The Global Ride-Hailing Market is estimated to be valued at US$ 214680.76 Mn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ride-hailing refers to pre-arranged and on-demand transportation services for compensation. It allows consumers to book rides and track their journey status using smartphone applications or websites. Through ride-hailing applications, consumers can book taxis, car services, and other modes of transport on their smartphones.
Market key trends:
One of the key trends in the ride-hailing market is the increasing adoption of electric vehicles. Many ride-hailing companies are actively switching to electric vehicles as they are more environment-friendly with zero tailpipe emissions. For instance, Uber has committed to being 100% electric, zero-emissionplatform by 2030 in North America and Europe. Another major trend is the emergence of autonomous vehicles for ride-hailing services. Companies are investing heavily in self-driving technology and are targeting to deploy autonomous vehicles for their ride-hailing fleet in the coming years to reduce costs and improve efficiency.
Segment Analysis
One of the key trends being witnessed in the ride-hailing market is the rising preference for bike-based ride services among consumers. With increasing traffic congestion issues across major cities globally, people are looking for affordable and quicker commute options. This has resulted in increasing traction of bike-based ride services offered by major ride-hailing players like Yandex.Taxi, Grab, and GoJek. These players are expanding their fleet of bikes to offer green, economical, and time-saving mobility services to customers.
SWOT Analysis:
Strength: Major players have strong investor backing and access to large capital that is driving investments in new technologies and geographic expansions.
Weakness: Regulatory issues and new rules in certain areas pose operational challenges.
Opportunity: Emerging markets with growing urbanization and internet penetration present huge untapped opportunities for future growth.
Threats: Stringent regulations around vehicle safety, driver background checks, and data privacy can negatively impact operations and costs.
Key Takeaways:
The Global Ride-Hailing Market is expected to witness high growth, exhibiting CAGR of 19.% over the forecast period, due to increasing urbanization and proliferation of smart mobile devices. The market size for 2023 is estimated to be US$ 214680.76 Mn.
Regional analysis: The Asia Pacific region currently dominates the global ride-hailing market with the largest share, led by countries like China, India, Indonesia, and Vietnam. This region is expected to continue its dominance, exhibiting fastest growth during the forecast period owing to mobile-first consumer behavior and domestic tech giants driving ride-hailing adoption.
Key players operating in the ride-hailing market are Yandex.Taxi LLC, Didi Chuxing Technology Co., Be Group JSC, Uber Technologies Inc., ZuumViet, Lyft Inc., FastGo Vietnam JSC, Grab Holdings Inc., ANI Technologies Pvt. Ltd., Free now (Daimler), and BlaBla Car. Major players are investing in autonomous vehicles and other green mobility services to expand their portfolio and gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
