The Ridesharing industry was worth $85 billion in 2021-2022 and have expected to reach a new height of $185 billion by 2026.
Recently, the market has shown positive growth and will continue to do so in the future.
In this blog, I'll walk you the process of Ridesharing app development, the cost, and what is the best way to develop yours.
Just hold my hands and discover the world of Ridesharing guides. Also, in between, I have a special deal for you.
So, keep reading this straightforward explanation ⬇️
What exactly is Ridesharing?
It is a platform that connects the driver, and rider, and it's where the rider can achieve the goal of transporting from one place to another.
The car owner helps riders to reach their destination and charge them for the distance they travel.
It is the same as the concept of traditional taxi booking.
But what distinguishes them?
In Ride-sharing concepts, the drivers are all freelancers, and the platform helps them connect with the riders. Besides, the driver receives their payout as well.
The connection happens either with an app or a website.
Ridesharing is a term often used to describe Uber, Lyft, and some other business model that stays in the niche. And sometimes, people go further by defining it as a sharing economy.
Does the word sharing economy excite you? Then, this is for you.
Top competitors in Ridesharing industries
Uber was founded in 2009 by Travis Kalanick and Garrett Camp and has grown to become a successful taxi business globally.
They provide a wide range of services that cater to every audience segment, such as Uber X (standard), Uber XL (large), and Uber pool (share a ride with other passengers). Also, they are known for Uber Eats (Food delivery app)
Lyft was founded in San Francisco, California, in 2012. Lyft's limelight is its review system, which allows the driver and rider to rate each other after the trip.
As a result, both acted consciously to obtain a fair rating, which increased trust. It has a strong presence in the United States and Canada but also operates in the United Kingdom, Australia, and Mexico.
Also, Grab was in the same on-demand business, besides ridesharing, they have various services in their portfolio. Food delivery and payment solutions are among them.
The company was founded in 2012 in Singapore and expanded its presence in Southeast Asia, including Indonesia, Vietnam, and the Philippines.
They offer private cars, motorbikes, taxi rides, and delivery services for food, groceries, and more on the list. Furthermore, they are Fintech as they provide mobile payment, insurance, and loans to users in certain markets.
OLA is an Indian Ridesharing company founded in 2010 by Bhavish Aggarwal and Ankit Bhati. They have sedans, SUVs, and auto rickshaws among their vehicle categories.
Moreover, they have OLArentals, which allow users to rent vehicles for hours or days, and OLA outstation service for those who want to travel outside the cities.
In addition to its Ridesharing service, OLA Money is a wallet where users can deposit money, order food, and pay bills.
BlaBla Cars, founded in 2006, is a long-distance Raidsharing platform. It is present in over 22 countries worldwide. France, Spain, Italy, Germany, and the United Kingdom are among the countries represented.
They are distinct from the rest as they are primarily concerned with long-distance travel. Mainly, they are popular in countries where there are limited transportation options.
How does the ridesharing app work 🤔
It is essential to know how the app works before developing one.
As of now, you would know it from the user's perspective. But what about the other two? The driver and you (the admin).
For that, I came up with the workflows of a rider, driver, and an admin panel.
Let me cover it fitly.
Step 1: After installing the app, the rider needs to sign-up with their mobile number
Step 2: After, need to mention the pick-up and drop address
Step 3: Can choose the preferred vehicle of their choice
Step 4: After clicking the ride now option, the nearest driver will assign to them
Step 6: Track the location of the driver
Step 7: After the fulfillment, the rider can rate the driver
And then move on to the driver workflow.
Step 1: Register as a driver using a phone number
Step 2: Submit the legal document for verification
Step 3: Add a payout method
Step 4: Manage the status of online/offline
Step 5: Accept or decline the request
Step 6: View rider pick-up and drop location
Step 7: And start the ride
Step 8: Add toll fee if required
Step 9: Receive payment from the rider
Step 10: At last, the driver can rate the rider
The admin panel does not function in the same way as the rider and driver apps. To add more, the admin can monitor and manage all operations via the web panel 🧐
Furthermore, the admin has full access to add and edit content and can delegate authority to a sub-admin.
Dashboard - Here, the admin can manage every operation.
Site setting - It allows the admin to change site settings such as logos, site titles, site names, meta descriptions, and keywords. The admin wasn't limited only to the site setting.
But also can perform countless tasks in the rider and driver apps. And can add, manage, and even delete sub-admin.
Manage admin roles - The admin can assign specific roles to sub-admin and can edit the roles.
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Must have features in the Ridesharing app?
✳️ User registration and login - By giving the personal details, the user can create a personal account and can log in to the app.
✳️ Location tracking - It is critical to include GPS, which allows the driver to track the rider's current location.
✳️ Payment integration - Payment integration enables users to make payments via a secure payment gateway.
✳️ Rating system - This feature allows the rider to rate the driver while also allowing the driver to rate the rider.
✳️ In-app chat - The rider and driver can chat and can well coordinate their pick-ups and drops.
✳️ Safety features - In-app emergency assistance can ensure the safety of the drivers and riders.
✳️ Fare estimation - It’s essential to educate the riders on payment before the booking process.
✳️ Multi-language support - The app should have multi-language support to assist the user with many languages.
I hope I have covered top to bottom of the essential features of the Ridesharing app. These are the basic and must-have features in your app.
Above all, you can integrate your own.
Let us now shift our focus to the industry's dominant players 😉
Cost to build a Ridesharing app in 2023?
I think I have come to the most exciting part.
Simply put it in a single line.
It depends on the demand and requirements of the app you want to build.
Whether you have your team of developers or looking for an external team to build your app. The cost of development always relies on the complexity of the project.
There are two ways to consider while developing your app. The first from the list is a custom app development.
And the second possibility is a ready-made solution.
So, what are the differences? And which one is the best?
Yes, I am getting there.
First, let’s have a look at custom app development.
Custom app development? Cost?
It is the process of developing an app from scratch to meet specific demands and needs. However, the process is time-consuming and requires a heavy investment.
It is possible here to integrate new that were not present in the existing market. Hence it is built from scratch, the app provides a more personalized user experience.
The cost of development can vary depending on the complexity of the project. The average estimation range from $50,000-$2,50,000. However, the smaller size will be less expensive.
If you choose custom development, there are various benefits you would seek.
And it is essential to collaborate with the most reputed company that primarily works for your goal.
If you are looking for an affordable solution that can develop within your budget, it is good to go for the Ready-made solution.
It is a pre-built application used for immediate launch or customization. It is a good option when business owners plan to launch the app swiftly. Moreover, the advantages are quite a selling point to prefer this solution.
Wonders, what are they?
As it is a ready-made solution, the time required to develop is less than custom development, thus it is a way more affordable option.
Then what is the pricing?
I heard you right.
The pricing depends on the features and the requirement for customization. It somehow ranges between $3000-$10,000.
The pricing stated here is a rough guideline, and the exact pricing can vary depending on the business you are purchasing from.
If you have trouble finding the ideal business to purchase the solution, you have come to the right place. Wooberly is a one-stop solution for your Taxi booking app. It is built with Flutter and can be customized as your business grows.
Then you wonder, why would I choose you?
We have been assisting entrepreneurs for more than 6 years, which makes us better understand our client-side requirements and be there on time.
We provide you with 100% source code and will assist you with technical support until the launch. Cost-effectiveness and 100% customization are the core value proposition you will seek from us.
Schedule your free demo to discuss more on pricing.