Ride Hailing Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026

 

Ride Hailing Market Overview:

According to the UN World Tourism Organization (UNWTO), world international tourism faced an increase of 6%, which corresponds to 1.4 billion tourists, in 2018. This highlights the need for safe commute and transportation system. With the advent of ride hailing services, travelling and commutes across the world have improvised along with better public safety, reduced transportation cost, and location tracking systems. Additionally, the transportation network companies (TNCs) have adopted user-friendly e-hailing apps that provide convenient rides to passengers with valuable services such as door-to-door transport, car rentals, car sharing, and peer-to-peer ridesharing. While people in bigger cities have to spend a larger section of their time in carpool lanes, trains, buses, and taxis, the ride hailing facilities make everyday commute a much easier process. Resultantly, there is a growing demand for these services in many developed and developing nations across the world as a result of which the global ride hailing market was valued to be $54.08 in 2018. During the forecast period 2019-2025, the ride hailing market is projected to grow at a CAGR of 18.45%.

Asia-Pacific has the largest population in the world, which increases the demand for transportation facilities. Asian countries such as China, India, and Japan are advancing towards digitalization. Moreover, on an average, 52 minutes are spend in commuting by the Beijing citizens according to an assessment made by the World Economic Forum. All these factors effectively propel the ride hailing market growth in APAC. The region held 47.56% of the global ride hailing market share in 2018. Among other ride sharing services, e-hailing is generating major public demand owing to several advantages such as sound navigation, traffic information, convenient payment options, customer-friendly feedback and tracking facilities, and so on. The e-hailing segment is evaluated to grow at a CAGR of 19.87% through 2025.

Ride Hailing Market Growth Drivers:

· Not only is ridesharing beneficial for the commuters across the world, but it also successfully reduces the use of a lot of vehicles for travelling ; reduces, minimizes traffic crowding; reduces emissions; decreases the total number of trips made by a vehicle, and is also cost-effective. Consequently, the ride hailing market is growing rapidly over the period.

· Ride hailing service providers come up with additional options such as e-transaction, driver reviews, location tracking and sharing as well as other value-based rides such as micro mobility and car rental facilities. These techniques and services have revolutionized the passenger travelling experience, thereby surging the demand in the global ride hailing market.

Ride Hailing Market Key Players:

Several renowned mobility service providers (MSPs) in the global market include Herts, Uber, Grab, Gett, Ola, BlaBlaCar, DiDi, Lime, and Lyft.

Uber is a multinational TNC that offers various ride hailing services in many countries across the globe. Prioritizing the safety for every individuals, Uber provides track technology through its upgraded app and 24/7 support team. Additionally Uber has entered into several other mainstream industries with its other divisions such as Uber Eats, Uber for Business, Uber Health, Uber Freight, and Uber Elevate.

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Location: United States

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