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.
The key players contributing to the growth of the global acne therapeutics market by adopting various strategies such as product launches & developments, mergers and acquisition, partnerships, and agreements, includes ANI Technologies Pvt. Ltd., Baidu Inc., Didi Chuxing Technology Co., Grab Holdings Inc., Lyft, Inc., Via Transportation, Inc. and Maxi Mobility S.L. among others. For instance, S.Ride taxi-hailing services were launched by Sony Corp., a multinational conglomerate in Japan, in Tokyo in 2019. . Furthermore, $200 million funding was gathered by Via Transportation, Inc., under the Series E funding from different investors. After the funding, the company’s market valuation has raised to $2.25 billion, in March 2020.
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Market Coverage
- Segment Covered-
o By Vehicle Type
o By Propulsion Technology
- Competitive Landscape- ANI Technologies Pvt. Ltd., Baidu Inc., Didi Chuxing Technology Co., Grab Holdings Inc., Lyft, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Ride Hailing Market by Segment
By Vehicle Type
- Passenger Vehicle
- Two-Wheeler
- Other (Auto Rickshaw)
By Propulsion Technology
- IC Engine Vehicle
- Electric Vehicle
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