What is the global market size of Ride Hailing Market?

Ride Hailing Market size was valued at USD 28.34 billion in 2021 and is poised to grow from USD 31.95 billion in 2022 to USD 104.93 billion by 2030, growing at a CAGR of 15.7% in the forecast period (2023-2030).

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 Insights

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)

The travel and transportation sectors have seen significant transformation as a result of the rapid growth of cellphones and information technology. Drivers, passengers, and service providers are the three parties necessary for the operation of ride-hailing services. The ride is booked through an online platform and apps, which aids in establishing a connection between passengers and drivers. Bookings can be made on desktop computers and mobile devices. Ride-hailing offers passengers a comfortable and secure ride by offering them the option to share trip information with friends and family so they can follow the progress of the route in real time. By displacing traditional taxi services, it also offers door-to-door service.

On-demand transportation services, which include taxis and passenger cars and offer detailed real-time feedback about the drivers and their vehicles, are the main factor driving the sector.
Additionally, it has sophisticated features that make the travel secure for the passengers, such as precise position tracking and panic/SOS buttons. The transportation sector has seen a significant transformation as a result of rising government digitalization initiatives. The ride-hailing market offers customers a range of payment alternatives, including cash and online transactions, to suit their needs. These service providers accept payments using net banking, digital wallets, and a number of other e-payment channels.

US Ride Hailing Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Ride Hailing Market Report Snapshots

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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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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

Global Ride Hailing Market Insights

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