Press release
Key Influencer in the Ride Hailing Market 2025: Millennials And On-Demand Transportation Services Fueling Ride-Hailing Market Growth Driver
Ride Hailing
The rise of the ride-hailing market is fueled by the demand for on-demand transportation services and a decline in car ownership among the millennial generation. The distinctiveness of on-demand transportation services lies in their flexible scheduling and routing of private vehicles, providing an individualized transportation experience by picking up and dropping off passengers at their preferred locations. The convenience of accurately locating the ride, tracking the route, and ensuring the users' safety significantly contributes to the market growth. Also, millennials are opting less for car ownership due to the associated high cost of owning a personal vehicle, which in turn increases the demand for ride-hailing services. Millennials prefer the simplicity, flexibility, and affordability of smartphone-enabled transportation solutions rather than owning a car. Furthermore, owning and maintaining a new car is more expensive than renting one each year. For instance, as per the Bureau of Transportation Statistics, a part of the US-based Department of Transportation (DOT) in February 2024, the for-hire freight shipments grew by 1.8% in December 2023 compared to December 2022, and the Freight Transportation Services Index rose from 136.6 in December 2022 to 139.1 in December 2023. Hence, growing reliance on on-demand transportation services and decreased car ownership among millennials propels the growth of the ride-hailing market.
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How will the growth rate of the ride hailing market shape industry trends by 2034?
The rapid expansion of the ride-hailing market in recent years has been impressive. Projected to increase from a $79.13 billion value in 2024 to a $90.5 billion value in 2025, the market will witness a compound annual growth rate (CAGR) of 14.4%. Factors contributing to the historically observed growth include urbanization, population density, evolving consumer behavior, difficulties with traffic congestion and parking, first and last-mile connectivity, and economic factors.
The market size for ride-hailing services is predicted to experience a swift expansion in the incoming years. The projection states that by 2029, it will expand to a staggering $164.14 billion, boasting a compound annual growth rate (CAGR) of 16.0%. This predicted expansion in the forecast period is majorly due to factors such as coordinated multimodal transportation, environmental sustainability, adherence to regulatory frameworks, improved safety measures, and proliferation into rural and suburban areas. Key trendsetters during this forecast period are expected to be corporate collaborations for staff transportation, dynamic pricing management, compliance with regulations, inclusion of accessibility features, as well as the usage of virtual queues and advanced booking options.
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What trends are poised to drive the future success of the ride hailing market?
Providers of ride-hailing services must adhere to myriad local and national laws to ensure their operations are not disrupted. For example, in the United States, regulations related to drivers demand background checks, driver's licenses, vehicle registrations, specific licenses like business licenses, and outside vehicle displays. Rules pertaining to the companies include the requirement of how many ride-hailing vehicles should be operational within a metropolitan area, presenting a driver's list to the city, and divulging trip data to the city. Some countries necessitate fingerprint-based background screenings due to reported sexual assault and violence incidents. A Union of Concerned Scientists report from April 2021 revealed that the average American ride-hailing journey emits 69% more pollution than the transport options it replaces, according to federal vehicle efficiency figures. Due to environmental concerns, stricter pollution control regulations have been implemented. These increased regulations and the need for compliance may pose a challenge to the ride-hailing market's expansion.
Which primary segments of the ride hailing market are driving growth and industry transformations?
The ride hailing market covered in this report is segmented -
1) By Vehicle Type: Two Wheeler, Three Wheeler, Four Wheeler, Other Vehicle Types
3) By Service Type: E-Hailing, Car Sharing, Station based Mobility, Car Rental
2) By End-user: Commercial, Personal
Subsegments:
1) By Two Wheeler: Motorcycles, Scooters
2) By Three Wheeler: Auto Rickshaws, Cycle Rickshaws
3) By Four Wheeler: Sedans, SUVs, Vans
4) By Other Vehicle Types: Bicycles, Electric vehicles
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Which geographical regions are pioneering growth in the ride hailing market?
Asia-Pacific was the largest region in the ride hailing market in 2024. Western Europe was the second largest region in the global ride hailing market share. The regions covered in the ride hailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the ride hailing market landscape?
Major companies operating in the ride hailing market include Uber Technologies Inc., Lyft Inc., DiDi Chuxing Technology Co., Grab Holdings Inc., Ola Cabs, Bolt Technology OÜ, BlaBlaCar, Gett Inc., Curb Mobility, Gojek, Via Transportation Inc., Cabify, Wingz Inc., Addison Lee Ltd., Yandex.Taxi, Easy Taxi, LeCab, Zum Services Inc., T3 Mobility, Heetch, Beat, Meru Cabs, Ryde Technologies, FastGo, GoCatch, Liftango, Blacklane GmbH, Shohoz
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What Is Covered In The Ride Hailing Global Market Report?
•Market Size Forecast: Examine the ride hailing market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the ride hailing market for a structured understanding.
•Key Players Overview: Analyze major players in the ride hailing market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ride hailing market.
•Segment Contributions: Evaluate how different segments drive overall growth in the ride hailing market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ride hailing market.
•Industry Challenges: Identify potential risks and obstacles affecting the ride hailing market.
•Competitive Landscape: Review strategic developments in the ride hailing market, including expansions, agreements, and new product launches.
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