USD 145.82 billion
Ride Hailing Market Size, Share, Growth Analysis, By Service(E-hailing, Car sharing, Car Rental), By Vehicle(Two – Wheeler, Car), By Car Sharing(P2P, Corporate), By Payment Method(Cash, Online), By Location Type(Urban, Rural), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20U2009 |
Region:
Global |
Published Date: July, 2001
Pages:
272
|Tables:
140
|Figures:
78
Ride Hailing Market Insights
Global Ride Hailing Market size was valued at USD 145.82 billion in 2022 and is poised to grow from USD 156.61 billion in 2023 to USD 268.47 billion by 2031, growing at a CAGR of 6.98% in the forecast period (2024-2031)
The travel and transportation sectors have seen significant transformation as a result of the rapid growth of cellphones and information technology. Drivers, passengers, and service providers are the three parties necessary for the operation of ride-hailing services. The ride is booked through an online platform and apps, which aids in establishing a connection between passengers and drivers. Bookings can be made on desktop computers and mobile devices. Ride-hailing offers passengers a comfortable and secure ride by offering them the option to share trip information with friends and family so they can follow the progress of the route in real time. By displacing traditional taxi services, it also offers door-to-door service.
On-demand transportation services, which include taxis and passenger cars and offer detailed real-time feedback about the drivers and their vehicles, are the main factor driving the sector.
Additionally, it has sophisticated features that make the travel secure for the passengers, such as precise position tracking and panic/SOS buttons. The transportation sector has seen a significant transformation as a result of rising government digitalization initiatives. The ride-hailing market offers customers a range of payment alternatives, including cash and online transactions, to suit their needs. These service providers accept payments using net banking, digital wallets, and a number of other e-payment channels.
US Ride Hailing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Car
Fastest Growth
Car
Growth Rate
6.98% CAGR
Global Ride Hailing Market ($ Bn)
Country Share for North America Region (%)
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Ride Hailing Market Segmental Analysis
Global ride hailing market is segmented on the basis of service, vehicle, car sharing, payment method, location type, and region. By service, the Ride Hailing Market is categorized into E-hailing, car sharing, car rental. On the basis of vehicle, the market is divided into two- wheeler, car. On the basis of car sharing, the market is segmented into P2P, corporate. On the basis of payment method, the market is divided into cash, online. On the basis of location type, the market is segmented into urban and rural. The market is analyzed based on regional segmentation namely North America, Europe, Asia-Pacific, and MEA.
Ride Hailing Market Analysis by Service
The ride hailing market has been divided into segments based on the service. The global ride-hailing market is divided into E-hailing, car sharing, car rental, and others based on service type. Due to customers' increasing adoption of car-sharing, the segment is projected to be dominated by the car-sharing business. Urban areas' growing carpooling culture has drawn regular office workers, who are driving the market.
Increasing propensity for using cabs is another element propelling the car-sharing segment. The ride hailing market is anticipated to grow as there is an increasing demand for high-end vehicles at reasonable prices. Youth between the ages of 18 and 26 find this to be quite popular. This aids them in avoiding ownership, the purchase of a luxury vehicle, upkeep, and tolls. As a result, the usage of public transportation has increased, which has decreased emissions. The ride hailing market is anticipated to be dominated by the online payment segment. For instance, programmes like Digital India encourage customers to use online payment systems, which are demonstrating to be a secure and dependable form of payment.
Global Ride Hailing Market By Vehicle
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Ride Hailing Market Regional Insights
The ride hailing market is divided into four geographic segments: North America, Europe, Asia Pacific, and the rest of the globe. Due to the rising number of travel network firms offering e-hailing services and car rental services in places like Seattle, New York, San Francisco, Utah, Burlington, Dallas, and Boulder among others, North America is predicted to dominate the global ride hailing market. Due to the constantly growing population in cities like Delhi, Mumbai, Pune, and Tokyo, which is fueling the need for e-hailing services, Asia Pacific is predicted to grow at the quickest rate. Growing government support from this region and rising interest in safe and comfortable travel in nations like India, China, and Japan are anticipated to fuel the growth of the market. Over the forecast period, Europe is anticipated to have consistent market expansion.
