LONDON--(BUSINESS WIRE)--The global ride hailing services market is expected to post a CAGR of close to 19% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising use of online on-demand transportation services. The increasing use of online on-demand transportation services is mainly driven by new and innovative user-friendly mobile applications used by consumers to book rides using their smartphones. Uber in the US, DiDi Chuxing in China, Ola by ANI Technologies in India, and Grab in Singapore are the market leaders in their respective countries. Rise in investments by venture capitalists has provided leverage to key players in the market to enter untapped developed and developing markets, which provide ample opportunities for players to grow and increase their overall revenue. Furthermore, rapid urbanization in the developing countries is expected to support the ride hailing services market in the region, creating a demand for online on-demand transportation service providers.
This market research report on the global ride hailing services market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
In this report, Technavio highlights the rising adoption of electric vehicles as one of the key emerging trends in the global ride hailing services market:
Global ride hailing services market: Rising adoption of electric vehicles
EVs are vehicles that can be recharged from an external source of electricity, such as the electricity stored in the rechargeable battery packs drives or wall sockets. As these vehicles work on electricity, they help in reducing harmful air pollution, leading to better quality of air and reducing health problems caused by air pollution. For instance, in August 2018, Grab and SP Group announced a strategic partnership, in which Grab will introduce 200 new fast-charging electric vehicles (EVs). The new fleet is expected to be rolled out in Singapore from early 2019. Moreover, EVs work on electric engines, they do not require oil changes. They also have fewer moving parts, which rarely break down, thereby eliminating the need for repair and maintenance services providers. In addition, EVs can be serviced by customers using parts that can be purchased online or fixed remotely through over-the-air updates. Therefore, with such advantages, the market is expected to experience a positive outlook during the forecast period.
“Apart from the rising adoption of electric vehicles, some other factors that are expected to boost the growth of the market, in the next five years are – increasing investment in autonomous vehicles and growing M&A activity and strategic alliances,” says a senior analyst at Technavio for research on consumer services and personal care.
Global ride hailing services market: Segmentation analysis
This market research report segments the global ride hailing services market by service (e-hailing and car sharing) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share close to 49%, followed by the Americas and EMEA respectively. The ride hailing services market in APAC is growing exponentially. The market in China is the largest contributor to the overall market in APAC and globally. The rising pollution level in the country and the level of traffic congestion are refraining people from buying new cars, which is paving the way for ride hailing services.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
