Overview and Scope
Ride-hailing refers to transportation services in which the passengers are connected with the vehicle drivers through a smartphone-based app to provide passenger transportation by automobile or van, not operated over regular routes and on regular schedules, to improve the customer experience by reducing time of travel, operational cost, and ease of riding.
Sizing and Forecast
The ride hailing market size has grown rapidly in recent years. It will grow from $70.12 billion in 2023 to $80.46 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to urbanization and population density, changing consumer behavior, traffic congestion and parking challenges, first and last-mile connectivity, economic considerations.
The ride hailing market size is expected to see rapid growth in the next few years. It will grow to $141.5 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to integration with multimodal transportation, environmental sustainability, regulatory frameworks and compliance, enhanced safety measures, rural and suburban expansion. Major trends in the forecast period include corporate partnerships for employee transportation, dynamic pricing optimization, regulatory compliance and advocacy, inclusive accessibility features, virtual queues and pre-booking options.
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The ride hailing market covered in this report is segmented –
1) By Vehicle Type: Two Wheeler, Three Wheeler, Four Wheeler, Other Vehicle Types
3) By Service Type: E-Hailing, Car Sharing, Station based Mobility, Car Rental
2) By End-user: Commercial, Personal
Asia-Pacific was the largest region in the ride hailing market in 2023. Western Europe was the second largest region in the global ride hailing market share. The regions covered in the ride hailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
On-demand transportation services and a lower rate of car ownership among millennials are driving the growth of the ride-hailing market. On-demand transportation services are characterized by flexible routing and ad-hoc scheduling of private vehicles, offering a personal transport experience to the general public by picking up or dropping off at locations of the passenger’s choice. On-demand ride-hailing services ensure that customers can accurately locate the vehicles, track their journey, and offer safety to the occupants, and this factor is expected to significantly drive the market’s growth. Additionally, a lower rate of car ownership among millennials due to the high maintenance cost of personal cars is resulting in a rise in demand for ride-hailing services. Millennials are choosing practical, smartphone-accessible transport options that are simple, flexible, and inexpensive over car ownership. Also, buying a new car and maintaining it are more expensive than renting a vehicle every year. Transdev, for example, in December 2022, estimates that 71 million passengers will use on-demand transportation services in 2022. Hence, on-demand transportation services and a lower rate of car ownership among millennials drive the growth of the ride hailing market.
Key Industry Players
Major companies operating in the ride hailing market report are Daimler AG, Denso Corporation, Uber Technologies Inc., Didi Chuxing Technology Co. Ltd., Aptiv plc, Yandex.Taxi LLC, Grab Holdings Inc., Bolt Technology OÜ, Lyft Inc., Careem Networks FZ LLC, PT Gojek Indonesia, TomTom N.V., inDriver Holdings Inc., Swvl Holdings Corp., ANI Technologies Pvt. Ltd., Addison Lee Ltd., DBDOYC Inc., Yassir Inc., Comuto company, Gett Inc., VOXTUR SAS, Kaptyn Inc., Pathao Ltd., RideCell Inc., RydenGo, Shebah Pty Ltd., Beijing Xiaoju Technology Co. Ltd., Neutron Holdings Inc., Maxi Mobility S.L., Ziro Ltd.
The ride hailing market report table of contents includes:
1. Executive Summary
2. Ride Hailing Market Characteristics
3. Ride Hailing Market Trends And Strategies
4. Ride Hailing Market – Macro Economic Scenario
5. Global Ride Hailing Market Size and Growth
…..
32. Global Ride Hailing Market Competitive Benchmarking
33. Global Ride Hailing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ride Hailing Market
35. Ride Hailing Market Future Outlook and Potential Analysis
36. Appendix
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