Press release
Ride Hailing Market Report 2024: Analysis By Size, Share, Growth, Trends Up To 2033
Ride Hailing Market
Ride Hailing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $141.5 billion In 2028 At A CAGR Of 15.2% :
The ride hailing market size has grown rapidly in recent years. It will grow from $70.12 billion in 2023 to $80.46 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to urbanization and population density, changing consumer behavior, traffic congestion and parking challenges, first and last-mile connectivity, economic considerations.
The ride hailing market size is expected to see rapid growth in the next few years. It will grow to $141.5 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to integration with multimodal transportation, environmental sustainability, regulatory frameworks and compliance, enhanced safety measures, rural and suburban expansion. Major trends in the forecast period include corporate partnerships for employee transportation, dynamic pricing optimization, regulatory compliance and advocacy, inclusive accessibility features, virtual queues and pre-booking options.
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Ride Hailing Market Major Segments
The ride hailing market covered in this report is segmented -
1) By Vehicle Type: Two Wheeler, Three Wheeler, Four Wheeler, Other Vehicle Types
3) By Service Type: E-Hailing, Car Sharing, Station based Mobility, Car Rental
2) By End-user: Commercial, Personal
Key Driver - Millennials And On-Demand Transportation Services Fueling Ride-Hailing Market Growth
On-demand transportation services and a lower rate of car ownership among millennials are driving the growth of the ride-hailing market. On-demand transportation services are characterized by flexible routing and ad-hoc scheduling of private vehicles, offering a personal transport experience to the general public by picking up or dropping off at locations of the passenger's choice. On-demand ride-hailing services ensure that customers can accurately locate the vehicles, track their journey, and offer safety to the occupants, and this factor is expected to significantly drive the market's growth. Additionally, a lower rate of car ownership among millennials due to the high maintenance cost of personal cars is resulting in a rise in demand for ride-hailing services. Millennials are choosing practical, smartphone-accessible transport options that are simple, flexible, and inexpensive over car ownership. Also, buying a new car and maintaining it are more expensive than renting a vehicle every year. Transdev, for example, in December 2022, estimates that 71 million passengers will use on-demand transportation services in 2022. Hence, on-demand transportation services and a lower rate of car ownership among millennials drive the growth of the ride hailing market.
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Prominent Trend - Innovative Features And Safety Initiatives In The Ride-Hailing Market
Ride-hailing services have been advancing in the past few years by delivering innovative facilities to riders all over the world. Using a ride-hailing app on an Android device has now become very common. For instance, Uber is a ride-hailing app from which we can request a female driver. This feature is mainly implemented to focus on the safety of a woman, which helps to stay protected with a verified profile of a female driver before committing to the journey. A major initiative is promoted by Safr, which permits female passengers to select the gender of the driver and offers complete details about the driver's training. Similarly, HopSkipDrive is another ride-hailing app that gives safe and smarter transportation solutions to children by employing professional care drivers who have a minimum of five years of experience in caregiving.
Ride Hailing Market Players
Major companies operating in the ride hailing market report are Daimler AG, Denso Corporation, Uber Technologies Inc., Didi Chuxing Technology Co. Ltd., Aptiv plc, Yandex.Taxi LLC, Grab Holdings Inc., Bolt Technology OÜ, Lyft Inc., Careem Networks FZ LLC, PT Gojek Indonesia, TomTom N.V., inDriver Holdings Inc., Swvl Holdings Corp., ANI Technologies Pvt. Ltd., Addison Lee Ltd., DBDOYC Inc., Yassir Inc., Comuto company, Gett Inc., VOXTUR SAS, Kaptyn Inc., Pathao Ltd., RideCell Inc., RydenGo, Shebah Pty Ltd., Beijing Xiaoju Technology Co. Ltd., Neutron Holdings Inc., Maxi Mobility S.L., Ziro Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the ride hailing market in 2023. Western Europe was the second largest region in the global ride hailing market share. The regions covered in the ride hailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ride Hailing Market Report Structure
3. Ride Hailing Market Trends And Strategies
4. Ride Hailing Market - Macro Economic Scenario
5. Ride Hailing Market Size And Growth
…..
27. Ride Hailing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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