Ride Hailing Services Market Growing at 12.7% CAGR during the Forecast Period | Leading Players: Lyft, Inc., Uber Technologies Inc., Daimler AG., ANI Technologies Pvt. Ltd.
The Ride Hailing Services market research report improves the decision-making capabilities and further helps in creating potent counter-strategies for obtaining competitive advantages as per the recent research report at the Quince Market Insights. The Ride Hailing Services market research report is specifically offered for the global market that includes development trends, competitive landscape analysis, and important regions, and development status.
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The ride hailing services market reach USD 204,576.97 million in 2020 and it is estimated to value USD 534,292.04 million by 2028. The ride hailing services market is projected to register a CAGR of 12.7% during the forecast period. Ride-hailing services have grown in popularity in recent years as a result of benefits such as lower travel costs, less traffic, and lower pollution. However, as a result of COVID-19, the ride-hailing industry is expected to lose a significant portion of its market share as a mode of transportation. By providing critical transportation services, it meets the consumers' necessary temporal demand. It is a unique effort that focuses on "access to transportation" rather than "ownership of transportation."
The increasing need for personal mobility as a result of that urbanization and a drop in car ownership are two major demand drivers. In addition, the Internet and mobile penetration, as well as strict CO2 reduction goals, are propelling the ride-sharing industry to new heights. Traditional transportation services' resistance and different countries' diverse transportation policies are two factors that limit the ride hailing services market.
Since ride sharing is an internet-based service, having access to the internet is a must in order to use it in any part of the world. Users must download an app to their smartphone and use data services to access the app as well as relevant navigation and information services. According to the International Telecommunication Union, the internet is used by about 81 percent of the population in developing countries. On the other hand, 40 percent of people in developed countries have internet access, and this figure is increasingly growing.
Growth Drivers that Support the Global Ride Hailing Services Market:
• In 2019, the four-wheeler segment dominated the market in terms of vehicle type. Consumer preference, an existing vehicle fleet, and available facilities and variations are all factors that contribute to this demand. Due to rising traffic congestion and rapid mobility in urban areas, the two-wheeler segment is expected to rise at the fastest rate of 13% during the forecast period.
• In location segment, the urban segment is expected to dominate this market during the forecast period. The growth of the segment is due to existing user base, better connectivity, and market awareness.
• In the end-user segment, in 2019, the personal segment commanded a sizable share of the market. The high demand in this segment is largely due to the large number of active users, the preference for a personal cab ride, and the variety of services available.
• In the coming years, the demand in Asia-Pacific and the Middle East will experience tremendous growth. The growth of the ride hailing market will be fueled by budget increases in countries such as China, India, and South Korea.
• Many countries are making significant investments to increase their internet penetration and user base. The ride hailing market in the car rental segment has enormous growth potential. The market is expected to expand due to rising demand for self-driving cars and car sharing.
• The dominant players in the ride hailing services market industry are expected to be Uber and DiDi. To maintain their dominant position in the ride-sharing industry, both companies have implemented growth, new product creation, collaboration, and merger and acquisition strategies. They have made a mark not only in the existing market but also in emerging markets by strengthening their product portfolio and global footprint through customer relationships.
Recent Developments in the Global Ride Hailing Services Market:
• Apr 29, 2021 - Baidu announced that it would begin offering paid driverless robotaxi services in Beijing from May 2.
• Nov 22, 2018 - BMW started offering ride-hailing services in China in December, making it the first global automaker to do so in the fast-growing market.
Major companies functioning in the global ride hailing services market are Lyft, Inc., Uber Technologies Inc., Daimler AG., ANI Technologies Pvt. Ltd., Grab, Didi Chuxing Technology Co., VIA, and Gett, Inc., Addison Lee, Gojek, Kabbee, Blablacar, Yandex.Taxi
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The study will include a qualitative and quantitative analysis, as well as a market forecast for the years 2020-2028 and a compound annual growth rate (CAGR) from 2020 to 2028. The research includes a detailed analysis of market dynamics, including factors and opportunities. The research will include an in-depth geographical analysis of the Market.
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