| Source: Acumen Research and Consulting Acumen Research and Consulting
TOKYO, Sept. 20, 2022 (GLOBE NEWSWIRE) — The Global Ride Hailing Services Market Size accounted for USD 44.8 Billion in 2021 and is estimated to garner a market size of USD 178.2 Billion by 2030 rising at a CAGR of 17% from 2022 to 2030.
Ride Hailing Services Market Report Key Highlights
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In recent years, demand for ride-hailing services in developed regions like Europe and the United States has increased alongside rising passenger preferences in developing nations like India, China, Vietnam, etc. The emergence of the pattern of on-demand transportation services, the creation of employment opportunities, and the lower incidence of car ownership among millennials are driving the growth of the global ride-hailing service market revenue. Furthermore, advancements in connected and fully automated vehicles to reduce carbon dioxide emissions, as well as a significant boost in sales of these automobiles for use with ride-hailing services, drive the global ride-hailing service market growth.
Furthermore, the rapid rise in urban population due to relocation from rural areas for better opportunities causes increased traffic congestion and a shortage of parking spaces. These factors are encouraging consumers to use ride-hailing and taxis for transportation, which will contribute to the ride hailing service market trend in the projected timeframe.
Impact of COVID-19 on the Global Ride-Hailing Services Market
During the pre-pandemic period, ride-hailing services grew in popularity thanks to advantages such as reduced travel expenses, road congestion, as well as emission levels. Even so, as a result of the effects of COVID-19, the ride hailing market’s share of an insurrection as a mode of transport has reduced. Ride hailing transportation dropped dramatically during the pandemic, according to a Scholastica research study. The decrease in ride-hailing trips was much greater than the decrease in overall passenger numbers. Second, during the pandemic, non-shared trip distances were much longer, though journey times were not necessarily longer due to overall traffic network problems. Third, as the distance between census tracts continued to increase, the number of short trips between census tracts decreased. According to the outcomes of this study, pre-pandemic travelers were more probable to use ride hailing for short trips, but such trips decreased during the global epidemic.
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The global ride hailing services market has been segmented by Acumen Research and Consulting based on offering, and geographical. By offering, the market is separated into e-hailing, rental, and car sharing. According to the ride hailing services market forecast, the e-hailing segment is expected to hold significant market shares in the coming years.
Global Ride Hailing Services Market Regional Outlook
The global ride hailing services market is divided into five geographic regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America Has The Largest Market Share; Asia Pacific Will Have The Fastest Growing CAGR In The Ride Hailing Service Market.
North America led the ride hailing services market in 2021 and is predicted to continue to do so for the remainder of the forecast period. The presence of major companies in this region is among the major factors driving the regional market growth. Based on the ICCT report, Uber controls more than 65% of the US industry. Lyft and other major players are responsible for almost all non-Uber trips in the US. Aside from that, the rapid expansion of such services has had a laterally impact on urban centers, hastening protests, lawsuits, as well as regulations. The ratio of the elderly US population accounting for using internet-connected mobile applications that match them with vehicle owners at least once increased from 15% to 36% between 2015 and 2018, according to a report published by the Inter-American Development Bank. These elements support the overall growth of the ride-hailing services market.
In contrast, according to the ride hailing services industry analysis, Asia-Pacific is predicted to have the fastest rising CAGR in the ride hailing services market in the coming few years. The increasing modernization of ride-hailing services contributes to the expansion of the Asia-Pacific regional market. Due to the influence of charging infrastructure, electric cars are becoming more appealing for ride hailing. Such notable developments fuel regional market growth, which in turn aids in overall market growth.
The Future Of Latin America’s Ride-Hailing Services Market
According to an Inter-American Development Bank report, the digital revolution has the potential to improve the functioning of markets that are characterized by poor problem coordination and high levels of fragmentation, such as the transportation market. Latin America’s current adoption of electronic portals, especially in ride hailing services, is admirable. These recent advancements enhance the availability of better employment opportunities in this region. Based on these noteworthy developments, it leverages ride-hailing platforms to improve the lives of Latin American drivers, such as enabling the participation of women as well as migrants as motorists, enhancing economic inclusion and financial literacy, and other initiatives.
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Ride Hailing Services Market Players
Some of the prominent ride hailing services market companies are Addison Lee, Bolt Technology OÜ, Didi Chuxing, Gett, My Taxi, Uber, BlaBlaCar, Grab Holdings Inc., Lyft, Ola, ViaVan, Yandex.taxi, Curb Mobility, and Zoox.
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