Recently, the U.S. and Gold Coast groups have entered the travel market. The U.S. Youth League quickly absorbed its network of car users with high subsidy policies, and Gaode quickly entered the freeway channel with a huge amount of map users. The car travel market has now become loose; combined with the huge losses of trips, the online car market, which once won market share with high subsidy and preferential policies, may change its direction of development.
Car travel market pattern: One single or three-legged
Since Didi's acquisition of Uber China, its market share was once as high as 93%. Didi Chuxing has never lacked competitors, but Shenzhou Special Vehicles, Shouqi Automobile, Easy to Access, and other platforms have not incited drip. The market position. Now, the U.S. group taxis rely on the take-out user base, and G.O. Windseng is taking advantage of the strong daily load of the map users, which makes a single big drop drop trip under pressure. Among them, behind the G.G. Ali, and the United States group taxi and drip travel the same 'Tencent Department'.
Exhibit 1: Changes in the pattern of automotive travel market
Source: Forward-looking Industry Research Institute Prospective Economist APP
U.S. Group & High German Entry: Reliance on the user stickiness of eating, drinking scenes, consumption and route planning
In February 2017, the U.S. delegation took a test taxi ride in Nanjing; in March 2018, the U.S. delegation took a taxi to Shanghai to gain access to taxis and express trains. The U.S. delegation landed in Shanghai on the third day, the daily orders exceeded 300,000, and was later in Shanghai. Get 1/3 of the share; 7 days on the line, the U.S. group taxied more than 2.2 million passengers in Shanghai, among which 40% of the order has gone to the scene of life services such as eating, drinking, and playing; the U.S. delegation took 10 days in Shanghai. , Quickly stirred up the Shanghai network about the car market structure, App also logged in Apple App Store downloads fourth. Next, the US group taxi there are six expansion cities: Beijing, Chengdu, Hangzhou, Fuzhou, Wenzhou and Xiamen.
Exhibit 2: Development Profile of the U.S. Mission Taxi Service
Source: Forward-looking Industry Research Institute Prospective Economist APP
Previously, the one-stop public travel service platform launched by Golder Maps has been connected to a number of industries including DDT, Shenzhou, SAIC, Cao Cao, ofo, Mobike and flying pigs. Travel service providers can provide various travel services including online travel, taxi, etc. On March 27, 2018, Gaode Shunfeng was also in Chengdu, Wuhan on the line, and also in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and other places. Recruiting car owners. It is worth noting that Gaode Shunfeng is different from online car ownership, not for profit, and will not draw users into shares, but it will not provide additional bonuses and subsidies.
Exhibit 3: Overview of Gode Maps Travel Business Layout
Source: Forward-looking Industry Research Institute Prospective Economist APP
The U.S. taxi business received such success in a short period of time, and successfully stirred up the car market of Shanghai Auto. It was nothing more than the close range of taxi shopping and drinking, shopping, and consumption scenarios, and the resulting demand for taxi users to travel to consumer locations. Secondly, there are currently serious signs of monopoly in the car market, lack of vitality, and lack of consumer satisfaction. At this point, the U.S. caravans driven by the consumption scene—the taxis of the U.S. delegation to the market—are prone to new emotions. In addition, the U.S. group has also prepared subsidies for taxis, such as three months of rakes, etc., which are more attractive to the driver. For the Gotde map, it is the largest mobile travel platform in China. By the end of 2017, it had 700 million users. At the same time, it also gathered the largest number of car owners in the country. It provided an average of 340 million travel route plans for users every day. As of February 2018, statistics show that the monthly users of Gaode map have been active. To reach 380 million. The market reputation and the number of users of the Gold Coast map also provide a solid foundation for the strategic layout of its smooth business.
Drip trip: Loss and internal and external pressure of competitors
With the help of capital, Didi has significantly expanded its market share from 2014 to 2017. By 2017, the total number of users of Didi has reached 450 million, covering more than 400 cities, and the number of orders received will reach 7.43 billion units per year. The amount of orders has also reached 250-270 billion US dollars. According to the latest data, 60 cities across the country, DGP daily average orders have exceeded 2.4 million, the average national spelling rate has exceeded 70%.
