Ride Hailing Services Market Size, Share, Sector / Industry Report & Analysis, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Ride Hailing Services Market


The global ride hailing services market size was valued at USD 34.45 billion in 2018. The growing urban population in developing economies including China and India is expected to remain a favorable factor. Mobility-as-a-Service (MaaS) is inspired by the anticipation of self-driving cars, which are expected to reduce the price of ride hailing services significantly. Furthermore, the financing activity for owning a car has been made easier and cheaper by reducing the rate of interest by banks and lenders. Organizations are innovating the services by hiring fleets of automated vehicles for ensuring better passenger safety and comfort.
Rising preference for carpool and bike pool services among regular office commuters is anticipated to create growth opportunities for the market. These services have proved to be beneficial for commuters as they can cut their expense pertaining to gas and parking by more than 50%. The service allows the riders to travel with comfort at discounted prices. Pooling can improve air quality by reducing the number cars and traffic on the road. In Europe, Germany has the highest rate of adoption of carpooling and it is followed by France.
 
Customers can a hatchback, sedan, and SUV amongst others. Ride hailing enables them in outrunning the conventional public transportation services. Furthermore, these services allow them to choose the convenient pick-up and drop locations. Some of the services such as Ola and Uber also facilitate real-time vehicle tracking, sharing it with one’s kin and friends, feedback, and rating system. The availability of multiple service providers has given customers an edge as it gives them a chance to compare the service and rates. A recent study by the University of Pennsylvania highlighted that the expansion of ride hailing services has reduced the instances of drunk driving, which makes these vehicles a safer option.
Another important factor driving the ride hailing services market is the shifting preference of the masses from driving a car to being driven. Rise in demand for luxury car services at affordable prices, especially among millennials is anticipated to create growth opportunities for the market. Majority of millennials avoid buying cars, saving the ownership, maintenance, and fuel costs along with road tax. Increasing use of public transport is reducing traffic congestions and is proving beneficial for the environment. A common trend that has been noticed in countries including India, China, and Australia is the payment made by digital mode owing to the convenience it offers to both drivers as well as passengers.
Another major factor positively influencing the growth is the increasing use of digital money. With governments across the globe focusing on digital payments, ride hailing services have evolved as the medium of public transport that support the cause. These companies accept payment by digital wallet, unified payment interface, net banking, and various other e-payment methods. In India, the demonetization in November 2016 offered a leverage to the companies operating in the country. They became the first choice of people for travelling owing to the convenience of payment. Post demonetization, the industry saw three times increase in the demand for the services.

Market Segmentation, Outlook & Viewpoint: Global Ride Hailing Services Market




Offering Market Segmentation & Outlook (Revenue, USD Million; 2014 - 2025)

E-hailing

Car Sharing

Rental


Key Players, Recent Developments & Regional Insights: Global Ride Hailing Services Market


E-hailing was the largest segment, with a market share of more than 50% in 2018. The growth is attributed to user-friendliness and convenience these services offer. These services have made travelling around in new cities easier by offering them trained drivers using reliable maps for navigation. Along with this, the app related algorithms make price estimation for a ride easier, which reduces the chances of being cheated by a driver. Also, the convenience of hiring a cab by a single tap on mobile is expected to continue the growth in the upcoming years.
 
The revenue from rental services is expected to witness the fastest a CAGR of 13.8% of 2019 to 2025. Increasing awareness regarding self-driving rental services in emerging economies including China and India as it allows a freedom of movement and comfort, is expected to have positive impact. The perks, such as control over route, time, and comfort encourages consumers to opt for rental services. Although the price are higher that mass transportation, they help consumers save money required for owning a car. This factor is expected to further drive the market.

Regional Insights
North America accounted for a market share of more than a 35% in terms of revenue in 2018. This is attributed to the fact that most companies operating in the industry were incorporated in U.S. High demand for public transportation in cities like New York, Chicago, San Francisco, Seattle, Utah, Burllington, Dallas, Boulder, and Portland among others is prompting the market growth. The fast-paced life and growing population has created a need for quick, easy, all time accessible mode of transport.
Asia Pacific is expected to witness the fastest CAGR of 13.9% from 2019 to 2025. The growing population of the cities such as Delhi, Bangalore, Mumbai, Beijing, Shanghai, and Tokyo among others is driving the need for these services. Moreover, companies in these regions are finding an immense support from the regional or provincial governments of the countries including India, Bangladesh, China, Japan, and Sri Lanka. The developing economy, increasing need for job opportunities, and efforts toward creating business friendly environment has led to this kind of support in the region.
Ride Hailing Services Market Share Insights
Some of the key players operating in the market include Uber, Lyft, Via, Juno, Xoox, Wheely, ViaVan, My Taxi, Gett, Addison Lee, Ola, Kabbee, BlaBlaCar, Lyft, Grab, Didi Chuxing, and Yandex.taxi to name a few. As the ride hailing services require a huge workforce of trained drivers, the industry is getting support from the governments of developing nations including China and India. Further, the companies coming up with service innovation for maximum comfort of commuters is expected to boost the market.

Key Insights Covered: Global Ride Hailing Services Market
1.  North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Ride Hailing Services industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Ride Hailing Services industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Ride Hailing Services industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Ride Hailing Services industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Ride Hailing Services industry.

Research Methodology: Global Ride Hailing Services Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
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