Ride-Hailing Market Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast 2024

Having a proper means of transportation is an important aspect of life in today’s time. Traveling has become increasingly easy with the advancements in the automobile technology. While in the past, people preferred owning their own vehicles because of the inconveniences related to public transportation, now private vehicles seem more cumbersome. Heavy investments are required for owning private vehicles, which consist of fuel cost, parking expense, insurance cost, vehicle cost, and maintenance charge. Due to these factors, the people have started adopting for ride-hailing services instead of buying their own vehicles, as they get to travel conveniently without paying for any additional maintenance services.

Ride-hailing services are provided by transportation network companies (TNC) by using online mobile applications to cater to the commuters’ needs of reaching a specific destination from a specific origin. As per a study conducted by P&S Intelligence, in 2018, the global ride-hailing market generated a revenue of $50.4 billion and is expected to attain $120.2 billion in 2024, advancing at a 13.0% CAGR in the coming years. Ride-hailing services are offered via luxury, executive, and economy vehicle types. Among these, ride-hailing services were offered the most via economy vehicles during 2014–2018. This was because the majority of commuters opt for ride-hailing services for traveling for short or medium distances, which is why they do not prefer more expensive services, such as that of luxury or executive vehicles. Moreover, the number of cars provided under this option is the highest as compared to other vehicle types. Attributed to these factors, the category is further going to be the most in demand in the near future as well.

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The increasing concern toward the environment is a major factor contributing to the growth of the ride-hailing market. The exhaust fumes from vehicles play a major role in the degradation of the air quality, which has become a cause of concern for the environmental agencies. The greenhouse gas emissions from vehicles have resulted in the formulation of strict environmental policies by the governments across the world and the countries have also started taking initiatives to curb the emissions by decreasing the ownership of private vehicles. Ride-hailing is an effective solution in this regard, as the utilization of these services can help decrease the number of private vehicles considerably on the roads, in turn, reducing the amount of carbon dioxide emitted in the environment.

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In addition to this, the nations around the world are focusing on spreading awareness regarding sustainable transportation system. Attributed to this, many countries have started deploying low and zero-emission transport systems. Vehicles that are offered for ride-hailing services are generally powered by electric motors, thus conforming to the environmental standards in order to ensure an emission-free ecosystem. Furthermore, the rising population around the world has resulted in the increased number of daily commuters, due to which roads are congested for longer time periods, especially during the peak hours. Because of this, the countries are further encouraging the commuters to opt for ride-hailing services, as this can comparatively reduce the number of vehicles on the roads.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.