Ride-Hailing Service Market by Service Type (E-hailing, Car Sharing, Car Rental, and Station-based Mobility), Vehicle Type (Two-wheeler, Three-wheeler, Four-wheeler, and Others), Location (Urban and Rural), and End User (Institutional and Personal): Globa

In 2017, the e-hailing segment dominated the global ride hailing service market in terms of revenue, in the service type category. However, the three-wheeler segment is expected to grow at the highest CAGR during the forecast period. Based on location, the urban segment is anticipated to dominate the market throughout the forecast period. The ride-hailing service market signifies a promising future for the technological industry. The current business scenario has witnessed an increase in the adoption of this technology, particularly in developing regions. Moreover, key companies have been adopting innovative techniques to provide customers with advanced and innovated product offerings.

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.

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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.

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.

Analyst Review:

Ride-hailing service is a comfortable means of transportation, which offers door-to-door conveyance. The market for such ride-hailing services holds high potential in the transportation industry. The current business scenario has witnessed high demand for these services, especially in the developing regions, namely U.S., China, Germany, and others.

Rise in trend of on-demand transportation services, creation of employment opportunities, and low rate of car ownership among millennials are the key factors that propel the growth of the global ride-hailing service market. In addition, advancements in connected & automatic vehicles to reduce CO2 emission and burgeoning increase in the sales of these vehicles for use in ride-hailing services propel the global market growth. Moreover, the key players operating in the industry have adopted various techniques to provide customers with advanced and innovative product offerings, thereby fueling the growth of the market.

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However, low rate of internet penetration in developing regions and implementation of stringent government policies toward unprecedented hike in service pricing are some of the major restraining factors of this market. On the contrary, rise in the trend of mobility-as-a-service and increase in users of ride sharing across the globe are projected to create remunerative opportunities for market expansion.

North America exhibits the highest adoption of ride-hailing services. On the other hand, Asia-Pacific is expected to grow at a faster pace in the near future.

The key players operating in the 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.

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