Ride Hailing Market Size, Share, Analysis Report By Product Types, And Applications Forecast To 2031 | Uber Technologies Inc., Grab, Gett Inc., Lyft Inc., DiDi Chuxing

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The global ride hailing market report by the business research company identifies on-demand transportation services and a lower rate of car ownership among millennials to be a major growth driver for the ride hailing market. On-demand transportation services are characterised by flexible routing and ad-hoc scheduling of private vehicles, offering a personal transport experience to the general public by picking up or dropping off at locations of the passenger's choice. On-demand ride-hailing services ensure that customers can accurately locate the vehicles, track their journey, and offer safety to the occupants, and this factor is expected to significantly drive the market's growth. Additionally, a lower rate of car ownership among millennials due to the high maintenance cost of personal cars is resulting in a rise in demand for ride-hailing services. Millennials are choosing practical, smartphone-accessible transport options that are simple, flexible, and inexpensive over car ownership. Also, buying a new car and maintaining it is more expensive than renting a vehicle every year. According to a survey by Cox Automotive in 2019, around 55% of Gen Z agrees that transportation is necessary but owning a car is not important, which is supported by 45% of millennials, 34% of Gen X, and 28% of boomers. Hence, on-demand transportation services and a lower rate of car ownership among millennials drive the growth of the ride-hailing market.

The global ride hailing market is expected to grow from $53.25 billion in 2021 to $61.1 billion in 2022 at a compound annual growth rate (CAGR) of 14.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The ride-hailing market is expected to grow to $106.19 billion in 2026 at a CAGR of 14.8%.

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Asia Pacific was the largest region in the ride-hailing market in 2021. Western Europe was the second largest region in the ride-hailing market. The regions covered in the ride-hailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Major players in the ride-hailing market are Uber Technologies Inc., Grab, ANI Technologies Pvt. Ltd., Gett Inc., Lyft Inc., DiDi Chuxing, Delphi Automotive, Daimler AG., BlaBlaCar, and Didi Chuxing Technology Co.

The global ride hailing market is segmented -
1) By Vehicle Type: Two Wheeler, Three Wheeler, Four Wheeler, Other Vehicle Types

2) End-user: Commercial, Personal

3) By Service Type: E-Hailing, Car Sharing, Station based Mobility, Car Rental

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The Ride Hailing Market Report Contents Include
1. Executive Summary
2. Ride Hailing Market Characteristics
3. Ride Hailing Market Trends And Strategies
4. Ride Hailing Market - Macro Economic Scenario
5. Ride Hailing Market Size And Growth
....
26. Africa Ride Hailing Market
27. Ride Hailing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Ride Hailing Market
29. Ride Hailing Market Future Outlook and Potential Analysis
30. Appendix

This report covers the trends and market dynamics of the ride hailing market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.

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