Ride-Hailing Service Market Expected to Reach $126,521 Million, Globally, By Top Key Players: Uber Technologies Inc., Lyft, Inc., Daimler AG., Grab, ANI Technologies Pvt. Ltd., Didi Chuxing Technology Co., nuTonomy, Denso Corporation, TomTom NV, and Gett,

The global ride-hailing service market was valued at $36,450.0 million in 2017, and is projected to reach $126,521.2 million by 2025, registering a CAGR of 16.5% from 2018 to 2025. North America was the highest contributor to the global market in 2017 garnering a CAGR of 12.7% during the forecast period.

Ride-hailing service enables passengers to hail a vehicle using online platforms such as Grab, Lyft, Uber, and Ola. It serves as one of the most comfortable means of transportation, as it provides door-to-door services. Moreover, while hailing a ride, information of the passenger and the driver is exchanged, making this service safer than traditional taxi services.

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The growth of the global ride-hailing service market is driven by rise in trend of on-demand transportation services, creation of employment opportunities, and low rate of car ownership among millennials. In addition, advancements in connected & automatic vehicles to reduce CO2 emission and substantial increase in sales of these vehicles for the use of ride-hailing services propel the global market growth.

However, low rate of internet penetration in developing regions considerably hampers the growth of the market. Moreover, enforcement of stringent government policies toward ride-hailing service restrains the market growth. For instance, the Bombay High Court recently took action against ride-hailing service providers such as Uber and Ola in Kolkata, Bhopal, and Mumbai, due to unnecessary hike in their service pricing. On the contrary, rise in trend of mobility-as-a-service and increase in user base of ride sharing services across the globe are expected to create lucrative opportunities for the market players.

The key players operating in the global ride-hailing service market include Uber Technologies Inc., Lyft, Inc., Daimler AG., Grab, ANI Technologies Pvt. Ltd., Didi Chuxing Technology Co., nuTonomy, Denso Corporation, TomTom NV, and Gett, Inc.

The global ride-hailing service market is segmented based on service type, vehicle type, location, end user, and region. E-hailing, car rental, car sharing, and station-based mobility are studied under the service type segment. On the basis of vehicle type, the market is categorized into two-wheeler, three-wheeler, four-wheeler, and others. Depending on location type, it is bifurcated into urban and rural. According to end user, it is segregated into institutional and personal. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key factors that drive the growth of the global ride-hailing service industry are rise in trend of on-demand transportation services, creation of employment opportunities, and lower rate of car ownership among millennials. However, low rate of internet penetration in developing regions and stringent government policies for ride-hailing service are some of the major restraining factors of this market. On the contrary, the market is expected to witness significant growth in the near future, owing to increase in trend of mobility-as-a-service and upsurge in users for ride sharing across the globe. Each of these factors is anticipated to have a definite impact on the global ride-hailing service market during the forecast period.

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On-demand service comprise taxis, passenger vehicles, and charter vehicles, which provide real-time feedback, tracking of vehicle, and rating for service experience provision to end customers. Ride-hailing services ensure that customers can accurately locate the vehicles and track their journey alongside offer safety to the occupants, which in turn is expected to significantly drive the market growth. Abundant availability of cars and comparison of fare with correspondents facilitated by many mobile applications further drive the growth of the market. For instance, in August 2017, the launch of Migo, a Seattle-based search engine for on-demand ride services mobile application, enabled users to compare the locations and prices of nearby taxis and car-sharing & ride-hailing companies at a single platform.

Ride-hailing service allows driver to work full or part time. According to the U.S. Bureau of Labor Statistics, the enrollment of full-time drivers is 40% more as compared to part-time drivers. For instance, in September 2017, CEO of Uber agreed that the company is creating more than 50,000 new jobs for drivers around the world every month. Expansion of ride-hailing services across the globe by various companies such as Lyft, Uber, OLA, Careem Taxify, and others and huge investment of Daimler, Volkswagen, and Denso in the ride-hailing industry are anticipated to create remunerative employment opportunities globally.

Ride-hailing services require three parties for their operation that include driver, riders, and service providers. All the processes such as matching rider with drivers, fare estimation & calculation, ride payment, and reputation management are done by using smartphone with internet connectivity. Some countries such as Eritrea, Burundi, Chad, Somalia, and others have lower penetration of internet, which acts as a restraint of the ride-hailing service market. To hail a ride, the driver must have GPS-equipped smartphone that has active internet connection to identify exact pickup and drop locations of customers. Therefore, lower penetration of internet hampers the expansion of the market globally.

People who are not capable of purchasing car can experience seamless travel through mobility services. According to the Bureau of Transportation Statistics, the average cost to own and operate a vehicle is around $8,858, assuming 15k miles traveled per year. Mobility-as-a-service decreases such costs for the user by providing improved utilization of transport services such as car sharing and ride hails. In addition, it reduces city congestion and overall vehicle emissions. Therefore, digitally enabled car sharing and ride-hailing manage travel needs in the smartest way, and provide a hassle-free and environmentally sound alternative to private car ownership.

