When life took the pace, humans managed to find convenience under the need of the hour. Efficient, easy and cost effective commuting became the new norm. All because of the advent of ride hailing apps.
These apps connect the individual with the taxi driver. To book a ride, track the driver and show the fare before confirming the ride. Since then the ride-hailing business has been thriving as people from around the world use these apps daily to commute.
After the launch of Uber we have seen many other investors willing to invest in this business. Uber, Lyft, Curb and many others operating in US were performing very well post COVID-19 period. But the pandemic has clutched these companies too.
However, all this led to one opportunity then to another weaving a social shift in the society. Workers become self-employed. Job-seeker became entrepreneurs, students drove to get an extra buck in the pocket. Professionals carried other passengers in their cars back and forth to work. Soon the phenomena of fleet less companies grew over to surge millions in profits.
As the technology upgrades the hail-riding market also increases worldwide. In the USA, the UK and the UAE there are maximum chances of growth as people commute daily.
As ride hailing provides cheap and convenient ways of commuting, it has a bright future. The scope of this industry is expanding and the well-established companies see potential in this business. Resulting is aggressive acquisitions of ride-sharing companies to expand their horizon.
In the past, Bosch acquired American ride-sharing startup SPLT. Sony Collaborated with Tokyo taxi companies to support them by providing its AI technology. Avis-rental car company partnership with Waymo to support a self-driving ride-hailing program in amazon.
In the future, blockchain technology will be a game changer for screening. As a result, making this whole experience safer for both the driver and rider. As in the past we have seen some incidents, which has put both at risk.
In addition, implementing autonomous vehicles will hopefully have a positive impact on ride hailing and its consumers. These driver-less cars will increase the safety of ride hailing and will be cost effective for the consumers.
Consequently, the ride hailing apps have forced the states to upgrade their public transport system. Further, these apps have also generated a demand for the automobile sector. The influx of hybrids by individuals will also keep the environment green and clean.