About Ride Hailing
Ride-hailing services are online platforms and apps which provides door-to-door services. The main function of ride-hailing services to connect passengers and local drivers using their own vehicles. The services of ride-hailing have increased in recent years due to the rise in trend of on-demand transportation services, an increase in employment opportunities, and the growing trend of mobility-as-a-service, among others. There are numerous benefits of using ride-hailing services for transportation such as saves time and money, less stress for passenger and driver, riders have more vehicle options, lower costs when compared to traditional taxi services, lower wait times, among others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
CAGR | 17.55% |
The ride hailing services market is fragmented due to the presence of several ride hailing manufactures such as Uber, lift and others. The level of competition among the companies in the ride hailing services market is intense and manufacturers focus on developing new technologies and offering customized products to the customers. The companies are seeking ways to reduce cost, improve product quality and production efficiency.The Players having a strong hold in the market are Uber (United States), Lyft (United States), DiDi (China), among others. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Ride Hailing market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
DiDi Chuxing (China), Gett (Israel), Grab (Singapore), Lyft (United States), Uber Technologies (United States), Ola (India), BlaBlaCar (France), Lime (United States) and Herts (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Ford Motor Company (United States) and Toyota Motor Corporation (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Ride Hailing market by Type (E-hailing, Car Sharing {P2P, Corporate, others}, Station-Based and Car Rental) and Region.
On the basis of Type, E-hailing are dominating the market in the year 2023On the basis of geography, the market of Ride Hailing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. If we see Market by End User , the sub-segment i.e. Institutional will boost the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Passenger Cars will boost the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Navigation will boost the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Location, the sub-segment i.e. Urban will boost the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
An upsurge in Cost of Vehicle Ownership such as Rising Fuel Prices and Reduction in Car ownership among Millennials
Market Growth Drivers:
Rising population and increasing urbanization across the world and Increasing Smartphone as well as Internet Penetration
Challenges:
Profitability & Sustainability Model and First Mile Last Mile
Restraints:
Resistance from Traditional Transport Services and Varying Transport Policies of Different Countries
Opportunities:
Development of Autonomous Vehicles for Ride Sharing and Growing Demand from Emerging Market such as China, India and Others
Market Leaders and their expansionary development strategies
In June 2018, the BlaBlaCar (France) Company has expanded to Russia and Ukraine. In addition, these countries logically fit into our expansion into Eastern Europe. Hence, this expansion will strengthen the company presence in the ride-hailing market across the globe.
In September 2018, the Uber Technologies, Inc. (United States) Company has revved up its Canadian operations with a new engineering hub in Toronto and the expansion of its self-driving vehicle center in the city. Therefore, it will affect the growth of the market in future
According to the International Transport Forum (ITF), “The ride-hailing model has specific characteristics that call into question significant elements of the rationale for traditional taxi regulation”. Hence, it may acts as hamper for market growth.
Key Target Audience
Ride Hailing Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.