Ride-Hailing Market Size, Share, Trends & Growth forecast to 2024 | Top Players are Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), Uber Technologies Inc., Grab Holdings Inc., ANI Technologies Pvt. Ltd. (Ola), Yandex.Taxi B.V., Gett Inc., FREE NOW, inD

The major factors helping the ride-hailing market progress are the need for a convenient mobility option, concerns for the environment, urban congestion, and supportive government initiatives. Such services generated $50.4 billion in 2018, and this revenue is expected to reach $120.2 billion in 2024, at a 13.0% CAGR during 2019-2024 (forecast period). Ride-hailing refers to transportation services provided by mobility companies via their mobile apps. After booking the ride to their desired destination, commuters are sent a car with a designated driver.

Get a sample copy of the market report: https://www.psmarketresearch.com/market-analysis/ride-hailing-market/report-sample

On segmenting by end user, business and personal are the two bifurcations in the market, of which personal users were the larger bifurcation during the historical period (2014-2018). This is because the majority of people use ride-hailing for shopping, reaching mass transit points, or visiting relatives and friends. During the forecast period, the use of such services for business purposes would grow faster, as several mobility companies are tying-up with corporate organizations. With such collaborations, an increasing number of professionals are expected to use these services for home-office commute.

One of the key drivers for the ride-hailing market is that these services make traveling convenient. With cars for hire, people do not have to own one, which saves the money spent on vehicle purchase, as well as insurance, parking, fuel, and regular maintenance. Additionally, in most cities, ride-hailing firms operate roundtheclock, which lets people travel whenever they want. The user-friendly mobile apps of most companies and the fact that riders only have to pay according to the journey time or distance also make the concept popular.

Another reason for the market growth is the increasing concerns in the wake of severe air pollution, in which vehicles play a significant role. Greenhouse gas emissions from automobiles lead to ozone depletion and, in turn, climate change and global warming. Additionally, the pollutants also cause respiratory diseases, which are among the leading causes of death. Alarmed at the situation, governments across the world are taking steps to curb vehicular emissions, which is why the number of electric vehicles in the fleets is rising.

Make enquiry before purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=ride-hailing-market

An increase in the number of the people opting for shared mobility would also help in solving the problem of urban congestion, which is also a significant factor driving the ride-hailing market prosperity. Commuters lose a significant amount of time in traffic jams, which leads to decreased productivity and efficiency for businesses, as employees arrive late or tired from the commute. It is being hoped that with more people adopting the shared mobility concept, the number of vehicles on the roads would decrease, which would reduce the traffic congestion and journey time.

Competitive Landscape of Ride-Hailing Market

The global ride-hailing market was consolidated in nature, characterized by the presence of established players such as Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), and Uber Technologies Inc. Besides, Grab Holdings Inc., ANI Technologies Pvt. Ltd. (Ola), Yandex.Taxi B.V., Gett Inc., FREE NOW, inDriver, RideCell Inc., Bolt Technology OÜ, VOXTUR SAS, and Addison Lee Ltd. are the other players operating in the market.

Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

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.