The popularity of online taxi booking apps is increasing exponentially with each passing day. Popular cab booking apps such as Uber, Ola, Lyft, Gett, and many more offer amazing taxi booking services to their passengers. Besides, customers are also becoming digital nomads and prefer to use mobility solutions to get things done.
According to one of the reports, the online ride-hailing market will reach $230 billion by 2026 because riders’ inclination towards safety and security will increase. In addition, real-time tracking features, location-based deals, and attractive discounts make it easier for commuters to book a taxi online or access an extensive range of vehicles for their daily transportation needs.
Moreover, smart routes enable the passengers to get real-time information on their booking status. Therefore, the Lyft clone development is a win-win situation for entrepreneurs and passengers. In addition, these online cab booking apps have acted as a boon for most traditional taxi business owners.
As the solution provides the smartest and most digital way to book a cab online for the busy people who lack timing. If you are running a taxi business and willing to grow your business using Lyft-like app solutions, you can get it with the help of the right technology partner. Since several online taxi booking apps are available in the market, it would be a great idea to clone the app as it comes with endless customization options.
Global Ride Hailing Market Size
At a compound annual growth rate of 34.6%, the global ride-hailing market is poised to grow from $42.25 billion in 2020 to $56.87 billion in 2021. During the recovery period from COVID-19, the companies resumed operations. They adapted to the new normal while recovering from the impacts of restrictive containment measures, which resulted in social distancing, remote working, and the closure of commercial activities, creating operational challenges.
CAGR of 17% is expected to reach $108.15 billion by 2025. The growth of the ride-hailing market is fueled by demand for on-demand transportation and a low rate of car ownership among millennials.
Lyft’s Market Share is USA Ride-Hailing Industry
Recent years have seen Lyft gain market share in the US market as it is the second-largest ride-hailing company that operates in the USA and Canada. In March 2020, Uber lost a market share of 74% to 69% due to increased demand for Lyft among American commuters.
As a result of its expansion, Lyft now holds a 30% market share, up almost 10% from 2017. It is one of the most concentrated industries in the nation, and only two companies control 99% of the market. Over the last few years, Lyft has slowly built up its reputation in the US to rival the major market players. Lyft’s ride-sharing statistics show that the company now controls 30% of the market share in the US, an increase of 10% in the past three years.
In addition to growing its market share, the company has expanded its reach by offering its services to 350 cities in the US and Toronto and Ottawa in Canada. In addition, however, Lyft is expanding to more than a dozen new locations across North America.
From the above states, it is clear that Lyft is a successful ride-sharing app, and entrepreneurs globally want to adopt a Lyft clone for their traditional business. If you are one of those business owners looking for the best Lyft clone for your business, here’s the list of some top providers.
Elluminati Inc
Elluminati’s Lyft clone provides the best solution to online taxi business owners and also has the potential to satisfy customers’ needs.
For more details: Click Here
Apporio
Start your own online ride-hailing business with a custom Lyft clone solution with advanced features and ensures business growth.
For more details: Click Here
Omninos Solutions
Looking for the best Lyft clone script? Choose Omninos and enter the rising online ride-sharing market now.
For more details: Click Here
Why Does Your Transportation Business Need a Lyft Clone App Right Now?
One should agree that online cab booking apps have made lives easier, especially for busy people. And this demand led to a tremendous increase in Lyft like app development as it has also opened the doors to amazing opportunities for small business owners, improving sales and enhancing business growth along with following benefits,
- Boost business visibility
- Enhance customer engagement
- Great marketing tool
- Add value to customers
- Foster customer loyalty
To get the above benefits, taxi businesses are now embracing solutions similar to Lyft as they can help them withstand the global crisis and accelerate business growth.
Final Words
The online ride-sharing market is booming. However, suppose you are still skeptical about the idea. In that case, you need to think about that twice because the lack of technological solutions in this online era leads you to missed opportunities for your business.
