Ride Hailing Market

Global Ride Hailing Market Size, Share, Growth Analysis, By Service(E-hailing, Car sharing), By Vehicle(Two – Wheeler, Car), By Car Sharing(P2P, Corporate), By Payment Method(Cash, Online), By Location Type(Urban, Rural) - Industry Forecast 2024-2031

Report ID: SQMIG20U2009 | Region: Global | Published Date: February, 2024
Pages: 272 | Tables: 140 | Figures: 78

Global Ride Hailing Market Dynamics

Ride Hailing Market Driver

Need for effective commute and reduced spending on travel to impel the market growth

  • The market is anticipated to grow as consumer demand for secure travel rises. Numerous advantages of ride sharing services are easy booking options, low carbon footprints, affordable door-to-door ride services and no parking trouble.
  • Decreasing demand of public transportation to avoid the risk of infection post Covid-19 pandemic is further promoting the growth of select ride sharing services. Additionally, introduction of big data analytics, IoT, and AI facilitate smart mobility options and the rise in the availability of cab booking services

Ride Hailing Market Restraint

Lack of Awareness in the transport and commute industry to restrain the market growth

  • It is anticipated that low internet penetration in emerging countries will restrain market expansion. The use of app-based mobility services is frequently unregulated by a legislative body in several nations. 
  • As a result, the government does not define or control how they operate. Separate licenses and registrations are needed for taxi services. Due to the fact that many app-based businesses do not own the vehicles, this makes it challenging for taxi services to function.
    To collect, use, transfer, secure, store, and otherwise process personally identifiable information and other data about individuals, regulators around the world have proposed or adopted requirements. The number of these laws as well as the severity of their fines and other penalties are growing.
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Global Ride Hailing Market size was valued at USD 145.82 billion in 2022 and is poised to grow from USD 156.61 billion in 2023 to USD 268.47 billion by 2031, growing at a CAGR of 6.98% in the forecast period (2024-2031)

Global Ride Hailing Market simulation is highly fragmented due to strong presence of large number of players. With so many small and medium-sized players active in the market, the competition has become fierce. On the other hand, most of the new entrant are looking to tap the opportunity of growing popularity of simulation technology. As a result, the ride hailing market has been witnessing constant entry of new players over the years. In order to sustain the highly competitive environment, existing players differentiate themselves through pricing, quality, and technology. 'Uber', 'Lyft', 'Didi Chuxing', 'Grab', 'Ola Cabs', 'Careem', 'Go-Jek', 'Bolt (formerly Taxify)', 'Yandex.Taxi', 'Cabify', 'Beat (formerly Taxibeat)', 'BlaBlaCar', 'Via', 'Mytaxi', 'Curb', 'Juno', 'Gett', 'Easy Taxi', '99 (formerly 99Taxis)', 'DiDi Express'

The market is anticipated to grow as consumer demand for secure travel rises. Numerous advantages of ride sharing services are easy booking options, low carbon footprints, affordable door-to-door ride services and no parking trouble.

Growing Interest in Ride-Hailing Services: Over the projected period, ride-hailing is anticipated to replace the traditional cab. A total of 15 million ride-hailing trips are reported to occur daily, and by 2030, that number is predicted to skyrocket to 100 million.

The ride hailing market is divided into four geographic segments: North America, Europe, Asia Pacific, and the rest of the globe. Due to the rising number of travel network firms offering e-hailing services and car rental services in places like Seattle, New York, San Francisco, Utah, Burlington, Dallas, and Boulder among others, North America is predicted to dominate the global ride hailing market. Due to the constantly growing population in cities like Delhi, Mumbai, Pune, and Tokyo, which is fueling the need for e-hailing services, Asia Pacific is predicted to grow at the quickest rate. Growing government support from this region and rising interest in safe and comfortable travel in nations like India, China, and Japan are anticipated to fuel the growth of the market. Over the forecast period, Europe is anticipated to have consistent market expansion.

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