Exhibit 4: Diversified Travel Business Layout and 2017 Results
Source: Forward-looking Industry Research Institute Prospective Economist APP
Behind drip trips, holding large amounts of user traffic is actually a large amount of subsidies for drivers and users. For example, at the driver’s end, drip trips carry out 16 to 20 yuan per order for drivers who complete orders at a specified time. The subsidy is 24 yuan per award during peak hours, and 240 rewards for 240 peaks during Pingfeng. For drivers who successfully recommend new users to use express trains, they can earn a cash prize of RMB 10 on their own. They are not capped. 600-800 yuan for the end of incentives. In the drip client, new customers can receive 3 denominations of 14 yuan - that is, the starting price of coupons, as long as the order does not exceed 14 yuan, passengers are only Pay a fee of 0.01 yuan.
The high subsidy policy for the purpose of expanding the market and even competing with rivals such as the U.S. taxi team directly led to the loss of the Djidhuo trip. According to statistics, the number of DMV travels in 2015 was 6.1 billion yuan, a loss of 10 million yuan. Billion U.S. dollars; 2017 GMV was as high as 25 billion to 27 billion U.S. dollars; but the overall loss was 300 million to 400 million U.S. dollars.
Exhibit 5: Comparison of the main income and net loss of Dripping Trips in 2015 & 2017
Source: Forward-looking Industry Research Institute Prospective Economist APP
With the participation of the U.S. Group, Gaode, etc., it is undoubtedly necessary to seize the market that DDT has already acquired. The loss of DDT in 2017 may be just the beginning. A signal that the car travel market will be more intense, or that it is a network of vehicles. Prelude to market changes.
Online Vehicles: The growth of special express trains is highlighted, and the market volume growth requires standardization and cross-border development.
According to the Strategy Analysis Report on the Development of China's Automobile Leasing Industry and Corporate Competitiveness Enhancement Strategy for 2018-2023 released by the Industry Research Institute of Forward Looking, as of December 2017, the scale of taxi users in China’s network reached 287 million, an increase of 61.88 million compared to the end of 2016. People, the growth rate was 27.5%; the scale of the net users of special trains or express trains reached 236 million, an increase of 68.24 million over the previous year, and the growth rate was 40.6%. At the same time, the use of taxis in the network accounted for 37.1% of the total, up 6.4 from the previous year. Percentage-point; Net Express Express, the proportion of users of special cars increased from 23% to 30.6%, an increase of 7.6 percentage points over the previous year. It can be seen that public demand is divided on both sides of the taxi: quality travel and cheap, efficient travel.
Exhibit 6: Proportion of Users of Online Booking Cars and Usage in 2016-2017 (Unit: Billion, %)
Source: Forward-looking Industry Research Institute Prospective Economist APP
Since the implementation of the “Interim Measures for the Management of Online Appointment of Taxi Business Services”, the regulations on local bus routes have been gradually introduced to adjust access thresholds, and the online booking car market has entered a period of rational adjustment. During this period, the size of the online booking car market has developed radically from an unorderly pace. Gradually evolved to the normative development; Vehicles, Personnel access thresholds improved, Legitimate rights of passengers and car safety were guaranteed, For example, Didi trips were interviewed in Shenzhen, and U.S. group taxis were interviewed for rectification in Shanghai. .
Under the high commission 0 commission, 0 subsidy stimulus, the survival of the network about the vehicle is threatened, high subsidy 'price war' is not a long-term plan, its operating model also needs to be changed. The user habits of the network about the car market has been developed In response to the new regulatory policies, online booking companies are also seeking transformation and cross-border integration to enhance profitability, and multi-dimensional development of user resources through cross-border resource integration and diversified business development. In terms of resource integration, The car platform accesses the railway booking system to create a 'one-stop' travel service model. The online car company cooperates with companies such as travel and recruitment to share customer resources for cross-border marketing and promotion. In terms of format derivatives, Mobai and Didi The concept of platform extension shared the power of sharing minibuses and shared bicycles; Easy access to taxis with diversified layouts. The penetration rate of internet vehicles in China is still low, but it is foreseen that it coexists with multiple modes of travel. In the era of the era, the network of vehicles is expected to get rid of the high subsidies, and have a truly sustainable, profitable growth model.
