New York, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Ride-Hailing Service Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Service Type (E-hailing, Car Rental); Vehicle Type (Two and Three Wheeler, Four Wheeler, Others); End-user (Commercial, Personal) and Geography”, published by The Insight Partners. The Global Ride-Hailing Service Market Growth is driven by the emergence of autonomous ride sharing, rise in trend of on-demand transportation services and development of autonomous vehicles. The E-hailing segment was valued at US$ 27,566.61 million in 2020.
| Report Coverage | Details |
| Market Size Value in | US$ 48,922.78 million in 2021 |
| Market Size Value by | US$ 98,745.11 million by 2028 |
| Growth rate | CAGR of 10.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 203 |
| No. Tables | 115 |
| No. of Charts & Figures | 92 |
| Historical data available | Yes |
| Segments covered | Service Type, Vehicle Type, Location, End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Ride-Hailing Service Market: Competitive Landscape and Key Developments
DiDi Global Inc.; Gett; Grab Holdings Inc.; and Lyft, Inc. are among key players profiled during the study of the Ride-Hailing Service market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
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In 2021, Grab Holdings Inc. (Grab) and Hyundai Motor Group have announced an expansion of their mobility services strategic partnership. The partnership's next phase will focus on increasing EV adoption throughout Southeast Asia. The Group, including its affiliates Hyundai Motor Company and Kia Corporation, as well as Grab, will continue to develop new pilots and initiatives designed to lower the barriers to EV adoption for Grab drivers and delivery partners, such as lowering total cost of ownership and reducing range anxiety.
Based on Service Type, the global Ride-Hailing Service market is segmented into e-hailing, car sharing, car rental, and station-based mobility. E-hailing is the process of hailing a passenger vehicle by any electronic device, such as a computer, smartphone, or tablet. The global demand for e-hailing services is being driven by the increasing ubiquity of smartphones and internet access. According to DataReportal, the number of mobile subscriptions associated with smartphones in the world will reach 6.4 billion by 2021.
Furthermore, the e-hailing sector is developing due to rising internet penetration across the country. According to Internet World Stats, the internet penetration rate in major regions such as Asia was 63.8 percent in March 2021, Europe was 88.2 percent, Africa was 43.2 percent, and North America was 93.9 percent. In addition, worsening traffic congestion and rising fuel prices are driving up demand for e-hailing services. According to the China Internet Network Information Center's (CNNIC) 44th Statistical Report on Internet Development in China, online taxi reservations in China reached 337 million in June 2019, up 6.7 million from the end of 2018 and accounting for 39.4 percent of total Internet users. The rapid rise of e-hailing services will undoubtedly have a greater impact on urban transportation.
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North America is the most technologically advanced region, with major economies, such as the US, Canada, and Mexico. These economies are characterized by higher standards of living, high disposable incomes of individuals, and rapid technological advancements in the technology industry. The growth of the global ride-hailing service market is driven by a rise in the trend of on-demand transportation services, the creation of employment opportunities, and a low rate of car ownership among millennials. In addition, advancements in connected & automatic vehicles to reduce CO2 emission and a substantial increase in sales of these vehicles for ride-hailing services propel the global market growth. The industry is growing due to the rise in the number of travel network firms offering e-hailing and automobile rental services in Seattle, New York, San Francisco, Utah, Burlington, Dallas, and Boulder. Furthermore, companies like Lyft and Uber, which are the region's ride-hailing giants, have fueled the growth of ride-sharing systems. Different car rental and ride-sharing organizations collaborating to reduce traffic and congestion have fueled the growth of ride-sharing systems in the region. The rise of the ride-hailing service sector in North America is due to significant expenditures by significant automakers, service providers, and investors. The US government's strong support for the marketing and acceptance of various on-demand ride-hailing services fuel industry growth. For instance, in July 2019, International Automotive Components (IAC) made a USD 250 million investment in Turo, a car-sharing firm. The new investment will be used to improve the customer experience. General Motors introduced its new peer-to-peer auto rental service in July 2018, allowing owners to rent their vehicles through its online platform. The corporation created this service to assist its consumers in generating more cash.
Increase in Trend of Mobility-as-a-Service to Propel Ride-Hailing Service Market Growth in Coming Years:
People who are not capable of purchasing car can experience seamless travel through mobility services. The average cost of owning and operating a vehicle, according to the Bureau of Transportation Statistics, is roughly $8,858, assuming 15k kilometres per year. Mobility-as-a-service reduces these costs for the user by maximizing the use of transportation services like car sharing and ride hailing. It also reduces traffic congestion and overall automobile emissions in cities. As a result, digitally enabled car sharing and ride-hailing efficiently manage transport demands and provide a convenient and environmentally friendly alternative to private automobile ownership. Moreover, according to statistics, 55 percent of the world's population currently lives in cities, and estimations suggest that by 2050, roughly 68 percent of the population will be living in cities. The rapid pace of urbanization is already leading to traffic congestion. The Mobility as a Service (MaaS) concept may be a better choice for reducing traffic congestion by making greater use of existing public and private transportation infrastructure. The urgent demand for effective solutions to handle traffic in smart cities in a faster, less expensive, and convenient manner is expected to fuel MaaS market growth through 2028. Therefore, the increasing trend of mobility as a Service (MaaS) is expected to fuel the growth of the global ride-hailing service market.
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Ride-Hailing Service Market: Service Type Overview
Based on Service type, the global Ride-Hailing Service market is segmented into E-hailing, Car Sharing, Car Rental, and Station-based Mobility. The global car sharing market is predicted to increase rapidly due to its low cost and availability, as well as the high expense of personal vehicle maintenance, traffic congestion, and rising pollution. Furthermore, the global market is predicted to rise as government regulations on harmful emissions become more rigorous, as well as government assistance for share mobility. The use of technology in this industry will help the global car sharing market grow even faster. Various suppliers have adopted technologies such as car-to-car communication, autonomous driving, and route optimization to attract customers. In the near years, numerous stakeholders are likely to integrate technologically advanced systems such as vehicle access and reservation systems into automobiles, resulting in significant revenue generation opportunities. For instance, Daimler AG joined with BMW in February 2019 to offer car-sharing services under the ShareNow brand. The companies invested a total of USD 1.1 billion in the development and promotion of their car-sharing services, which are mostly used in Europe.
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