Ride-hailing service market forges ahead with new launches and expansions
Increase in demand for on-demand transportation services, new employment opportunities, and the advent of connected & electric vehicles would drive the growth of the global ride-hailing service market.
The report provides extensive analyses of the market dynamics, key market segments, top-winning strategies, top investment pockets, and competitive landscape.
According to the report, the global ride-hailing service market garnered $36.45 billion in 2017 and is expected to reach $126.52 billion by 2025, registering a CAGR of 16.5% from 2018 to 2025.
High demand for on-demand transportation services, creation of new jobs in urban and semi-urban areas, and the advent of connected & electric vehicles drive the growth of the market. However, low internet penetration in developing economies and stringent government policies hinder the market growth. On the other hand, an ongoing trend of mobility-as-a-service and rise in user base for ride-sharing services across the globe would create new opportunities for the industry in the near future.
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E-hailing service segment to account for major revenue share by 2025
The e-hailing service segment accounted for more than one-third of the total market share in 2017, owing to the growing presence of tech giants across emerging economies and an increase in demand for transportation services. This segment is expected to maintain its dominance by 2025. However, the station-based mobility segment would grow at the fastest CAGR of 22.7% from 2018 to 2025, owing to the rise in the user base of ride-sharing services and supportive government initiatives for ride-hailing services. The other service types analyzed in the study include car rental and car-sharing.
Asia-Pacific to grow the fastest, North America to be the highest revenue contributor-
The rise in demand for transportation services and large population base are the key factors that have enabled the Asia-Pacific region to grow at the fastest CAGR of 20% from 2018 to 2025. However, North America was the highest revenue contributor in 2017, accounting for more than one-third share of the market owing to continuous developments, technological advancements, and supportive government initiatives. This region is expected to continue its dominance throughout the forecast period.
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Frontrunners of the industry
The leading industry players analyzed in the study include Uber Technologies Inc., Daimler AG., Lyft, Inc., ANI Technologies Pvt. Ltd., Grab, Didi Chuxing Technology Co., TomTom NV, Denso Corporation, and Gett, Inc. They have adopted various strategies such as expansion, joint ventures, mergers & acquisitions, collaborations, partnerships, and others to gain a stronghold in the industry.
Ride-Hailing Service Key Market Segments:
By Service Type
- Car Rental
- Car Sharing
- Station-based Mobility
By Vehicle Type
- Others (Van and Bus)
By Location Type
- North America
Questions answered in Ride-hailing service market research study:
• What is the market growth rate of Ride-hailing service market from 2018-2025?
• What will be the global market size of the market from 2018 to 2025?
• Who are the leading global manufacturing companies in the Ride-hailing service market?
• What are the major current trends and predicted trends?
• What are the challenges faced in the Ride-hailing service market?
• Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?
• Which will be the anticipated growth rates for your own Ride-hailing service economy altogether and also for every segment inside?
• Which will be the Ride-hailing service application and types and forecast accompanied closely by producers?
• What are the conclusions of the Ride-hailing service market report?
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