Major players in the ride-hailing market are Uber Technologies Inc., Grab, ANI Technologies Pvt. Ltd., Gett Inc., Lyft Inc., DiDiChuxing, Delphi Automotive, Daimler AG., BlaBlaCar, and Didi Chuxing Technology Co.
New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ride Hailing Global Market Report 2023" - https://www.reportlinker.com/p06250378/?utm_source=GNW
The global ride-hailing market 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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The ride-hailing market is expected to grow to $122.48 billion in 2027 at a CAGR of 15.0%.
The ride-hailing market includes revenues earned by entities by connecting local drivers and assailants using an online platform to provide traveling services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Asia Pacific was the largest region in the ride-hailing market in 2022.Western Europe was the second largest region in the ride-hailing market.
The regions covered in the ride-hailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 customer experience by reducing time of travel, operational cost, and ease of riding.
The ride-hailing market covered in this report is segmented by vehicle type into two-wheelers, three-wheelers, four-wheelers, and others. A two-wheeler refers to a vehicle, mainly a bicycle, having two wheels. The different types of services include e-hailing, car sharing, station-based mobility, car rental, and are used by various sectors such as commercial, personal, and
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, estimates that 14 million passengers will use on-demand transportation services in 2020. Hence, on-demand transportation services and a lower rate of car ownership among millennials drive the growth of the ride-hailing market.
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 service market.
Ride-hailing services have been advancing in the past few years by delivering innovative facilities to riders all over the world.Using a ride-hailing app on an Android device has now become very common.
For instance, Uber is a ride-hailing app from which we can request a female driver.This feature is mainly implemented to focus on the safety of a woman, which helps to stay protected with a verified profile of a female driver before committing to the journey.
A major initiative is promoted by Safr, which permits female passengers to select the gender of the driver and offers complete details about the driver’s training. Similarly, HopSkipDrive is another ride-hailing app that gives safe and smarter transportation solutions to children by employing professional care drivers who have a minimum of five years of experience in caregiving.
In August 2022, Ola Cabs, an India-based online taxi and car booking company, announced a merger agreement with Uber Technologies, Inc. for an undisclosed amount. Through this merger, both companies joined forces to improve taxi rentals, ride services, and customer experiences to enhance business outcomes. Uber Technologies, Inc. is a mobility as a service company based in the United States that pioneered food delivery, online taxi bookings, and hotel reservations.
The countries covered in the ride-hailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The ride-hailing market research report is one of a series of new reports that provides ride-hailing market statistics, including ride-hailing industry global market size, regional shares, competitors with a ride-hailing market share, detailed ride-hailing market segments, market trends and opportunities, and any further data you may need to thrive in the ride-hailing industry. This ride-hailing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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