LONDON–Technavio has announced the top five leading vendors in their recent global cab services market report. This research report also lists eight other prominent vendors that are expected to impact the market during the forecast period.
Cloud mobility businesses, which are called e-hailing, are changing the way passengers move around in cities. Cloud mobility services, such as Uber, Ola, Didi Chuxing, and Lyft, are emerging, improving vehicle utilization, disentangling ownership from usage, and driving costs of mobility down. These ride-hailing services are using the cloud mobility system to get their customers by providing online booking options to the customers.
Competitive vendor landscape
The major players in the global cab services market include BMW Group, Didi Chuxing, Daimler, Lyft, Uber, and Gett. These companies are prominent cab service providers for passengers that mainly commute in Tier 1 and Tier 2 cities, such as Seoul-Incheon, London, Shanghai, Chicago, Moscow Tokyo, New York, Paris, and Osaka-Kobe, across the world. These companies cater specific requirements according to their clients, thereby offering them with customized cab services, such as ride-sharing services, defined route cab services, luxury car cab service, and car rental services for tourists and corporate clients.
“OEMs, such as BMW Group and Daimler's Mytaxi, provide car rental services, which can be hired for a certain period of time by the customers. These types of services are mostly available in North America and Western Europe. Novel players are likely to invest in the industry due to the growing innovation in the cab service sector,” says Sharan Raj, a lead transportation and distribution research analyst from Technavio.
The major competition comes from e-hailing apps, such as Uber and Ola, which connect riders with independent drivers that use their own vehicles. However, such cab service operators have begun to place intense pressure on the traditional yellow taxi model.
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Top five cab services market vendors
BMW Group offers ReachNow and DriveNow services in Europe and the Americas. DriveNow is a free-floating car-sharing platform that operates in more than 10 European cities. ReachNow is US-based and adds the ability to book rides in which cars owners rent out their cars. The group’s iNEXT model, which is to be launched in 2021, will become the basis for fleets with partially or fully autonomous cars in partnership with Intel.
Didi Chuxing operates in taxi-hailing, private car-hailing, ride-sharing, designated driver (Didi Chauffeur), bus services, car rental, and enterprise solution. In 2017, it raised more than $16 billion in more than 10 rounds of funding, which includes investors, such as SoftBank, China Merchants Bank, and Bank of Communications, which was aimed to grow international operations of the company and work on autonomous driving.
Daimler, through its subsidiaries, produces, develops, and distributes trucks, vans, buses, and passenger cars in Germany and internationally. The company operates through, Daimler Trucks, Mercedes-Benz Vans, Mercedes-Benz Cars, Daimler Financial Services, and Daimler Buses.
Passengers and riders download the Lyft mobile app on their Android-based or iOS phones. The customers must sign-up, enter a valid phone number, and enter a valid form of payment, which is either a credit card, or link to a Google Wallet, Apple Pay, and PayPal account.
Uber was established during March 2009, and it is a prominent vendor of the e-hailing market, thereby operating in all major cities globally. Uber operates in more than 630 cities worldwide as it offers on-demand pickup for passengers. The company operates, markets, and develops ridesharing mobile application that allows consumers to submit a trip request that is routed to crowd-sourced taxi drivers.
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