The global ride-hailing market is anticipated to grow significantly at a CAGR during the forecast period. High smartphone and internet penetration globally will drive the growth of the global ride-hailing market. In addition to this, greater funding to the startups of the ride-hailing and increasing cost of the vehicle will drive the growth of the market. Moreover, the growth is attributed to the introduction of new players to the ride-hailing industry. The rising population and growing traffic across the globe are the major restraints for the growth of the market. Besides, the market growth is limited by the decreasing international and domestic tourism owing to the COVID-19 curbs.
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The COVID-19 impact is significant on the global ride-hailing market as the transport was restricted for the healthcare workers during the lockdown. The restrictions imposed during the lockdown negatively affected the growth of the market. For instance, Uber, a ride-hailing firm, suffered huge losses of around $2.9 billion in the first quarter of 2020 and the business was slowed down by 80%. Although, after the pandemic, the ride-hailing market will surge more as compared to the ride-sharing market.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Ride Hailing Market by Segment
By Vehicle Type
- Passenger Vehicle
- Two-Wheeler
- Other (Auto Rickshaw)
By Propulsion Technology
- IC Engine Vehicle
- Electric Vehicle
Global Ride Hailing Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
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