Ride-Hailing Service Market by Service Type, Vehicle Type & Location Analysis and Industry Forecast 2025

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

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.

However, low rate of internet penetration in developing regions and the implementation of stringent government policies toward unnecessary hike in service pricing are some of the major restraining factors of this market. Conversely, rise in trend of mobility-as-a-service and increase in users for ride sharing across the globe are anticipated to provide growth opportunities for this market.

At present, North America dominates the market, followed by Asia-Pacific. In 2017, the U.S. led the North American market, while in Asia-Pacific, China currently dominates the market.

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Market Segments:

By Service Type

•E-hailing
•Car Rental
•Car Sharing
•Station-based Mobility

By Vehicle Type
•Two-wheeler
•Three-wheeler
•Four-wheeler
•Others (Van and Bus)

By Location Type
•Urban
•Rural
By End User
•Institutional
•Personal

TOP IMPACTING FACTORS

Rise in trend of on-demand transportation services-

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.

Increase in employment opportunities-

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.

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Low rate of internet penetration in developing regions-

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.

Increase in trend of mobility-as-a-service-

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. This sharing & ride-hailing activity that includes the entire process from travel planning to payments can be managed through a single mobile application, which is expected to create lucrative opportunity for the market in the near future.

Key Finding:

•Based on service type, the e-hailing segment dominated the global ride-hailing service market in year 2017.

•North America held the major market share in 2017.

•As per vehicle type, the four-wheeler vehicle segment dominated the global ride-hailing service market in 2017. However, the others including van & buses vehicle segment are expected to grow at the highest CAGR as compared with four wheeler segment during the forecast period.

•Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.

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