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

Allied Market Research published a report, titled, Ride Hailing Service Market by Service Type (E-hailing, Car Rental, Car Sharing, and Station-based Mobility), Vehicle Type (Two-wheeler, Three-wheeler, Four-wheeler, and Others), Location (Urban and Rural), and End User (Institutional and Personal): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides extensive analyses of the market dynamics, key market segments, top winning strategies, top investment pockets, and competitive landscape. According to the report, the global ride-hailing service market garnered $36.45 billion in 2017 and is expected to reach $126.52 billion by 2025, registering a CAGR of 16.5% from 2018 to 2025.

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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.

High demand for on-demand transportation services, creation of new jobs in urban and semi-urban areas, and advent of connected & electric vehicles drive the growth of the market. However, low internet penetration in developing economies and stringent government policies hinder the market growth. On the other hand, ongoing trend of mobility-as-a-service and rise in user base for ride sharing services across the globe would create new opportunities for the industry in the near future.

The e-hailing service segment accounted for more than one-third of the total market share in 2017, owing to growing presence of tech giants across emerging economies and increase in demand for transportation services. This segment is expected to maintain its dominance by 2025. However, the station-based mobility segment would grow at the fastest CAGR of 22.7% from 2018 to 2025, owing to rise in user base of ride sharing services and supportive government initiatives for ride hailing services. The other service types analyzed in the study include car rental and car sharing.

Four-wheelers segment held the major share in the market in 2017, contributing to more than half of the total market revenue. This is attributed to the advent of advanced technologies in the sector such as connected cars, autonomous vehicles, and others. This segment would maintain its lead position throughout the forecast period. The three-wheeler segment is expected to register the highest CAGR of 21% from 2018 to 2025, owing to the upsurge in electric vehicles and government subsidiaries. The report also analyzes two-wheelers and other vehicle types.

The urban segment contributed more than three-fourths of the total market share in 2017 and is expected to maintain its lion's share throughout the forecast period. This is due to the availability of better infrastructure and development. However, the rural segment is expected to register the fastest CAGR of 18.7% from 2018 to 2025. This is due to the expansion of giant companies and increased infrastructure developments in the rural regions.

The institutional segment contributed more than two-thirds of the total market share in 2017, owing to ease in service availability and availability of coupon & discounts. This segment will continue to dominate through 2025. However, the personal segment would grow at the highest CAGR of 18.2% from 2018 to 2025, owing to the low cost of service and availability of high-end facilities.

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Rise in demand for transportation services and large population base are the key factors that have enabled the Asia-Pacific region to grow at the fastest CAGR of 20% from 2018 to 2025. However, North America was the highest revenue contributor in 2017, accounting for more than one-third share of the market owing to continuous developments, technological advancements, and supportive government initiatives. This region is expected to continue its dominance throughout the forecast period.

The leading industry players analyzed in the study include Uber Technologies Inc., Daimler AG., Lyft, Inc., ANI Technologies Pvt. Ltd., Grab, nuTonomy, Didi Chuxing Technology Co., TomTom NV, Denso Corporation, and Gett, Inc. They have adopted various strategies such as expansion, joint ventures, mergers & acquisitions, collaborations, partnerships, and others to gain a stronghold in the industry.

Key Benefits for Ride-Hailing Service Market:

• This study comprises an analytical depiction of the global ride-hailing service market analysis along with current trends and future estimations to depict the imminent investment pockets.

• The overall market potential is determined to understand the profitable trends to gain a strong foothold.

• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

• Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.

• The report includes the market share of key vendors and ride-hailing service market trends.

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.

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.

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