Ride-Hailing Service Market Big Changes to Have Big Impact Because of COVID-19 Pandemic | Uber, Lyft, Daimler, Grab, ANI Technologies, nuTonomy, TomTom

Rising trend of on-demand transportation services, high-end employment opportunities, and a lower rate of car ownership among millennials have fueled the growth of the global ride-hailing service market. On the other hand, a 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 has created multiple opportunities in the segment.

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According to the report published by Allied Market Research, the global ride-hailing service market was estimated at $36.45 billion in 2017 and is expected to hit $126.52 billion by 2025, growing at a CAGR of 16.5% from 2018 to 2025. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.

Rising trend of on-demand transportation services, high-end employment opportunities and a lower rate of car ownership among millennials have fueled the growth of the global ride-hailing service market. On the other hand, the 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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The urban segment to lead throughout the study period-

Based on location type, the urban segment garnered the highest share, contributing to more than three-fourths of the total market. However, the rural segment is projected to grow at the fastest CAGR of 18.7% during the forecast period.

The institutional segment to sustain its dominance during the period-

Based on end-user, the institutional segment contributed to more than two-thirds of the total market share in 2017 and is anticipated to maintain its top status till 2025. Simultaneously, the personal segment would grow at the highest CAGR of 18.2% throughout the estimated period.

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North America to rule the roost-

Based on geography, North America accounted for more than one-third share of the total ride-hailing service market and is expected to dominate throughout the forecast period. The Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 20% through 2018-2025.

Leading players in the market-

The key market players explored in the research include Daimler AG., Grab, Lyft, Inc., Didi Chuxing Technology Co., Gett, Inc., Uber Technologies Inc., nuTonomy, Denso Corporation, ANI Technologies Pvt. Ltd., and TomTom NV. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global Ride-hailing Service industry.

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