DUBLIN--(BUSINESS WIRE)--The "E-Hailing Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global e-hailing market is projected to grow at a CAGR of 22.84% to US$212.139 billion in 2028 from US$50.271 billion in 2021.
The growing traffic congestion in countries has negatively impacted the scale of owning private vehicles, accelerating the demand and usage of e-haling services. Moreover, the surge in internet penetration coupled with the growing technological advancements has further propelled the market growth. According to the Internet World Stats, in December 2022, the number of Internet users globally stood at 5,544 million, which represented an increase of 9.7% compared to the 2020 figure for the same month.
Additionally, the higher customer convenience and easy mobility options provided through e-hailing have made mobility companies expand their services through investments and launches. For instance, in March 2023, Godugo launched its ride-hailing app for women in Kerela, covering 14 districts in the state. The app included features such as sending automatic notifications to passengers' phones and Godugo's monitoring system if the driver deviates from the route. Similarly, in May 2021, OLA launched its "OLA EV" ride-haling in London, which would allow riders to book electric vehicle rides specifically.
Growing traffic congestion is driving the market growth.
The growing number of vehicles on the road, improper public transport availability, and poor driving habits are common causes of traffic congestion. Growing population coupled with rapid urbanization are expected to further increase the scale of traffic congestion, especially in major countries such as USA, India, and China. According to India's Ministry of Road and Transport 2022-2023 annual report, the total number of registered vehicles in India stood at 326 million in 2020, representing an increase of 10.5% over 2019. E-haling enables passengers to travel from their homes to workplaces and vice-versa at a much lower rate and high convenience, owing to which the need to use personal transport for traveling is expected to witness slow growth, thereby reducing the overall number of private vehicles on the road leading to a reduction in traffic congestion.
The North American e-hailing market is estimated to grow rapidly due to the increasing consumer adoption of ride-hailing services and the expansion of platforms across cities and regions.
By geography, the e-hailing market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The US is one of the world's largest automobile markets, and as such, the expansion of the automotive industry is expected to boost the growth of the HMI market in the country. Further, the United States holds the largest share of this market, propelled by the rising popularity of ride-hailing services, expanding coverage across cities, and continuous technological advancements. The competitive nature of the US e-hailing market has led companies to offer competitive pricing, promotions, and discounts, attracting more consumers. However, such strategies can be costly for e-hailing companies as they strive to gain market share and maintain profitability. In December 2020, New York announced a pilot program to allow e-hail vehicles to charge passengers based on time rather than distance, aiming to tackle congestion and improve efficiency.
Market Developments:
Uber announced in February 2021 that it plans to transition its fleet of ride-hail vehicles in North America to be fully electric by 2030. The company also set a goal of being a zero-emissions platform by 2040.
Market Segmentation:
By Type
- Cars
- Three-Wheelers
- Two-Wheelers
By Geography
-
North America
- United States
- Canada
- Mexico
-
South America
- Brazil
- Argentina
-
Europe
- Germany
- France
- United Kingdom
-
Middle East and Africa
- Saudi Arabia
- UAE
-
Asia Pacific
- India
- China
- Japan
- South Korea
Companies Mentioned
- Uber Technologies Inc.
- Lyft Inc.
- Didi Chuxing Technology Co.
- Ola Cabs
- MyCar
- Grad Holding Inc.
- Gojek
- Bolt
- Wingz
- Via Transportation, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/k3wu0t
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