DUBLIN--(BUSINESS WIRE)--The "Ride-Hailing Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The global Ride-Hailing Service Market is expected to grow from US$ 48,922.78 million in 2021 to US$ 98,745.11 million by 2028; it is estimated to grow at a CAGR of 10.6% from 2021 to 2028.
The global ride-hailing service market is segmented on the basis of service type, vehicle type, location, end user, and geography. On the basis of service type, the market is segmented into e-hailing, car sharing, car rental, and station-based mobility. The rising proliferation of smartphones and internet connectivity is driving the demand for e-hailing services across the globe.
On the basis of vehicle type, the market is segmented into two-wheeler, three-wheeler, four-wheeler, and other. The various technological innovations for digital payments, safety, and comfort for the riders, as well as drivers, etc. have further helped in the growth of the four-wheeler ride-hailing service market. Based on the location, the ride-hailing service market is segmented into urban, and rural. Surging penetration of the internet coupled with the growing acceptance of ride-hailing services has led to growth in the urban ride-hailing service market.
Based on the end user, the ride-hailing service market is segmented into institutional, and personal. A surge in the daily commute to work in urban areas, as well as an increased desire to save gasoline by giving a ride to commuters and colleagues traveling the same route, are expected to fuel the personal ride hailing market. Further, on the basis of geography, the ride-hailing service market is primarily segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, South and Central America. Surge in the adoption of ride-hailing service in the UK, Germany, and Switzerland is bolstering the growth of the market in Europe.
The key stakeholders in the ride-hailing service market ecosystem include technology solution providers, ride-hailing service providers, and end users. The technology solution providers include connected devices or other hardware manufacturers and software developers. The increase in the number of technology solution providers is critically driving the digitization in the ride-hailing. Ride-hailing services demand is expected to increase post COVID due to the rising trend of on-demand transportation services, creation of employment opportunities, and low rate of car ownership among millennials. In addition, advancements in connected & automatic vehicles to reduce CO2 emission and substantial increase in sales of these vehicles for the use of ride-hailing services propel the global market growth.
The ride-hailing service providers take services from technology solution providers. With the growing technological developments in the ride-hailing, the demand for a ride-hailing service market is increasing. However, despite favorable growth conditions globally and high demand from ride-hailing companies, the ongoing COVID-19 outbreak has minimally affected the growth rate of ride-hailing service market in 2020.
During the pandemic, the requirement of ride-hailing service has been negatively impacted. Moreover, with opening of several growth markets in all regions, vaccination development, and initiatives taken by various governments to support economic and industrial growth, the future demand of ride-hailing service market among end users is anticipated to grow at a positive and steady. Some of ride-hailing service market players include Daimler AG, ANI Technologies Pvt. Ltd., DiDi Global Inc., Uber Technologies Inc., Gett and Delphi Technologies Plc, among others.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
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Market Dynamics
Drivers
- Rise in Trend of On-Demand Transportation Services
- Increase in Cost of Vehicle Ownership
Restraints
- Varying Transport Policies of Different Countries and Resistance from Traditional Transport Services
Opportunities
- Emergence of Autonomous Ride Sharing
Future Trends
- Increase in Trend of Mobility-as-a-Service
Companies Mentioned
- ANI Technologies Pvt. Ltd.
- Daimler AG;
- Delphi Technologies Plc
- DiDi Global Inc.
- Gett
- Grab Holdings Inc.
- Lyft, Inc.
- TUKTUK RIDE
- Uber Technologies Inc.
- zTrip
For more information about this report visit https://www.researchandmarkets.com/r/cngolf.
