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.
The article cited AMA's "Global Ride Hailing Market Study" explored substantial growth in North America and CAGR of 17.55%. According to the report, An upsurge in Cost of Vehicle Ownership such as Rising Fuel Prices and Reduction in Car ownership among Millennials is one of the primary growth factors for the market. Rising population and increasing urbanization across the world
is also expected to contribute significantly to the Ride Hailing market. Overall, applications of Ride Hailing, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The End User , such as Institutional, is boosting the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Vehicle Type, such as Passenger Cars, is boosting the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Service, such as Navigation, is boosting the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Location, such as Urban, is boosting the Ride Hailing market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global Ride Hailing market identified that the demand is rising in many different parts of the world as "Development of Autonomous Vehicles for Ride Sharing
". Furthermore, some recent industry insights like "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" is constantly making the industry dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Ride Hailing market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2018 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Ride Hailing market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Ride Hailing market size is calculated using market estimation process, the Ride Hailing market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Ride Hailing market size has been validated using both top-down and bottom-up approaches.