The Ride Hailing Global Market Report 2023 by The Business Research Company, provides ride hailing market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Ride Hailing Global Market Report 2023, the market size will grow from $61.10 billion in 2022 to $70.12 billion in 2023 at a compound annual growth rate (CAGR) of 14.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global ride hailing is expected to grow to $122.48 billion in 2027 at a CAGR of 15.0%.
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.
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The ride hailing market is segmented:
1) By Vehicle Type: Two Wheeler, Three Wheeler, Four Wheeler, Other Vehicle Types
2) End-user: Commercial, Personal
3) By Service Type: E-Hailing, Car Sharing, Station based Mobility, and Car Rental
Ride hailing service providers need to follow several state and central laws for uninterrupted service. For instance, in the U.S., driver-related regulations include requirements for background checks, driver’s licenses, vehicle registrations, special licences such as business licenses, and external vehicle displays. The company-related regulations include requirements for the number of ride-hailing vehicles operating in a metropolitan area, providing a list of drivers to the city, and sharing trip data with the city. In some countries, fingerprint-based background checks are mandatory. This is because of the reported incidents of sexual assault and violence. In February 2020, a report from the Union of Concerned Scientists shows that the average U.S. ride-hailing trip results in 69% more pollution than the transportation choices it displaces based on federal vehicle efficiency statistics. Environmental concerns have enforced certain regulations on pollution control. As a result, more stringent regulations are taking effect, and compliance with these government regulations may act as a barrier to the growth of the ride hailing market.
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. Ride Hailing Market Size And Growth
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26. Africa Ride Hailing Market
27. Ride Hailing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Ride Hailing Market
29. Ride Hailing Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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