Rockville, March 01, 2023 (GLOBE NEWSWIRE) -- The global ride-hailing service market is projected to be worth US$ 109.3 billion in the fiscal year 2023, up from US$ 97 billion in the fiscal year 2022. The emergence of prominent stakeholders in new geographies and increased consumer ridership due to ease and convenience are propelling the expansion of the ride-hailing services market.
Consumers' desire to prevent the high overhead costs of vehicle ownership and servicing, together with rising traffic jams and a shortage of available parking spaces, drives the global market expansion. For a variety of reasons, the rural population is considering transitioning to urban areas and metro metropolitan areas, likely to result in a high population. Furthermore, evolving ride-hailing and taxi-booking applications, along with greater internet service infiltration and mobile phone accessibility, are driving the worldwide ride-hailing service market.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 361.3 Billion |
| Growth Rate (2022-2032) | 12.7 %CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 42 Tables |
| No. of Figures | 74 Figures |
Key Takeaways from the Market Study
- East Asia is predicted to lead the industry with a 32% market share.
- The East Asia region market is expected to grow at the fastest rate of 13.3%.
- The four-wheeler will have an 83% market share in 2023 and will dominate the global market from 2023 to 2033.
- In 2023, the personal four-wheeler segment is estimated to account for 78% of the market.
- North America is expected to have a 28% global market share by 2023.
“Ride-hailing services that are digitally enabled effectively manage requirement while also providing an easy and cost-effective alternative to private vehicle ownership, which is expected to drive market expansion over the forecast period.” says Fact.MR’s analyst.
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Prominent Players
- Arro
- BluSmart.
- Capital EV
- Curb
- Didi Chuxing Technology Co.
- EEETaxi.
- Gett
- GoGreen Cabs
- Gojek
- Hitch
- Indriver
- Lyft, Inc.
- Meru cabs
- Rapido bike taxi
- Uber
Competitive Landscape
The presence of a large number of international corporations distinguishes the global market. The majority of these businesses are heavily reliant on alliances, partnerships, mergers, and acquisitions. Some of the most significant innovations made by key players are referenced below.
- Uber Technologies Inc. entered into a partnership with EVgo in January 2021 to offer EV charging special offers to drivers in over 800 cities across the United States.
- Gett and Curb partnered up in April 2021 to boost post-pandemic business trips. The collaboration of the two companies will allow it to to provide enterprise customers on its application limousine, nearby taxi, and ride-hailing services like Lyft.
- Didi Chuxing introduced Latin America's first pooled electric vehicle (EV) fleet through its application in Mexico in January 2020, as the company plans to spend on sustainable transportation developments in the region.
The growth of the ride-hailing service industry in North America is the result of substantial investments by car manufacturers, service providers, and investment firms. The massive support of the US administration for the business and acknowledgment of various on-demand ride-hailing solutions drives the industry. For instance, in July 2019, International Automotive Components (IAC) spent US$ 250 million on Turo, a car-sharing corporation. The capital money will be employed to enhance the experience for clients.
Key Segments Covered in the Ride-Hailing Service Market Report
- By Vehicle Type :
- Four Wheeler
- Others (Two Wheeler, Three Wheeler)
- By End User :
- Personal
- Business
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global cheddar cheese market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on ride-hailing service market analysis by Vehicle Type (Four Wheeler, Others (Two Wheeler, Three Wheeler)), By End-User Type (Personal, Business) and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, And the Middle East & Africa).
Key Questions Covered in the Ride-Hailing Service Market Report
- What is the projected value of the Ride-Hailing Service Market in 2023?
- At what rate will the global Ride-Hailing Service Market grow until 2033?
- Which are the factors hampering the growth in the Ride-Hailing Service Market?
- Which region is expected to lead in the global Ride-Hailing Service Market during 2023 to 2033?
- Which are the factors driving the Ride-Hailing Service Market during the forecast period?
- What is the expected market value of the Ride-Hailing Service Market during the forecast period?
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