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

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.