Ride Hailing Service Market is estimated to grow at a CAGR of 9.8% during the forecast period 2022-2029.
Key Drivers
With the increasing environmental awareness, the inclination towards carpool and bike pool service among the regular office goers, stands to be one of the major factors driving the ride hailing services has increased. The growing government emphasis to encourage the transport for daily transport has strengthened the market growth. Moreover, the hectic lifestyle has inclined consumers towards easy and convenient travelling option to save their money and time, which is another factor fueling the market growth. Rising populations has increased the issues of traffic congestion, proper public transportation modes, and time-consuming public transportation services, which has driven the demand for ride hailing services as it offers faster and on-demand travel services. Additionally, several leading players, such as Uber and Ola, and the option for convenient pick-up and drop locations has bolstered the market growth. However, the lower internet penetration in the emerging countries and the strict norms enforced will hinder the market growth.
Service Type Segment Analysis
Car sharing segment is forecast to dominate the market over the forecast period because of the increasing inclination towards sharing cabs in urban areas. The growing adoption of carpooling services among millennials owing to the rising traffic congestions will strengthen the segment’s growth. E-hailing is predicted to hold a higher share over the upcoming years, because of the user-friendly features. The E-hailing services have made travel easier with the trained drivers using reliable maps for navigation.
Vehicle Type Segment Analysis
Two-wheeler vehicles are estimated to witness a higher CAGR during the forecast period, as these vehicles reduce the long queues. Accelerating population has increased the traffic on roads which has inclines them towards bike pool services in order to reach the final destination on time, which is driving the segment’s growth.
Regional Analysis
Based on region, North America region has emerged as the leading nation over the upcoming years, because of the existence of various leading giants in cities such as Chicago, New York, San Francisco, and other cities. Additionally, the rising number of the working population and the drastic rise in the traffic is forcing the people to opt for ride hailing services to reach the final destination on time.
Key Developments
In 2021, Uber launched the latest technology for booking a ride. The feature will help users to schedule an Uber ride via WhatsApp chatbot. With this introduction, the Uber app will no longer be needed to be downloaded or used by riders. The WhatsApp chat interface will help in managing user registration, booking a ride, and receiving a travel receipt
In 2021, Argo entered into a partnership with Ford to introduced self-driving vehicles on Lyft’s ridehailing application. Over the next 5 years, Argo AI, an autonomous vehicle technology startup, and Ford- its sponsor, and customer intend to roll out almost 1,000 self-driving vehicles on Lyft's ride-hailing network in a variety of locations. Ford’s first self-driving vehicle incorporating Argo's autonomous vehicle technology will be available on Lyft's application in Miami.
Market Segmentation:
Global Ride Hailing Service Market by Service Type
- E-hailing
- Car Rental
- Car Sharing
- Station-based Mobility
Global Ride Hailing Service Market by Vehicle Type
- Two-wheeler
- Three-wheeler
- Four-wheeler
- Others
Global Ride Hailing Service Market by Location Type
- Urban
- Rural
Global Ride Hailing Service Market by End User
- Institutional
- Personal
Global Ride Hailing Service Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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