USD 13.10 billion
Ride-Hailing and Taxi Market Size, Share, Growth Analysis, By Type(Ride-Hailing, and Taxi), By Distribution Channel(Offline, and Online) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2061 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
61 |
Figures:
75
Ride-Hailing and Taxi Market Insights
Global Rise-Hailing and Taxi Market size was valued at USD 13.10 billion in 2022 and is poised to grow from USD 13.98 billion in 2023 to USD 23.48 billion by 2031, growing at a CAGR of 6.7% during the forecast period (2024-2031).
The ride-hailing and taxi market is experiencing significant growth, which is largely driven by consumer behavior to avoid the high overhead costs of car ownership. This trend is particularly evident in ride-hailing services, which are becoming increasingly popular due to their convenience of payment, transparent pricing, known driver identity through the app, and door-to-door service. The rise in urban population as a result of migration for employment purposes is leading to increased traffic congestion and a lack of parking space, which further facilitates the shift towards ride-hailing and taxis as a mode of transportation. However, the growth is restrained by environmental issues and complex regulations globally.
The increase in ride-hailing and taxi ridership has resulted in a corresponding increase in carbon emissions and air pollution, particularly in large metropolitan cities, which negatively impacts the growth. Additionally, the market penetration in various regions is limited due to complex regulations and governance. Although there has been a short-term shift towards private cars and two-wheelers, the market is expected to recover and witness healthy growth during the forecast period. In summary, the ride-hailing and taxi market is poised for significant growth, although it faces environmental and regulatory challenges that need to be addressed. Based on our in-depth analysis we found that, in North America, the market size is growing at a CAGR of 8.5% from 2023 to 2030. The report attributes the growth to factors such as increased adoption of ride-hailing services, growth in urban population, and the rise in disposable income among consumers. Report also states that, in the Asia Pacific region, the market is expected to witness significant growth during the forecast period, driven by factors such as increasing demand for transportation services, rising penetration of smartphones and internet, and the growing urban population.
US Ride-Hailing and Taxi Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Ride-Hailing
Fastest Growth
Ride-Hailing
Growth Rate
6.7% CAGR
Global Ride-Hailing and Taxi Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Ride-Hailing and Taxi Market Size By Type 2022-2030 ($ Bn)
Global Ride-Hailing and Taxi Market Size By Type 2022-2030 (%)
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Ride-Hailing and Taxi Market Segmental Analysis
The global ride-hailing and taxi market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into ride-hailing, and taxi. In terms of distribution channel, the market is segmented into offline, and online. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Ride-Hailing and Taxi Market Analysis by Type
On the basis of segmentation by type, the market can be segmented into ride-hailing, and taxi. The global market for ride-hailing and taxis was primarily dominated by the taxi segment, accounting for over 75% of the market revenue share. Taxi services have played a vital role in public transportation for a long time, and they can be booked via phone or taxi apps. This widespread availability of taxi services and the presence of many taxi operators have contributed to the segment's higher market share. However, the taxi market is experiencing disruption due to the increasing popularity of the ride-hailing model.
The ride-hailing segment, on the other hand, is expected to witness the fastest growth in terms of type. The segment is projected to register a CAGR of 17% from 2023 to 2030 in the global market. The growth is facilitated by the emergence of new technology and market players at the local level, expanding the consumer base and fueling the global market's growth. Additionally, the increasing affordability of smartphones and internet penetration has led to a rise in the adoption of digital solutions across various industries, including ride-hailing services. The growing share of millennials and generation Z among the consumer group is also shifting the overall consumer statistics from traditional services to ride-hailing, further driving the global market's growth.
Ride-Hailing and Taxi Market Analysis by Distribution Channel
By distribution channel, the market can be segmented into offline, and online. Offline distribution channels typically involve traditional taxi companies, which rely on physical locations such as taxi stands, phone booking services, or street hails. This segment has been dominant in the market for many years due to its long-standing presence in the industry, as well as the familiarity and trust of customers.
However, the online distribution channel, which involves the use of mobile applications, has been rapidly growing in recent years. Ride-hailing services, such as Uber and Lyft, have become increasingly popular as more customers adopt smartphones and mobile applications as a convenient way to access transportation services. Online distribution channels offer customers a range of benefits, such as real-time tracking, cashless payments, and the ability to rate drivers.
Global Ride-Hailing and Taxi Market Size By Type, 2022 (%), 2023 (%)
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Ride-Hailing and Taxi Market Regional Insights
In North America, the United States and Canada are the two major countries contributing to the growth of the ride-hailing market. The region has a well-established transportation infrastructure, with high levels of car ownership and a high GDP per capita. Additionally, the popularity of ride-hailing services such as Uber and Lyft has been driven by the convenience, affordability, and safety features of these platforms.
