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 News

in Ride Hailing Market

  • In January 2021, Uber Technologies Inc. partnered with EVgo to provide EV charging discounts to the drivers for around 800+ cities in the United States
  • In May 2021, In Estonia, Bolt Technology OÜ introduced a car-sharing programme. Additionally, the business disclosed its intention to devote 20 million euros to the introduction of Bolt Drive. A vehicle's ownership involves a number of interrelated issues, including financing, gasoline, upkeep, registration/taxes, maintenance & repair, and depreciation. The price of owning a car goes up every year. Although depreciation accounts for 43% of the cost of ownership, additional expenses like fuel and maintenance make up the remaining 25%, according to the American Automobile Association.
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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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