The industrial chain is deeply cultivated to control transport capacity, and diversified exploration to build ecology

Ride-hailing is both a business and public service infrastructure, and the core barrier is the control of capacity.

Travel market size reached 2 trillion yuan, four-wheel travel accounted for 47%, high-frequency demand growth rate of nearly 15%; The traditional taxi is a business that depends on the license plate, which has many pain points, low efficiency and obvious regional cut;

The essence of online car booking is the spatio-temporal matching of travel demand and transport capacity; Demand tidal properties, dispersed and homogenized, price sensitive, non-viscous; The supply chain is short, the added value space is small, the transport capacity control is difficult, and the drivers tend to live on multiple platforms;

The net about car essentially makes money by scale and matching efficiency, strong cross-side network effect; The core of building barriers lies in the ability to control transport capacity, and there are two paths:

1) Product side diversification to supplement capacity;

2) The supply side is redone to enhance the viscosity of B end.

Travel is an important public service infrastructure, first-tier cities continue to tighten policies, stricter supervision is forcing platform reform, compliance and safety is always the focus of supervision.

Why the fight is more critical: Drunken Weng intends to mobile payment, the participants have different purposes.

High-frequency travel is an important scene of mobile payment, and the network ride-hailing scene has lower promotion costs for mobile payment;

Not to profit as the goal of the game intensified the intensity of the travel war: Tencent for Didi brought capital, flow, technical support, Ali with Alipay to support fast, subsidies war unprecedented fierce.

The objectives of the participants are different: BAT intends to close the ecological loop and empower the industrial chain, so it invests in proxy wars; Meituan intends to improve the life service ecology, so do traffic aggregation platform, vehicle manufacturers to expand services and alleviate inventory pressure.

BAT royal three never absent, an inside after joining forces to hustle outside, but it is difficult to become a boat, network about car leaders are diversified.

Tencent Ali early intervention, oligarchic competition pattern soon formed, mobile payment market after the purpose of breaking the cash return margin reduced, Didi Kuaidi merger a total of foreign enemy Uber;

The cooperation between Uber and Baidu is fierce, but Didi relies on the support of the giant to fight closely, and the world supports Uber's rivals. Under the background of stricter supervision, Uber and Didi eventually withdraw from the Chinese market by mutual shareholding;

However, there are still many disputes in the industry: the lack of viscosity at both ends of BC makes it difficult for subsidies to continue to make profits; C2C and B2C routes are swinging, compliance is not big, big is not compliance; Authenticity sharing disputes, new capacity and idle resources coexist;

Global ride-hailing platforms are on the second growth curve, Uber is becoming a food delivery and delivery company; Didi has obvious advantages in the field of travel products, transport capacity control ability, AI and data analysis technology, and entering the community group purchase is not only for development, but also to enhance the valuation; The United States group connects people and services business logic is clear, travel is an important part of local life services, the United States group has always been covetously.

1. It is both a business and a public basic service, and it is always in a game with regulation

1.1. Taxi is a traditional business based on license plates, with many pain points and regional fragmentation

"Line" is a high-frequency rigid demand market with a scale of 2 trillion, and the overall growth is stable. The continuous deepening of urbanization, the increase of business activities and the improvement of residents' living standards drive the growing demand for transportation, and the size of the domestic road transportation market increased from 1,385.3 billion yuan in 2015 to 1,515.8 billion yuan in 2019. It is expected to reach 1,906.6 billion yuan by 2025.

Four-wheel travel is the highest proportion and fastest growing subdivision track. In 2019, the four-wheel travel market, including hitch, ride-hailing and ride-hailing, was RMB 711.9 billion, accounting for 47.0% of the total road transportation market, and is expected to increase to RMB 1,500.5 billion in 2025, accounting for 57.7% of the market share.

The traditional taxi industry is a regulated industry relying on license plate access, with obvious regional segmentation characteristics, and there is a large room for improvement in supply and operation efficiency under administrative control. In order to prevent excessive competition in the industry and aggravated road congestion, the government tightened control on the number of taxi and private car licenses, the number of vehicles and service prices are strictly controlled, the driver entry threshold is high and the service form is single, and the supply side transport capacity lags behind the market demand.