Ride Hailing Market size is USD 101.17 Billion in 2021 and expected to reach USD 310.97 Billion by 2028 with the CAGR of 17.4% over the forecast period.
Ride hailing is used for describing the booking, managing ride and paying for the car service which is being used to travel. The ride hailing is done by smart phone app which utilizes various transportation network companies including Uber, Ola, Lyft etc. The ride hailing service is the third party service which connects rider and vehicle by intelligent platform through smartphone for availing the benefits of riding. This ride hailing works as when the rider gets smartphone app, it utilizes the navigation system that is GPS which automatically detects the pick-up location. When the rider detects the nearby car service, car or taxi owner gets signal on its smartphone then booking can be made to travel as per the require destination point through taxi or car. This service has taken astounding growth in this last 10 years due rising social media users, smartphone users.
Increasing demand of the personal mobility services with increase in electric vehicles sales for ride hailing, surge in the industrialization and urbanization with rising smartphone users as well as increasing number of ride sharing services such as Ola, Lyft, and Uber are some important factors driving the growth of Ride hailing market.
Ride-hailing services has been experiencing significant growth in adoption of services since the Uber started its services in 2009. Although, the sharing of vehicles business models (e.g., car sharing) have been present in the U.S. for more than 16 years, their adoption has been somewhat very limited to niche markets in dense, urban cities or college campuses. Up To date, car sharing has abled to attract more than 2 million members in North America region and almost 5 million globally. On the other hand, this new model of “shared mobility” is estimated to have grown to more than 260 million users within its first five-six years.
On the basis of service type, BrandEssence has segmented market into the E-hailing, Car Sharing, Station-Based, Car Rental segment. E-hailing is one of the largest segment in the Ride-hailing services market in terms of value. E-hailing is a process of ordering a car, taxi, or any other form of transportation pick up through a computer or mobile device. E-hailing is the widely used ride-hailing services. The growth of e-hailing is due to its Customer-friendliness and suitability to end-users. Station based is expected fastest growing market in the ride-hailing market due to government incentives and growing consumer preference.
Recently many companies had launched ride hailing using advanced technology like AI, machine learning, IoT etc. Recently in 2019, RideOs a leading technology provider for fleet transport in India had launched its new ride hail platform, including a Ridehail API and open-source mobile apps. This ride hail service has utilized the API for automotive OEMs as well as for autonomous vehicle makers and transportation network companies to create and manage their ride-hailing network using this rideOS technology.
The global ride hailing market is segmented on the basis of service type, data service, type of vehicle, sharing type, and region and country level. On the basis of service type, the ride hailing market is classifies s Car sharing, E-hailing, Car rental, Station-based mobility. On the basis of data service, the global ride hailing market is segmented into Navigation, Information service, Payment service and others. On the basis of type of the vehicle, the global ride hailing market is bifurcated into Micro mobility vehicle (E-bikes, Scooters, Others), ICE (internal combustion engine) vehicle, CNG/LPG vehicle, and Electric vehicles. On the basis of sharing type, the market is classified as corporate car sharing, private car sharing, and many others.
The regions covered in global ride hailing market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global ride hailing market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Payment service segment is growing at the fastest CAGR during the forecast period 2018-2024. Generally, ride-hailing service providers use payment gateway for online payment processing. Growing international expansion of ride-hailing service providers and payments in foreign currency is expected to boost the growth of payment service segment during the forecast period. Navigation service segment is one of the largest market segment in the ride-hailing market during the forecast period due to growth rate of user base of ride-hailing services is huge as it is used by both parties such as driver and passenger regarding location and route direction.
Growing needs of personal mobility and cost-effective solution is major reason to make Asia-pacific region one of the largest market in the global ride-hailing market. In addition, urbanization is accelerating E-hailing, Car Sharing, Station-Based and Car Rental segment. North America also expected to show significant CAGR during the forecast period.
Ride hailing market reports cover prominent top key players,
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
• Saudi Arabia
• South Africa
• Rest Of MEA
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2022:||USD 101.17 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||17.4%|
|Market Size Expected in 2028:||USD 310.97 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Uber, Ola, RideOs, Grab, Lyft, Gett, DiDi, ANI Technologies Pvt. Ltd., Delphi Automotive, Daimler AG., BlaBlaCar, Denso Corporation, Yandex.Taxi B.V., Beijing Xiaoju Technology Co. Ltd., TomTom NV, Lime (US), inDriver, RideCell Inc., Bolt Technology OU, VOXTUR SAS, Addison Lee Ltd.|
|Segments Covered||By Service Type, By Data Service, By Connectivity Segment, By Vehicle Connectivity Segment, By Type of Vehicle, By Sharing Type|
|Regional Analysis||North America, U.S., Canada, Europe, Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe, Asia-Pacific, South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC, Latin America, Mexico, Colombia, Brazil, Argentina, Peru, Rest of South America, Middle East and Africa, Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA|
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