Ride-Hailing Service Market - Post COVID-19 Impact Analysis, Business Development Strategies by Grab, Lyft, Uber, Ola, nuTonomy, TomTom & more

Rising trend of on-demand transportation services, high-end employment opportunities and lower rate of car ownership among millennials have fueled the growth of the global ride-hailing service market. On the other hand, low rate of internet penetration in developing regions hamper the growth to some extent. However, mobility as a service and increasing user base for ride sharing have created multiple opportunities in the segment.

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According to Allied Market Research, the global ride hailing service market is expected to grow at a significant CAGR from 2018-2025. Surge in trend of on-demand transit services, increase in employment prospects, and considerably lower rate of car ownership among millennial crowd are the major factors fueling the growth of the market. On the other hand, truncated rate of Internet penetration in the developing counties is expected to curtail down the growth to certain extent. Nevertheless, rise in user base for shared rides has almost downplayed the restraining factor and ushered in a plethora of opportunities for the frontrunners in the industry.

Gone are those days when the taxi driver had to stop at several junctions to pick up one or more passengers. And, this way, arriving at destinations on time used to be quite challenging for the passengers. When one would probably miss an emergency appointment with doctor, one would also lose some important business meetings to attend. However, with ride-hailing system on board, you no more have to go through the irksome account of waiting relentlessly just for a single ride. Also, you don't need to deal with cash anymore. All transactions can easily be done on the respective mobile application. To gratify customers even more, they are eligible for discounts which can be availed easily by triggering their coupon codes.

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Emergence of advanced technology has certainly benefitted the world to a great extent. In fact, nowadays, you can hardly come across any area where technology has not shown its flair. Ride-hailing service can be defined as a contemporary way of availing a private taxi for easy conveyance. This way, you don't have to go by the age-old practice of standing at the bus depot or down the busy lane crying to the taxi driver to dole out a ride to you. Since the last few years, online taxi booking companies are making significant move in the transportation industry. Improving the overall experience for customers has been the major focus for these companies and they have incredibly accredited to the development of the transportation industry.

According to a recent report published by Allied Market Research, titled, Ride-Hailing Service Market by Service Type, Vehicle Type, Location, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025, 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.

Ride-Hailing Service Market New Businesses To Fuel $126,521.2 Million by 2025 | https://apnews.com/d1bdcb26db4e6ab173a88f6066813fde

Ride-Hailing Service Market: 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.

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There is no doubt that ride-hailing service provides passengers with the much-required comfort and ease, enabling them to assail a vehicle using several online platforms namely Uber, Ola, Uber, Grab, Lyft and many more. It not only serves as a congenial and cozy means of transportation, but also provides door-to-door services, which has made it one of the most preferred car rental choices across the world. At the same time, the fact that the information of the driver and the passenger gets successfully exchanged during the ride makes the service much safer and secured than any other standard taxi services.

When you look for renting a car, you are quite likely to find a number of different options before you. When you lease a vehicle, you get to opt for exactly what type of car that you wish to rent. Moreover, when you have a long distance to cover, you have got to consider the ablation this will put on your car. With a rented a vehicle in use, you no longer have to worry about this scenario.

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As per the report presented by Allied Market Research, the global car rental market is anticipated to grow at a considerable CAGR from 2014-2022. High-end development of tourism industry, improved road infrastructure all around the world, and investment by global players propel the growth of the market. On the other hand, unstable price of petroleum as well as gasoline products is expected to curb the growth to some extent. However, increasing trend to use Internet has made online bookings and reservations quite hassle-free for the customers which, in turn, has almost mitigated the above factor and paved the way for several opportunities in the sector.

Ride-hailing Service Market to Garner $126.52 Billion by 2025 at 16.5% CAGR, Says AMR | https://www.globenewswire.com/news-release/2019/05/28/1853283/0/en/Ride-hailing-Service-Market-to-Garner-126-52-Billion-by-2025-at-16-5-CAGR-Says-AMR.html

With excessive growth in smog level, car rental industry has come across a radical transformation over the last decade. At the same time, significant rise in population has made the industry come out as one of the most protruding trades in fleet transportation. Builders and patrons tend to count on different car rental schemes, which are lucrative as well as economical, such as hiring cars from the respective owners for a certain period of time and then tapping these vehicles on rent through app-based bookings. Moreover, car rentals play an important role in diminishing the volume of owned vehicles on road, thereby checking the overall pollution level to certain extent. At the same time, rise in the drift of online car booking and surge in air traffic have made car rentals an ideal option to travel, as cars are certainly the most cost-effective and faster mode of conveyance. To sum up, it can be stated that the growth of the market is snowballing at an exponential rate, and in the next few years to come, it's going to teem up even more.

Ride-Hailing Service Market 2020 What Does The Future Hold For Taxi / Car Sharing, Mobility-as-a-Service, Ride-Hailing
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