Press release
E-Hailing Market Size Projected To Reach 194.42 Billion By 2034 With A Cagr Of 44.1%
E-Hailing
What Is the Projected Growth of the E-Hailing Market?
In recent times, the e-hailing market has seen a considerable expansion in size. It anticipates witnessing growth from $67.65 billion in 2024 to $81.49 billion in 2025, with a compound annual growth rate (CAGR) of 20.5%. Factors behind the growth during the historical period include the increase in smartphone usage, urbanization, improvements in internet connectivity, a surging demand for comfortable transportation, and widespread adoption of digital payments.
In the upcoming years, the e-hailing market's size is anticipated to witness massive expansion, reaching a staggering value of $170.11 billion in 2029 with a compound annual growth rate (CAGR) of 20.2%. The surge in the next few years can be credited to an increased demand for sustainable travel, advancing integration of AI and automation, an upswing in shared mobility acceptance, burgeoning smart city projects, and the expansion of 5G connectivity. Key trends likely to shape this forecast period include strategic alliances, ride-hailing platforms, innovative technology, artificial intelligence integration, and technological progression.
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What Are the Different E-Hailing Market Segments?
The e-hailing market covered in this report is segmented -
1) By Service Type: Ride-Hailing, Taxi-Hailing, Carpooling, Peer-To-Peer (P2P) Services
2) By Vehicle Type: Cars, Three Wheelers, Two Wheelers
3) By End-Users: Personal Use, Business
Subsegments:
1) By Ride-Hailing: App-Based Ride-Hailing, Corporate Ride-Hailing, Luxury Ride-Hailing, Electric Vehicle (EV) Ride-Hailing
2) By Taxi-Hailing: Traditional Taxi-Hailing, Digital Taxi Booking, Shared Taxi Services, Subscription-Based Taxi Services
3) By Carpooling: Fixed-Route Carpooling, Dynamic Carpooling, Long-Distance Carpooling, Corporate Carpooling
4) By Peer-To-Peer (P2P) Services: Private Car Rentals, Community-Based Ride-Sharing, On-Demand P2P Rides, Subscription-Based P2P Mobility
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What Are the Primary Drivers Shaping the E-Hailing Market?
The escalating problem of traffic congestion is predicted to contribute significantly to the expansion of the e-hailing market in the future. The term 'traffic congestion' denotes the overcrowding of roads due to the excessive influx of vehicles resulting in a reduction of speed, delays and prolonged travel times. This escalation of traffic congestion can be attributed to urbanization, the surge in the number of vehicles, and the lack of adequate infrastructure. E-hailing can aid in mitigating this rising traffic congestion by endorsing ride-sharing, streamlining routes, and lessening the dependency on private car ownership. For instance, INRIX, Inc., a US-based firm that provides real-time traffic data and connected driving services, reported in January 2023 that in 2022, drivers in major U.S. cities, half of which accounted for the top 10 most congested cities globally, spent an average of 51 hours caught up in traffic. This was an increase of 15 hours relative to the previous year. Consequently, the escalating issue of traffic congestion is fuelling the expansion of the e-hailing market.
Which Companies Are Leading in the E-Hailing Market?
Major companies operating in the e-hailing market are Uber Technologies Inc., DiDi Global Inc., AirAsia Superapp Sdn Bhd, Grab Holdings Limited, inDrive, Bolt Technology OÜ, LALAMOVE LLC, Marti Technologies, Lularides Limited, PT GoTo Gojek Tokopedia Tbk, Movex Innovation Limited, EzCab Sdn Bhd, ATOM Mobility SIA, MyCar Sdn Bhd, Yelowsoft Pvt Ltd, Hala Ride, SpotnRides, M-TRIBES GmbH, Kumpool Sdn Bhd, BozaRide Technologies Limited.
What Are the Major Trends Shaping the E-Hailing Market?
Prominent businesses in the e-hailing sector are prioritizing technological enhancements, such as e-hailing platforms, to elevate the user experience, security, and effectiveness. An e-hailing platform is a digital solution that links travellers to drivers for immediate transportation through a mobile app. For instance, in March 2023, BozaRide, an e-hailing platform headquartered in South Africa, was unveiled in Sandton, Johannesburg, with the ambition to compete with market dominators like Uber and Bolt. The firm has intentions to widen its reach throughout the nation, Accent*ures and a payment structure devised to ensure equitable driver remuneration. BozaRide distinguishes itself as a homegrown platform finely tuned to the unique requirements of South African patrons.
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What Are the Top Revenue-Generating Geographies in the E-Hailing Market?
North America was the largest region in the e-hailing market in 2024. The regions covered in the e-hailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the E-Hailing Market?
2. What is the CAGR expected in the E-Hailing Market?
3. What Are the Key Innovations Transforming the E-Hailing Industry?
4. Which Region Is Leading the E-Hailing Market?
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