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

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.