Pune, India, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The global ride-hailing market size is anticipated to grow by 2028 due to increasing popularity of online cabs. This information is published by Fortune Business Insights in its report, titled "Ride-Hailing Market, 2021-2028".
The service basically connects drivers and customers using an online platform. The ride is booked through the platform and contacts of both the party are shared to facilitate the service. The streamlined structure of the service allows a hassle-free experience to the consumer and also increases the accountability of the driver. The rising popularity of the service is garnering high demand for the product.
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Increasing Preference for Safe Cab Rides to Augment Growth
The increasing demand from developing countries, such as India, for safe cab rides is augmenting the ride-hailing market growth. The substantial amount of accountability associated with the service is generating a high demand for the product across the globe. This has led to the services not only connecting drivers to the passengers but also ensuring the safety of the passenger in case of several probable emergency situations.
For instance, in 2020, Bolt raised approximately USD 182 million to develop its driver face verification and utilize machine learning to prevent potential incidents. In addition, prominent companies are also focusing on providing services to corporate offices to enhance their revenue generation.
Increase in Car Sharing Services to Augment the Segment Growth
By service type, the market is segmented into e-hailing, car sharing, car rental, and others. On the basis of vehicle type, it is classified into two-wheeler, car, and others. By payment method, it is bifurcated into cash and online. Based on location type, it is divided into urban and rural. Additionally, by end-user, it is fragmented into personal and commercial. Based on geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the world.
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Presence of Several Service Providers in North America to Aid Sales
North America is expected to dominate the ride-hailing market share in the forthcoming years. This is due to the presence of several travel network companies and vehicle rental services in big cities. The presence of several service providers in areas such as San Francisco, New York, Seattle, Burlington, and others is generating substantial revenue for the market.
Asia Pacific is anticipated to grow at a fast rate in the upcoming use. This is due to the developing market in the region. For instance, in 2020, Meru Cabs declared its fundraising plan of USD 54.25 million from private equity funds. The company is primarily focused on providing services to corporate offices and expanding its base for electric vehicles in India.
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Integration of Various Features by Service Providers to Aid Business Growth
The market is highly fragmented and competitive in nature. This is attributed to the presence of several major players in the market. For example, Uber and Lyft have a prominent presence in the U.S. while India prominently uses Ola Cabs. The rising efficiency of the service by various prominent players is increasing the competitive edge of the market. Moreover, the inclusion of various features under ride-hailing services is allowing the service providers to gain substantial footage in the industry.
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List of Key Players Profiled in the Market:
- Lyft
- Ola
- Uber
- Careem Taxify
- BlaBlaCar
- DiDi
- Gett
- Grab
- Lime
- Herts
- Juno
- Kabbee
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