USD 38 Billion
Report ID:
SQMIG20V2011 |
Region:
Global |
Published Date: January, 2025
Pages:
178
|Tables:
88
|Figures:
72
Global Ride Hailing Services Market size was valued at USD 38 Billion in 2023 and is poised to grow from USD 43.99 Billion in 2024 to USD 141.25 Billion by 2032, growing at a CAGR of 15.7% during the forecast period (2025-2032).
Rapid urbanization and the growing issue of traffic congestion are contributing to the surging demand for ride hailing services around the world. Growing demand for affordable and safe mobility among consumers and rising costs of vehicle ownership are creating new opportunities for ride hailing services companies going forward. Increasing internet and smartphone penetration coupled with the launch of new ride hailing applications is also expected to benefit the global ride hailing services market growth in the long run. Launch of new supportive government initiatives to promote use of ride hailing services to reduce loads on public transportation networks are also expected to benefit companies in the future. On the contrary, intense competition in the market, concerns regarding passenger safety, high attrition rates, growing driver dissatisfaction, and environmental concerns regarding emissions are expected to impede the adoption of ride hailing services across the forecast period and beyond.
Market snapshot - (2025-2032)
Global Market Size
USD 38 Billion
Largest Segment
Four Wheeler
Fastest Growth
Two Wheeler
Growth Rate
15.7% CAGR
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Global ride hailing services market is segmented by offering, vehicle type, end use, and region. Based on offering, the market is segmented into e-hailing, car sharing, and rental. Based on vehicle type, the market is segmented into four-wheeler, two-wheeler, and others. Based on end use, the market is segmented into personal and commercial. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & and Africa.
e-Hailing is forecasted to account for the largest global ride hailing services market share in the future. Growing smartphone and internet penetration is the key factor promoting the popularity of e-hailing on a global level. Launch of multiple new e-hailing apps and services with high accessibility to almost all types of consumers are also expected to cement the dominance of this segment in the long run. Rising preference of people for app-based travel experience owing to its high convenience and low costs compared to traditional transportation models is also expected to bolster the demand for e-hailing in the long run.
On the other hand, the rental segment is expected to expand at a rapid CAGR across the study period and beyond. Increasing availability of vehicle rental providers on domestic as well as international level is expected to make this an opportune segment. The growing preference of people to drive their own vehicles and the high flexibility offered by this service is slated to create new opportunities for ride hailing service companies in the future. Freedom of travel without the responsibility of ownership of vehicle is a concept that is making vehicle rental an attractive choice for multiple people around the world.
The four-wheeler segment is forecasted to account for a major share of the global ride hailing services industry going forward. Rising popularity of car sharing and carpooling around the world are expected to help this segment hold sway over others in the future. Better passenger safety, more luggage space, and higher level of comfort are some key benefits associated with four wheelers that make them a preferred choice for use in ride hailing services. Weather protection is also a key benefit that is expected to bolster the dominance of this segment in the long run.
Meanwhile, the two-wheeler segment is expected to account for the second-largest share of the global ride hailing services market outlook in the future. Surging demand for cheap and low-cost ride hailing services is expected to help this segment generate new opportunities for ride hailing services companies. Easy traffic navigation in congested urban spaces, parking convenience, and better accessibility for people with lower spending potential are some other factors that are expected to bolster the use of two wheelers in ride hailing companies in the future. Emerging countries such as India and Brazil are expected to witness a high usage of two wheelers for ride hailing in the long run.
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North America is anticipated to account for a dominant share of the global ride hailing services industry. The presence of leading ride hailing service providers, high traffic congestion, and increasing willingness of consumers to spend on ride hailing are expected to be key factors cementing the dominance of this segment. Availability of a wide variety of ride hailing services to choose from coupled with increasing preference for convenience are also expected to uplift the demand for ride hailing services in North America. The United States is projected to be the most opportune market in this region followed by Canada.
On the other hand, the demand for ride hailing services in the Asia-Pacific region is projected to increase at a rapid pace over the coming years. Growing urbanization, increasing traffic congestion, and the launch of new government efforts to reduce traffic and optimize transportation are helping to create new opportunities for ride hailing service companies operating in this region. China, India, and Japan are estimated to be the leading markets for ride hailing service providers owing to high traffic congestion in cities in such as Mumbai, Tokyo, and Shanghai. Growing internet penetration and rising disposable income are also slated to favor the demand for ride hailing services going forward.
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Growing Traffic Congestion
Preference for Cost-effective Mobility
Intense Competition in Companies
Concerns Regarding Passenger Safety
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Ride hailing services companies should focus on utilization of advanced technologies to improve their business scope. Targeting developing countries such as India and Brazil with high traffic congestion is slated to be a key opportunity for ride hailing services providers in the long run. Developed countries are forecasted to witness a high demand for ride hailing services with predictive capabilities going forward.
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.
As per SkyQuest analysis, growing traffic congestion and preference for cost-effective mobility are expected to drive up the demand for ride hailing services market over the coming years. However, intense market competition and concerns regarding passenger safety are slated to impede market development potential in the future. Presence of key ride hailing services companies and emphasis on improving traffic management in the North American region allows it to emerge as the dominant regional market as per this global ride hailing services market analysis. Use of electric vehicles and providing subscription-based models are also expected to present new opportunities for ride hailing services companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 38 Billion |
Market size value in 2032 | USD 141.25 Billion |
Growth Rate | 15.7% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Ride Hailing Services 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 Services 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.
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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 Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ride Hailing Services 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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Report ID: SQMIG20V2011
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