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  • Uber Impact on Taxi Industry: Key Features Defining Its Growth

  • Published By:
  • Category: Market Updates
  • Published Date: December 17, 2021
  • Modified Date: December 17, 2021
  • Reading Time: 6 Minutes

Featured Image Caption: Taxi App

Gone are the days when people used to wander around the bustling streets to hail a taxi. Now, with just a few clicks, your ride will reach your doorstep in no time. Thanks to Uber, it’s easy for people to book a taxi and reach their destination.

Since its launch, Uber’s impact on the Taxi industry can be seen as its organized and unorganized sector. With a well-built mobile application backing an amazing business model, Uber crushed the old-age taxi system and hit grand success.

This post will discuss Uber’s impact on the taxi industry and how it became the most preferred option for users worldwide.

But first, let’s have a look at some interesting facts about Uber.

Interesting Facts To Understand The Effects Of Uber On Taxi Industry

  1. The Global Market Size of Taxi sharing Industry – $75.4 billion US Dollars.
  2. Uber Global in Market Share in Taxi Industry – 37.2%
  3. In 2020, Uber drivers completed 4.98 billion trips.
  4. Uber application had 93 million monthly users in the fourth quarter of 2020.
  5. In 2020, Uber had over five million drivers worldwide.
  6. Uber is available in over 900 cities globally.
  7. Uber generated net revenue of 3.1 billion US Dollars.
  8. The global net income of Uber is 11.1billion US Dollars.
  9. Uber’s total investment in Uber is 24 billion US Dollars.
  10. In 2018, residents of San Francisco spent on average 110 U.S. dollars per month on Uber.
  11. In a recent survey, more than 76% of Americans have either used or heard the name of Uber.
  12. In the US and Canada alone, Uber generated 6.61billion US Dollars.
  13. Uber currently operates in more than 85 countries, and users can book rides from the same application.
  14. In 2020, Uber’s total revenue from gross booking worldwide – 57.9 billion US Dollars.
  15. In 2020, Uber had 70 percent of the Taxi market in the US.
  16. Even during the coronavirus pandemic, Uber generated $11.1 billion US Dollars.

Impact Of Uber On Taxi Industry

Simplified Ride Booking

The most significant impact of Taxi dispatch software like Uber is that they organized the unorganized rental taxi sector. The taxi rental giants simplified the booking process with a user-friendly application and provided a hassle-free ride-sharing experience.

A user can use a mobile number or email to sign up with the application, following a particular set of instructions. After creating an account, users can book a ride without any hassle and reach their destination in no time. Thus, providing a stress-free and simplified taxi booking experience with a few touches on their smartphones.

In the 21st century, for anyone looking to travel without any trouble while saving a few bucks, Uber is their go-to option.

A Variety of Options

Like any other successful business out there, Uber focuses on providing the best experience to its users. From a Limo to SUV to Sedan, Uber provides its users with various rental car options to choose from. This enables the taxi rental giant to cater to the needs of different customers via a single reliable and affordable platform.

UberX for affordable car travel and UberGo for bike rides within specified geographies. For ultimate ride experience and maximum comfort, most of the vehicles on the platform are not older than ten years. Users can check the driver ratings for a comfortable ride and stress-free travel experience.

Payment Options

Not everyone likes to pay for their ride via cash or digital payment. Thus, Uber provides its users to choose how they intend to pay for their taxi rides. Unlike old taxi rides, where most of the transactions are in cash, only a few have e-Payment methods for collecting ride fares. However, Uber has created their payment platform for payment collection. Uber users can pay for their rides via credit card, debit card, or even cash and enjoy their rides.

Easily Accessible

The most significant uber impact on the Taxi Booking Software is that it made ride-booking accessible and simple. Just download the application, create an account and book your ride. It’s that simple!! There is no additional requirement to book a taxi ride, a smartphone with an active internet connection, and you are good to go.

Uber currently operates in more than 85 countries worldwide. This means there is no need for you to wait for your ride wherever you go. Book your ride, and uber is at your doorstep within no time.

Easy Tracking

With their new platform, Uber focuses on providing its users a secure ride experience as well. Earlier, there was no new feature in the taxi industry to track their ride or share their current location with others. Uber added this feature to ensure users can track rides and share them with their friends for improved security.

One other benefit is that a user can see the available rides in the locality and, after booking, know the driver’s exact location. Earlier, there was no such feature where users could track their location or driver’s location.

Fair Pricing Model

Uber works on the same pricing model on which the Taxi industry used to work. The platform even charges extra money from its users if there are some unexpected delays due to traffic. Sounds strange, Right!! But that’s reality. What uber does is provide users with a transparent pricing model that didn’t exist earlier.

With a fair pricing model, Uber offers better services and a stress-free ride booking experience to its customers. This creates a win-win situation for everyone. Attractive discounts, offers, and coupons are provided to make rides more affordable for everyone.

Rating System

Uber has a rating system in which the passenger will rate the driver after reaching their destination. This rating then allows Uber to analyze the performance of the driver. Higher ratings mean more rides, and if the rating falls below a specific limit, the rider will be removed from the system. This ensures that drivers offer higher services, maintain their vehicles, and interact with passengers during the ride.

Higher Income and Employment Rates

There is no doubt that Uber offers a better taxi ride experience to its customers, but that’s not the only case. Earlier, when drivers found it hard to find rides daily, Uber solved this problem by creating a platform and acting as a middleman between the users and driver. Now, drivers can easily find rides in their local area and generate higher and fixed monthly incomes.

This also opened new employment opportunities as now drivers can even work part-time and even work for flexible hours. Earlier where Taxi companies had to pay for the maintenance cost of the rental vehicle. What Uber has done is contact the private firms and allow them to warm more by employing their ideal resource.

Final worlds

In this post, we perceived how Uber impacted the taxi industry and simplified ride-hailing for its users. Shifting its strategy from word-mouth to actively investing in marketing the platform gained unparalleled popularity.

Now, you have read so far, I hope that this blog helped you understand the impact Uber has made in the taxi industry.

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