Global Rise-Hailing and Taxi Market

Ride-Hailing and Taxi Market Size, Share, Growth Analysis, By Type(Ride-Hailing, and Taxi), By Distribution Channel(Offline, and Online), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25C2061 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 61 | Figures: 75

Ride-Hailing and Taxi Market News

  • A potential technological advantage in the competitive market could be gained by Chinese electric vehicle startup Xpeng, which in August 2023 agreed to pay $744 million in all-stock terms to acquire Didi Global Inc.'s smart-car development unit. 
  • In March 2023, US ride-hailing company Uber announced a partnership with electric vehicle maker Tesla to provide its drivers with access to Tesla's Supercharger network. 
  • In January 2023, Indian ride-hailing company Ola announced a $500 million investment from Japanese technology conglomerate SoftBank Group. 
  • Lyft announced a calculated plan in December 2022 to incentivize Californian drivers to switch to electric cars. To encourage drivers to switch to electric vehicles, the business unveiled a number of incentives.
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Global Rise-Hailing and Taxi Market size was valued at USD 13.10 billion in 2022 and is poised to grow from USD 13.98 billion in 2023 to USD 23.48 billion by 2031, growing at a CAGR of 6.7% during the forecast period (2024-2031).

The nature of the global ride-hailing and taxi market is highly fragmented, with numerous regional and global players operating in the market. The market is characterized by intense competition, with players competing on factors such as pricing, service quality, safety, and convenience. Moreover, the entry barriers to the market are relatively low, leading to the emergence of new players and startups. However, established players have a first-mover advantage and have invested heavily in technology and customer service, making it challenging for new entrants to gain a foothold in the market. 'Uber (California)', 'Lyft (California)', 'Didi Chuxing (China)', 'Grab (Singapore)', 'Gojek (Indonesia)', 'Ola (India)', 'BlaBlaCar (France)', 'Bolt (Estonia)', 'Curb Mobility (New York)', 'DiDi Express (China)', 'Gett (Israel)', 'Hailo (UK)', 'Juno (New York)', 'Karhoo (UK)', 'LeCab (France)', 'Meru Cabs (India)', 'Mytaxi (Germany)', 'Sidecar (California)', 'Taxify (Estonia)', 'Via (New York)'

One of the major drivers for the growth of the ride-hailing and taxi market is the increasing popularity of ride-hailing services due to their convenience, affordability, and safety features. Ride-hailing platforms such as Uber, Lyft, and Didi Chuxing provide a seamless user experience, enabling users to book rides on demand, track their ride in real-time, and make cashless payments through mobile apps. With rising urbanization, increasing traffic congestion, and limited parking space, consumers are turning to ride-hailing and taxi services as a more convenient and cost-effective mode of transportation.

One key market trend in the ride-hailing and taxi industry is the increasing adoption of electric and hybrid vehicles to reduce carbon emissions and promote sustainable transportation. Major ride-hailing companies such as Uber and Lyft have committed to transitioning to electric vehicles, with Uber aiming to have 100% of its rides take place in zero-emission vehicles by 2040. Governments around the world are also incentivizing the adoption of electric vehicles by offering subsidies, tax credits, and other incentives to ride-hailing companies and drivers, further driving the trend towards electric and sustainable transportation.

In North America, the United States and Canada are the two major countries contributing to the growth of the ride-hailing market. The region has a well-established transportation infrastructure, with high levels of car ownership and a high GDP per capita. Additionally, the popularity of ride-hailing services such as Uber and Lyft has been driven by the convenience, affordability, and safety features of these platforms.

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Global Rise-Hailing and Taxi Market

Report ID: SQMIG25C2061

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