The ride-hailing market is anticipated to showcase exponential growth for the next couple of years (2021 & 2022) and lucrative growth in the next years during the forecast period. A number of factors are working for the growth of the ride hailing market which includes high smartphone and internet penetration all across the globe, the rising cost of vehicle ownership, and huge funding to the ride hailing startups. Moreover, better safety and comfort especially for children and women are also driving the ride-hailing market. Besides, increasing growth in domestic and international tourism is also a pivotal factor in the market growth. The continuous introduction of new players is also one of is also driving the ride hailing industry. For instance, the Japanese multinational conglomerate Sony Corp. launched S.Ride taxi-hailing services in Tokyo.
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However, with the increase in the ride hailing trips, the concern of road congestions, and pollution has emerged in the major cities globally. Due to this, the companies started focusing on ride sharing, the result of which vehicles need less space to transport more people, which is also environmentally friendly and economical to the customers. Growth in the ride-sharing market is a restraining factor for the ride hailing market however; most of the major global taxi services players are operating both rides hailing and ride sharing services. Besides, strict regulatory compliance related to ride hailing is one of the major restraining factors for the market. For instance, Uber taxi services are illegal in Japan.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- 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- Segmentation
By Vehicle Type
- Passenger Vehicle
- Two-Wheeler
- Other
By Propulsion Technology
- IC Engine Vehicle
- Electric Vehicle
Regional Outlook
North America
- United States
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Ride hailing market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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