Global Ride Hailing Market By Region
- Largest
- Fastest
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Ride Hailing Market Dynamics
Ride Hailing Market Driver
Need for effective commute and reduced spending on travel to impel the market growth
- The market is anticipated to grow as consumer demand for secure travel rises. Numerous advantages of ride sharing services are easy booking options, low carbon footprints, affordable door-to-door ride services and no parking trouble.
- Decreasing demand of public transportation to avoid the risk of infection post Covid-19 pandemic is further promoting the growth of select ride sharing services. Additionally, introduction of big data analytics, IoT, and AI facilitate smart mobility options and the rise in the availability of cab booking services
Ride Hailing Market Restraint
Lack of Awareness in the transport and commute industry to restrain the market growth
- It is anticipated that low internet penetration in emerging countries will restrain market expansion. The use of app-based mobility services is frequently unregulated by a legislative body in several nations.
- As a result, the government does not define or control how they operate. Separate licenses and registrations are needed for taxi services. Due to the fact that many app-based businesses do not own the vehicles, this makes it challenging for taxi services to function.
To collect, use, transfer, secure, store, and otherwise process personally identifiable information and other data about individuals, regulators around the world have proposed or adopted requirements. The number of these laws as well as the severity of their fines and other penalties are growing.
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Ride Hailing Market Competitive Landscape
Global Ride Hailing Market simulation is highly fragmented due to strong presence of large number of players. With so many small and medium-sized players active in the market, the competition has become fierce. On the other hand, most of the new entrant are looking to tap the opportunity of growing popularity of simulation technology. As a result, the ride hailing market has been witnessing constant entry of new players over the years. In order to sustain the highly competitive environment, existing players differentiate themselves through pricing, quality, and technology.
Top Players in Global Ride Hailing Market
- Uber
- Lyft
- Didi Chuxing
- Grab
- Ola Cabs
- Careem
- Go-Jek
- Bolt (formerly Taxify)
- Yandex.Taxi
- Cabify
- Beat (formerly Taxibeat)
- BlaBlaCar
- Via
- Mytaxi
- Curb
- Juno
- Gett
- Easy Taxi
- 99 (formerly 99Taxis)
- DiDi Express
Recent Developments in Ride Hailing Market
- In January 2021, Uber Technologies Inc. partnered with EVgo to provide EV charging discounts to the drivers for around 800+ cities in the United States
- In May 2021, In Estonia, Bolt Technology OÜ introduced a car-sharing programme. Additionally, the business disclosed its intention to devote 20 million euros to the introduction of Bolt Drive. A vehicle's ownership involves a number of interrelated issues, including financing, gasoline, upkeep, registration/taxes, maintenance & repair, and depreciation. The price of owning a car goes up every year. Although depreciation accounts for 43% of the cost of ownership, additional expenses like fuel and maintenance make up the remaining 25%, according to the American Automobile Association.
Ride Hailing Key Market Trends
- Growing Interest in Ride-Hailing Services: Over the projected period, ride-hailing is anticipated to replace the traditional cab. A total of 15 million ride-hailing trips are reported to occur daily, and by 2030, that number is predicted to skyrocket to 100 million.
- Digitalization to Induce More Adoption: The digitalization in the transport and commute industry has caused the passengers to opt for better applications with rich features to reduce their spendings and cut time on travel.
Ride Hailing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
The market research report on ride hailing market offers a thorough overview of the industry and focuses on important factors, including top manufacturers, product categories, and prominent product applications. In addition, the study identifies significant advancements in the sector and provides insights into market trends. The research includes a number of additional variables in addition to those listed above that have helped the advanced market expand over the past few years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 145.82 billion |
| Market size value in 2031 | USD 268.47 billion |
| Growth Rate | 6.98% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | |
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ride Hailing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ride Hailing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ride Hailing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ride Hailing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ride Hailing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ride Hailing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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