Pune, March 06, 2023 (GLOBE NEWSWIRE) -- The global ride-hailing market size is expected to register a significant revenue CAGR during the forecast period. Key factors such as increasing preference for ride sharing due to inconvenience caused by public transport, rising global working population, and high cost of vehicle ownership and maintenance are expected to drive global market revenue growth during the forecast period. Read Sample PDF Copy of Report (Including Full TOC, List of Tables & Figures, and Chart): https://www.xcellentinsights.com/enquiry/sample/36811
Over years, rapidly expanding global population, and rising number of people commuting to various destinations for leisure or work daily has resulted in rising need for transport vehicles or personal cars. However, people are seen to steadily shift to renting cars or hiring taxis to commute from place to place considering the rising prices of vehicles, long waiting hours for public transport, increasing traffic congestion along with excess carbon emissions. Millennials and younger generations are choosing practical, easily accessible transport options that are safe, flexible, and inexpensive, and in a way help in saving fuel expenses, car maintenance, and decreasing pollution levels. Ride-hailing services such as car sharing/pooling, e-hailing or car renting are modern transportation services where passengers can easily connect to vehicle drivers through mobile-based applications. These services provide door-to-door transport and are usually cheaper than licensed taxicabs.
Factors such as increasing penetration of smartphones and applications, growing public awareness about air pollution, rising trend for on-demand transportation and car and bike pool, and high focus on upgrading existing apps and launching new ones are expected to drive overall market growth going ahead. In addition, increasing private vehicle registration on ride-hailing platforms is expected to surge global market growth in the coming years.
However, reluctance towards ride sharing due to rising incidence of thefts and data leaking through ride-hailing apps, and high preference for traditional transport services owing to low awareness about benefits of ride-hailing services are some key factors that can hamper overall market growth to a certain extent during the forecast period.
Browse complete Report Summary with TOC here: https://www.xcellentinsights.com/reports/ride-hailing-market-36811
Key Companies Operating in the Market:
- Uber
- Lyft
- Gett
- Hailo
- Ola Cabs
- GrabTaxi
- Easy Taxi
- LeCab
- Cabify
- Didi Chuxing
- Bitaksi
- GoCatch
- Ingogo
Ride-Hailing Industry Recent Developments:
- In June 2022, Abu Dhabi based mobility start-up, Fenix has started ride hail and mobility services under the name Fenix Taxi in Manama and Bahrain.
- In May 2022, Uber announced the launch new features for business travellers, electric vehicles and group rides.
The global ride-hailing market has been segmented based on type, application, and region:
Market Segment by Type:
- Taxi
- Non-taxi
Non-taxi Segment To Register Rapid Revenue CAGR:
The non-taxi segment is expected to register rapid revenue CAGR over the forecast period owing to rapidly increasing working populace across the globe, increasing traffic congestion, rising trends for on-demand transportation, and growing preference for car and bike pools.
Do you have any Business Question Ask Us here: https://www.xcellentinsights.com/enquiry/buying/36811
Market Segment by Application:
- <20 Years Old
- 20-30 Years Old
- 31-40 Years Old
- 41-50 Years Old
- >50 Years Old
31-40 Years Old Segment to Account for a Significantly Larger Revenue Share:
The 31-40 years old segment is expected to account for a significantly larger revenue share during the forecast period. This can be attributed to increasing traffic congestion, rising working population between the age of 31 to 40, and low rate of car ownership among millennials.
Ride-Hailing Market Segment by Region:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia)
- Asia Pacific (China, Japan, South Korea, India, Australia, China Taiwan, Indonesia, Thailand, Malaysia)
- Latin America (Mexico, Brazil, Argentina)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
Asia Pacific To Register Rapid Revenue Growth:
Asia Pacific market is expected to expand at a rapid CAGR over the forecast period owing to rapidly expanding urban population, increasing working class across the region, rising awareness about traffic congestion, fuel wastage, and air pollution, and growing preference for bike and carpool. In addition, growing awareness about importance of ride-sharing, favorable government initiatives, and rising investments in developing advanced apps and ride-hailing services are expected to drive Asia Pacific market growth during the forecast period. China, India, and Japan are some of the largest revenue-generating countries in this region.
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global ride-hailing market?
- What is the expected market size of the global ride-hailing market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
You can Purchase the Complete Report here: https://www.xcellentinsights.com/checkout/36811
About Us:
Xcellent Insights is a one-stop solution for market research and consulting. Our portfolio of services includes syndicate and bespoke research reports driven by market intelligence studies that allow you to add value to your trading decisions. You can count on us for end-to-end market research, market intelligence and service research and services. Having a diverse portfolio across multiple industries, Market Reports excels in providing in-depth analysis and covering the latest market and industry trends.
