NEW YORK, Sept. 14, 2023 /PRNewswire/ — The ride hailing services market is expected to grow by USD 58.23 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 12.86% during the forecast period. The market is segmented by Application (Car sharing and E-hailing), mode of booking (online and offline), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). The rising use of online ride hailing services is the key factor driving the market growth. The growing use of online ride-hailing services is driven by innovative new mobile applications that consumers are using to book rides. Uber in the US, Beijing Xiaoju Technology in China, and Grab Holdings in Singapore are the market leaders in their respective countries. In addition, growing investments from venture capitalists provide major market players with leverage to enter emerging and developing markets, thereby providing players with many opportunities to grow and increase their total revenue. Furthermore, increasing in-demand taxi bookings for daily travel by consumers from various developing countries has played a key role in determining the growth of the market. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the ride hailing services market: ANI Technologies Pvt. Ltd., Be Group Joint Stock Co., Comuto SA, DiDi Global Inc., FastGo Joint stock Co., Grab Holdings Ltd., GT Gettaxi UK Ltd., Junoride, Lyft Inc., My Taxi Ride Inc., The Addison Lee Group, Transopco UK Ltd., Uber Technologies Inc., Via Transportation Inc., Wheely Technologies Ltd., and YandexGo
- Ride Hailing Services Market is fragmented in nature.
- Market to observe 12.43% YOY growth in 2023.
Market Dynamics:
Major Trend
- The growing mergers and acquisitions activity and strategic alliances are major trends in the market.
- These strategic alliances and partnerships between suppliers help them improve their operations and expand their geographic reach.
- Furthermore, by acquiring or partnering with established local companies, these companies can quickly enter new territories and gain a deeper foothold in existing ones.
- Automakers are partnering with technology companies to integrate artificial intelligence capabilities into vehicles.
- Hence, these factors are expected to drive market growth during the forecast period.
Significant Challenge
- Compliance with government regulations is one of the significant challenges restricting market growth.
- Ride hailing service providers must follow several state and federal laws intended to protect the environment.
- These regulations encourage suppliers and manufacturers to use solutions that can reduce emissions such as nitrogen oxides, carbon monoxide, and carbon dioxide.
- In addition, some of the tests carried out by government agencies around the world to control air pollution include engine emission laws, annual reviews by the Ministry of Transport (MOT), and PUC (Control of Vehicles) certification.
- Uber, DiDi, Lyft, Grab, and Gett have introduced various safety features for passengers.
- Hence, these factors are expected to restrict market growth during the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The car sharing segment will contribute a major share of the market during the forecast period. This model is becoming increasingly popular in the global automotive services market, and several global companies have adopted it to better serve their customers. Furthermore, companies have begun offering carpooling options to passengers. For example, Uber launched the Uber Pool feature that allows multiple passengers to travel together in the same vehicle, thereby reducing costs and environmental impact. The concept of car sharing has become important in reducing CO2 emissions and decongesting city streets. Hence, these factors are expected to drive segment growth during the forecast period.
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Ride Hailing Services Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.86% |
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Market growth 2023-2027 |
USD 58.23 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
12.43 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 30% |
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Key countries |
US, China, India, the UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ANI Technologies Pvt. Ltd., Be Group Joint Stock Co., Comuto SA, DiDi Global Inc., FastGo Joint stock Co., Grab Holdings Ltd., GT Gettaxi UK Ltd., Junoride, Lyft Inc., My Taxi Ride Inc., The Addison Lee Group, Transopco UK Ltd., Uber Technologies Inc., Via Transportation Inc., Wheely Technologies Ltd., and YandexGo |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Mode of Booking
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