On the other hand, the APAC region is the fastest-growing market for ride-hailing and taxi services, with countries such as China, India, and Southeast Asian nations driving the growth. The region has a large population with rising disposable incomes, increasing urbanization, and a high demand for convenient transportation options. Moreover, government initiatives to support the growth of ride-hailing services, coupled with the rapid adoption of smartphones and mobile payment systems, have led to the growth of ride-hailing platforms such as Didi Chuxing, Grab, and Go-Jek.
Global Ride-Hailing and Taxi Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Ride-Hailing and Taxi Market Dynamics
Ride-Hailing and Taxi Market Drivers
Increasing Popularity of Ride-hailing Services
- One of the major drivers for the growth of the ride-hailing and taxi market is the increasing popularity of ride-hailing services due to their convenience, affordability, and safety features. Ride-hailing platforms such as Uber, Lyft, and Didi Chuxing provide a seamless user experience, enabling users to book rides on demand, track their ride in real-time, and make cashless payments through mobile apps. With rising urbanization, increasing traffic congestion, and limited parking space, consumers are turning to ride-hailing and taxi services as a more convenient and cost-effective mode of transportation.
Ride-Hailing and Taxi Market Restraints
Implementation of Complex Regulatory Policies
- One of the major restraints for the ride-hailing and taxi market is the complex regulations and governance governing the operations of these services. The ride-hailing industry faces a range of legal and regulatory challenges, including licensing, insurance, background checks, and safety regulations. Moreover, different regions have varying regulations, making it challenging for ride-hailing companies to operate seamlessly across borders. These regulations not only increase the operational costs for ride-hailing companies but also limit their market penetration, thereby restraining the growth of the ride-hailing and taxi market.
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Ride-Hailing and Taxi Market Competitive Landscape
The nature of the global ride-hailing and taxi market is highly fragmented, with numerous regional and global players operating in the market. The market is characterized by intense competition, with players competing on factors such as pricing, service quality, safety, and convenience. Moreover, the entry barriers to the market are relatively low, leading to the emergence of new players and startups. However, established players have a first-mover advantage and have invested heavily in technology and customer service, making it challenging for new entrants to gain a foothold in the market.
Ride-Hailing and Taxi Market: Top Player’s Company Profiles
- Uber (California)
- Lyft (California)
- Didi Chuxing (China)
- Grab (Singapore)
- Gojek (Indonesia)
- Ola (India)
- BlaBlaCar (France)
- Bolt (Estonia)
- Curb Mobility (New York)
- DiDi Express (China)
- Gett (Israel)
- Hailo (UK)
- Juno (New York)
- Karhoo (UK)
- LeCab (France)
- Meru Cabs (India)
- Mytaxi (Germany)
- Sidecar (California)
- Taxify (Estonia)
- Via (New York)
Ride-Hailing and Taxi Market Recent Developments
- A potential technological advantage in the competitive market could be gained by Chinese electric vehicle startup Xpeng, which in August 2023 agreed to pay $744 million in all-stock terms to acquire Didi Global Inc.'s smart-car development unit.
- In March 2023, US ride-hailing company Uber announced a partnership with electric vehicle maker Tesla to provide its drivers with access to Tesla's Supercharger network.
- In January 2023, Indian ride-hailing company Ola announced a $500 million investment from Japanese technology conglomerate SoftBank Group.
- Lyft announced a calculated plan in December 2022 to incentivize Californian drivers to switch to electric cars. To encourage drivers to switch to electric vehicles, the business unveiled a number of incentives.
Ride-Hailing and Taxi Key Market Trends
- One key market trend in the ride-hailing and taxi industry is the increasing adoption of electric and hybrid vehicles to reduce carbon emissions and promote sustainable transportation. Major ride-hailing companies such as Uber and Lyft have committed to transitioning to electric vehicles, with Uber aiming to have 100% of its rides take place in zero-emission vehicles by 2040. Governments around the world are also incentivizing the adoption of electric vehicles by offering subsidies, tax credits, and other incentives to ride-hailing companies and drivers, further driving the trend towards electric and sustainable transportation.
Ride-Hailing and Taxi Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The ride-hailing and taxi market is a highly competitive and rapidly evolving industry, driven by factors such as convenience, affordability, and safety features. The market is dominated by global players such as Uber, Lyft, and Didi Chuxing, who are constantly investing in technology and customer service to gain a competitive edge. However, the market faces challenges such as complex regulations and environmental concerns, which limit its growth and market penetration. The trend towards sustainable transportation, such as electric and hybrid vehicles, is also gaining momentum, with ride-hailing companies and governments alike promoting the adoption of green transportation solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 13.10 billion |
| Market size value in 2031 | USD 23.48 billion |
| Growth Rate | 6.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ride-Hailing and Taxi Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ride-Hailing and Taxi Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ride-Hailing and Taxi Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ride-Hailing and Taxi Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ride-Hailing and Taxi Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ride-Hailing and Taxi Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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