- Report ID: BMRC 26 | Number of pages: 200 | Publish Date: Dec 2019
Status: Published | Category: Technology And Media | Delivery Timeline:
Ride Hailing Market is valued at USD 57.71 Billion in 2018 and expected to reach USD 175.29 Billion by 2025 with the CAGR of 17.2% over the forecast period.
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 market reports cover prominent top key players,
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.
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 as 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.
Global Ride hailing market reports cover prominent players Uber, Ola, RideOs, Grab Lyft, Gett, DiDi, and many others.
Global ride hailing market dynamics –
The key factor for growth of global ride hailing market is increasing demand of the personal mobility services with surge in electric vehicles sales for ride hailing, rise in the industrialization and urbanization with rising smartphone users as well as increasing number of ride sharing services platforms such as Ola, Lyft, and Uber. Ride hailing market is being occupied by the major players such as Uber, Ola, RideOs, Grab Lyft, Gett, DiDi, and many of the players have began to implement electric vehicles for ride hailing which has surged demand for this market globally. According to the International Council on Clean Transportation (ICCT) in 2019, these major Companies together are responsible for more than 10 billions of trips, used by several hundred million users, which has estimated nearly 50 million trips daily, with market valuation of more than USD 150 billion by these major players. According to the International Council on Clean Transportation (ICCT), the global electric vehicle sale has been surpassed 5 Million in 2018 as ride-hailing fleets are greatly expanding across many of cities in the largest markets, and hence this growth is expected to continue for the ride hailing market. However increasing covid-19 pandemic has affected this market due to people from many countries have stopped travelling due to lockdown hence many people have lost jobs and revenue that was generated from traditional businesses, number of ride sharing services such as Uber, Ola, and Lyft has disrupted the market for traditional taxi operators. Traditional taxi operators have formed protest against app-based ride sharing service providers in many places these factors have restrained the growth of ride hailing market. Moreover rising technological advancement using artificial intelligence, IoT, machine learning algorithm etc for helping the people to travel and find the accurate consumers or travelers, rising autonomous vehicle trend for ride sharing, increasing public private partnership for ride hailing, growing need for door-to-door mobility options,as well as during the covid-19 pandemic as the people cannot travel so many companies trying to shift into the goods transportation. Hence this all the above factors may create huge opportunity for the growth of ride hailing market.
Ride hailing Market Regional Analysis –
North America is growing at faster pace for the ride hailing market with the potential rate due to rising penetration rate of ride hailing services, presence of information technology, due to early adoption of cab services this region followed by Europe. In 2018, around 36% of U.S. adults have used a ride-hailing service such as Uber, Lyft as compare to 15% of Americans have been used in 2015 followed by Europe.
The Asia Pacific is expected to grow at faster pace for the ride hailing market due to presence of rapidly increasing population with growing need of transportation by the help of suitable ride hailing services platforms like Uber, Ola, DiDi, and many others. In 2017, China’s leading player DiDi has surpassed around 7.4 billion trips annually, which was followed by 450 million users and 21 million drivers and market of ride hailing was valued around USD 56 billion by that company in the same year from China, Brazil and Australia. Hence this massive increase in the use of ride hailing services platforms may create huge opportunity in this region by huge population.
Key Benefits for Ride hailing market reports –
Global ride hailing market report covers in depth historical and forecast analysis.
Global ride hailing Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global ride hailing market report helps to identify opportunities in market place.
Global ride hailing market report covers extensive analysis of emerging trends and competitive landscape
By Service Type E-hailing, Car Sharing,Station-Based, Car Rental
By Data Service- Navigation, Information, Payment, Others
By Connectivity Segment- 3G, 4G, 5G, Wi-Fi
By Vehicle Connectivity Segment- V2V, V2I, V2P, V2N
By Type of Vehicle- Micro mobility vehicle (E-bikes, Scooters, Others), ICE (internal combustion engine) vehicle, CNG/LPG vehicle, Electric vehicles
By Sharing Type- Corporate car sharing, Private car sharing, Others
By Regional & Country Analysis
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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Ride Hailing Market by Service Type (E-hailing, Car Sharing, Station-Based, Car Rental), Data Service (Navigation, Information, Payment, Others), Connectivity (3G, 4G, 5G, Wi-Fi) and Vehicle Connectivity (V2V, V2I, V2P, V2N): Global Size, Trends, Competitive, Historical & Forecast Analysis., 2019