Ride Hailing Services Market Growth Opportunities and Forecast till 2030
The Global Market for Ride Hailing Services accounted for US$ 45 Billion in 2021 and is anticipated to reach US$ 181 Billion by 2030 with a CAGR of 17% from 2022 to 2030.
Ride hailing services are mobile apps that connect passengers with local drivers who are driving their cars. In most circumstances, they provide a convenient way to get from point A to point B. They are usually less expensive than licensed taxicabs. Ride hailing services are regulated in several countries in the same manner as taxicabs are. Uber and Lyft are two examples of ride hailing services. Rideshare firms' services are becoming increasingly popular and required as more people require convenient transportation on demand. Commuters who use these services pay to go to their destinations in other people's cars, minimizing or even eliminating the need for their vehicles. Although it may appear to be the same as ride-sharing, many people who use ride-hailing services are not doing so. The hired drivers do not travel in the same direction as their passengers, but instead, take multiple routes to meet the wants of their customers. Additionally, drivers will not always pick up many passengers traveling in the same direction.
Ride Hailing Services Market
Ride Hailing Services Market Size in 2021
US$ 45 Billion
Ride Hailing Services Market Forecast By 2030
US$ 181 Billion
Ride Hailing Services Market CAGR During 2022 – 2030
Ride Hailing Services Market Analysis Period
2018 - 2030
Ride Hailing Services Market Base Year
Ride Hailing Services Market Forecast Data
2022 - 2030
By Offering, and By Region
Ride Hailing Services Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Bolt Technology OÜ, Curb Mobility, Uber Technologies, Inc., Lyft, Inc., Via.com, Gett, and Grab Holdings Inc.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
The surge in popularity of on-demand transportation services, the emergence of job prospects, and the low rate of automobile ownership among millennials are all driving the worldwide ride-hailing service market forward. Furthermore, developments in connected and automated vehicles to reduce CO2 emissions, as well as a significant increase in sales of these vehicles for usage with ride-hailing services, are propelling the global industry forward.
According to a 2020 IBM study of US customers, moreover, 20% of those who used to ride buses, subways, trains, and other kinds of public transit said they would no longer do so because of the COVID-19 pandemic. On the other hand, only 24% of those polled said they would no longer use taxis or car services. This could be a problem because it signals an increase in ride-hailing services. This new sort of consumer behavior could lead to more vehicles on the road as people return to work in a post-pandemic society, producing increased traffic congestion and higher carbon emissions.
Riders and other drivers benefit from ride-hailing applications because they are convenient, economical, and safe. Ride-hailing businesses' technology improves reliability and reduces wait times for customers, and it can save them 20 percent to 30 percent over the cost of a cab. These apps have built-in safety features including displaying the license plate and car model to ensure that riders get into the correct vehicle, sharing the route with friends and family, GPS monitoring, cashless transactions, and driver ratings. Ride-hailing improves mobility for senior citizens, persons with disabilities, and low-income people, while also reducing discrimination in taxis.
Offering and region are the two categories of the global ride hailing services industry. Based on the offering sector, the segmentation includes car sharing, e-hailing, and rental. Based on our analysis, the e-hailing is likely to display an impressive growth all through the forecast period 2022 – 2030. The mobility sector has achieved great progress in numerous areas, including autonomous driving, connectivity, electrification, and E-hailing, in recent years. In 2019, worldwide electric vehicle sales reached an all-time high, and numerous companies established new records by showcasing completely autonomous vehicles without the need for backup drivers. Similarly, in the e-hailing market, major players such as Uber and Lyft went public in the spring of 2019. The rapid acceptance of car e-hailing services can be attributed to several factors, including rising population, increasing road networks, and urbanization. The increased demand for car-e-hailing services is being driven by urban people's need to arrive at a specific destination in less time due to their hectic lifestyle.
Global Ride Hailing Services Market Geographical Competition
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the segmentation of the worldwide ride hailing services industry. Despite technology developments, only 15% of American adults have ever used a ride-hailing service like Uber or Lyft, according to Pew Research Center research. One-third of Americans (33%) have never heard of these services, while half of all Americans (51%) are aware of them but have not utilized them. Passenger preferences for using ride-hailing services have risen in recent years in developing countries such as India, China, Vietnam, and others, as well as in developed regions such as the United States and Europe. To maintain their separate market shares in a highly competitive industry, the enterprises have enhanced their alternatives and expanded their operations to be delivered through mobile applications.
Global Ride Hailing Services Industry Segment Analysis
Ride Hailing Services Market By Offering
· Car Sharing
Ride Hailing Services Market Leading Companies
This section of the study honors the market's top vendors Bolt Technology OÜ, Curb Mobility, Uber Technologies, Inc., Lyft, Inc., Via.com, Gett, and Grab Holdings Inc. are the key companies mentioned in the research.
Ride Hailing Services Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa