What is Ride Hailing Market Scope?
Ride-hailing services are online platforms and apps which provides door-to-door services. The main function of ride-hailing services to connect passengers and local drivers using their own vehicles. The services of ride-hailing have increased in recent years due to the rise in trend of on-demand transportation services, an increase in employment opportunities, and the growing trend of mobility-as-a-service, among others. There are numerous benefits of using ride-hailing services for transportation such as saves time and money, less stress for passenger and driver, riders have more vehicle options, lower costs when compared to traditional taxi services, lower wait times, among others.
The Ride Hailing market study is being classified by Type (E-hailing, Car Sharing {P2P, Corporate, others}, Station-Based and Car Rental) and major geographies with country level break-up. According to AMA, the Global Ride Hailing market is expected to see growth rate of 17.55% and may see market size of USD76858.55 Million by 2026.
The ride hailing services market is fragmented due to the presence of several ride hailing manufactures such as Uber, lift and others. The level of competition among the companies in the ride hailing services market is intense and manufacturers focus on developing new technologies and offering customized products to the customers. The companies are seeking ways to reduce cost, improve product quality and production efficiency.The Players having a strong hold in the market are Uber (United States), Lyft (United States), DiDi (China), among others. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Ride Hailing market throughout the predicted period.
DiDi Chuxing (China), Gett (Israel), Grab (Singapore), Lyft (United States), Uber Technologies (United States), Ola (India), BlaBlaCar (France), Lime (United States) and Herts (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Ford Motor Company (United States) and Toyota Motor Corporation (Japan).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Ride Hailing market by Type, Application and Region. On the basis of Type, E-hailing are dominating the market in the year 2020
On the basis of geography, the market of Ride Hailing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020.
Market Influencers and their development strategies
In June 2018, the BlaBlaCar (France) Company has expanded to Russia and Ukraine. In addition, these countries logically fit into our expansion into Eastern Europe. Hence, this expansion will strengthen the company presence in the ride-hailing market across the globe.
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
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.
Influencing Market Trend
- An upsurge in Cost of Vehicle Ownership such as Rising Fuel Prices and Reduction in Car ownership among Millennials
Market Drivers
- Rising population and increasing urbanization across the world
- Increasing Smartphone as well as Internet Penetration
Opportunities
- Development of Autonomous Vehicles for Ride Sharing
- Growing Demand from Emerging Market such as China, India and Others
Restraints
- Resistance from Traditional Transport Services
- Varying Transport Policies of Different Countries
Challenges
- Profitability & Sustainability Model and First Mile Last Mile
Key Target Audience
Ride Hailing Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
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