LIST OF FIGURES

FIGURE 01. KEY MARKET SEGMENTS
FIGURE 02. EXECUTIVE SUMMARY
FIGURE 03. EXECUTIVE SUMMARY
FIGURE 04. TOP IMPACTING FACTORS
FIGURE 05. TOP INVESTMENT POCKETS
FIGURE 06. TOP WINNING STRATEGIES, BY YEAR, 2016-2018*
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR, 2016-2018*
FIGURE 08. TOP WINNING STRATEGIES, BY COMPANY, 2016-2018*
FIGURE 09. MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 10. MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 11. MODERATE THREAT OF SUBSTITUTES
FIGURE 12. HIGH-TO-MODERATE INTENSITY OF RIVALRY
FIGURE 13. HIGH-TO-MODERATE BARGAINING POWER OF BUYERS
FIGURE 14. MARKET SHARE ANALYSIS (2017)
FIGURE 15. GLOBAL RIDE HAILING SERVICE MARKET SHARE, BY SERVICE TYPE, 2017-2025 (%)
FIGURE 16. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR E-HAILING, BY COUNTRY, 2017 & 2025 (%)
FIGURE 17. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR CAR SHARING, BY COUNTRY, 2017 & 2025 (%)
FIGURE 18. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR CAR RENTAL, BY COUNTRY, 2017 & 2025 (%)
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR STATION BASED MOBILITY, BY COUNTRY, 2017 & 2025 (%)
FIGURE 20. GLOBAL RIDE HAILING SERVICE MARKET SHARE, BY VEHICLE TYPE, 2017&2025 (%)
FIGURE 21. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR TWO WHEELER, BY COUNTRY, 2017 & 2025 (%)
FIGURE 22. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR THREE WHEELER, BY COUNTRY, 2017 & 2025 (%)
FIGURE 23. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR FOUR WHEELER, BY COUNTRY, 2017 & 2025 (%)
FIGURE 24. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR OTHERS, BY COUNTRY, 2017 & 2025 (%)
FIGURE 25. GLOBAL RIDE HAILING SERVICE MARKET SHARE, BY LOCATION, 2017&2025 (%)
FIGURE 26. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR URBAN, BY COUNTRY, 2017 & 2025 (%)
FIGURE 27. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR RURAL, BY COUNTRY, 2017 & 2025 (%)
FIGURE 28. GLOBAL RIDE HAILING SERVICE MARKET SHARE, BY END USER, 2017&2025 (%)
FIGURE 29. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR INSTITUTIONAL, BY COUNTRY, 2017 & 2025 (%)
FIGURE 30. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET FOR PERSONAL, BY COUNTRY, 2017 & 2025 (%)
FIGURE 31. RIDE HAILING SERVICE MARKET, BY REGION, 2017-2025 (%)
FIGURE 32. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET, BY COUNTRY, 2017-2025 (%)
FIGURE 33. U. S. RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 34. CANADA RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 35. MEXICO RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 36. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET, BY COUNTRY, 2017-2025 (%)
FIGURE 37. U.K. RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 38. GERMANY RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 39. FRANCE RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 40. RUSSIA RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 41. REST OF EUROPE RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 42. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET, BY COUNTRY, 2017-2025 (%)
FIGURE 43. CHINA RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 44. JAPAN RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 45. INDIA RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 46. AUSTRALIA RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 47. REST OF ASIA-PACIFIC RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 48. COMPARATIVE SHARE ANALYSIS OF RIDE HAILING SERVICE MARKET, BY COUNTRY, 2017-2025 (%)
FIGURE 49. LATIN AMERICA RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 50. MIDDLE EAST RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 51. AFRICA RIDE HAILING SERVICE MARKET, 2017-2025 ($MILLION)
FIGURE 52. DENSO: NET SALES, 2015-2017 ($MILLION)
FIGURE 53. DENSO: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 54. DENSO: REVENUE SHARE BY GEOGRAPHY, 2017 (%)
FIGURE 55. TOMTOM INTERNATIONAL N.V.: REVENUE, 2015-2017 ($MILLION)
FIGURE 56. TOMTOM INTERNATIONAL N.V.: REVENUE SHARE BY SEGMENT, 2016 (%)
FIGURE 57. TOMTOM INTERNATIONAL N.V.: REVENUE SHARE BY GEOGRAPHY, 2016 (%)
FIGURE 58. APTIV PLC: REVENUE, 2015-2017 ($MILLION)
FIGURE 59. APTIV PLC: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 60. APTIV PLC: REVENUE SHARE BY GEOGRAPHY, 2017 (%)
FIGURE 61. DAIMLER AG: REVENUE, 2015-2017 ($MILLION)
FIGURE 62. DAIMLER AG: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 63. DAIMLER AG: REVENUE SHARE BY GEOGRAPHY, 2017 (%)

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