in 2028. No wonder the success of these apps acts as a driving factor for other players looking to set foot. Though these ride-sharing companies have garnered enough support and made it big, other new entrants still stand a chance, provided impressive market research is not compromised.
Our product adds a precise business model and meticulous planning to the table that will help your business gain a foothold in the ride-sharing market.
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