According to the latest report by IMARC Group, "Global Ride-Hailing Service Market Share, Size, Growth, Industry Trends, Opportunity and Forecast 2022-2027", the global ride-hailing service market reached a value of US$ 145.21 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 260.34 Billion by 2027, exhibiting a CAGR of 9.60% during 2022-2027.
Ride-hailing service allows passengers to book customized rides via online platforms or transportation network companies (TNCs). It is a convenient and cost-effective door-to-door service that involves three parties, including the driver, passenger, and service providers. It offers a comfortable and safe trip to the passenger by allowing them to share travel information with friends and family, enabling tracking of the route in real time. It also offers mobility to senior citizens as well as people with disabilities. As a result, ride-hailing services are gaining immense traction across the globe as they are safer than traditional taxi services and provide flexible routing and ad-hoc scheduling of private automobiles.
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Ride-Hailing Service Market Trends:
The global ride-hailing service market is primarily driven by the rising trend of on-demand transportation services and increasing tourism activities. Moreover, the shifting preferences of regular office commuters toward carpooling and bike-sharing services to cut their expense of gas and parking are positively influencing the market growth. Additionally, there has been surging adoption of ride-hailing services as it allows riders to travel with comfort at discounted prices and improve air quality by reducing the number of cars and traffic on the road. Besides this, the escalating demand for ride-hailing services owing to the flexibility to choose convenient pick-up and drop locations has catalyzed market growth.
Furthermore, governments of numerous countries have taken several favorable initiatives to promote digital payments. In line with this, the availability of various payment options offered by ride-hailing companies, such as digital wallets, unified payment interfaces (UPI), net banking, and other e-payment methods, is contributing to the market growth. Other factors, including the emergence of mobility-as-a-service (MaaS), rapid modernization in the automobile sector, rising adoption of autonomous vehicles in ride-hailing services, and the expanding working population, are also anticipated to drive the market further.
Global Ride-Hailing Service Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
- Aptiv PLC
- InDriver
- Lyft Inc.
- Ola Cabs
- Ridecell Inc.
- TomTom N.V.
- Be Group JSC
- BlaBlaCar
- Bolt Technology OÜ
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- Gett
- Grab
- Uber Technologies Inc.
The report has segmented the market on the basis of vehicle type, service type, payment method, location type, end user and region.
Breakup by Vehicle Type:
- Two-wheeler
- Three-wheeler
- Four-wheeler
- Others
Breakup by Service Type:
- E-hailing
- Car Sharing
- Car Rental
- Others
Breakup by Payment Method:
- Cash
- Online
Breakup by Location Type:
- Urban
- Rural
Breakup by End User:
- Personal
- Commercial
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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