Ride Hailing Service Market

Ride Hailing Service Market was valued at USD 31.4 billion in 2022 and is forecast to touch USD 97.4 billion in 2030, and the market is expected to grow at a CAGR of 15.2% from 2023-2030.

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Major Ride Hailing Service Market Drivers

The significant rise in the preference for carpool and bike pool services among the regular office commuters is the primary factor contributing to the growth of the global ride hailing services market. With the growing hectic lifestyle, the consumers are actively looking for easy and convenient daily traveling option to save their time and money at the same time. Additionally, the drastic increase in the services offered by the leading players, including Uber and Ola, and the option for choose convenient pick-up and drop locations is encouraging the consumers to opt for ride hailing services, even for short distance travel. In parallel, the significant rise in the number of multiple service providers, such as bike rides and sharing auto rides, is further creating immense growth opportunities in the market.

The fundamental shift in the people’s preference from driving a car to being driven, especially among the millennials, is encouraging them to opt for these ride hailing services. Millennials now avoid buying personal vehicles to save the cost of regular maintenance of vehicles and fuel costs along with the heavy road taxes. Simultaneously, the growing environmental concern at the global level, followed by the rising emphasis of governments towards the usage of public transport for daily traveling, is promoting the adoption of ride hailing services. Moreover, the growing usage of digital money, such as digital wallet, different applications, net banking, and unified payment interface, will have a positive impact on the growing demand of the market. On the other end of the spectrum, the low rate of internet penetration in the developing nations and the implementation of several stringent government policies will hamper the growth of the market.

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Service Type – Segment Analysis

Based on the Service Type, the market is segmented into E-hailing, car sharing, car rental, and station based mobility. Among these, the car sharing segment is anticipated to lead the market during the forecast period attributed to the increasing trend of using carpooling service for regular commutes and the declining rate of car ownership among the millennials. Moreover, the rapid increase in employment opportunities will indirectly boost the demand for the segment.

Vehicle Type – Segment Analysis

On the basis of vehicle type, the market is segmented into two wheeler, three wheeler, four wheeler, and others. Among these, the two wheeler segment is projected to grow at a higher CAGR during the forecast period. The drastic increase in the traffic on roads and the growing hectic lifestyle of people is forcing them to opt for bike pool services in order to reach the final destination on time. The two-wheeler ride sharing eliminates the need to stand in long queues, consumes less amount of fuel, and is environment-friendly as compared to other types of vehicles.

Location Type – Segment Analysis

Based on the location, the market is segmented into urban and rural. The urban segment is anticipated to lead the market over the forecast period owing to the significant rise in the population rate in the urban areas and the increasing number of the working population. The urban areas have the largest number of the working population who are actively looking for a faster mode of daily transportation. Moreover, the growing hectic lifestyle of people in urban areas is promoting them to opt for ride hailing services to save their time and money.

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Regional – Segment Analysis

Based on region, North America region is expected to lead the market during the forecast period. This is attributed to the large presence of the numerous global giants in cities such as New York, Chicago, San Francisco, and other cities. Additionally, the rising number of the working population and the drastic rise in the traffic is forcing the people to opt for ride hailing services to reach the final destination on time.

Top Market Players

Various notable players are operating in the market includes Didi Chuxing Technology Co. Ltd., Lyft, Inc., Denso Corporation, Uber Technologies Inc., TomTom International BV, Aptiv, Daimler AG, Gett, ANI Technologies (OLA), and Grab among others.

Key Developments:

• • In 2020, Lyft Inc., launched its new on-demand delivery service to provide essential goods, such as groceries, meals, and medical supplies, to the people in need during the coronavirus crisis.
  • In 2020, Uber Technologies Inc., announced to launch its new “Real-Time ID check” solution, which will verify if the driver is wearing masks, thereby decreasing the spread of COVID-19.
  • In 2019, the Denso Corporation entered into a partnership with Blackberry to launch the integrated Human Machine Interface (HMI) digital cockpit system known as Harmony.

Segments covered in the Report:

The global Ride Hailing Service market has been segmented on the basis of Vehicle Type, Location Type, End User, Service Type, and key regions. Based on Service Type, the market is segmented into Car Rental, E-hailing, Car Sharing and Station-based Mobility. Based on Vehicle Type, the market is segmented into Two-wheeler, Three-wheeler, Four-wheeler, and Others. Based on Location Type, the market is segmented into Urban and Rural. Based on End User the market is segmented into Institutional and Personal.

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Report Coverage	Details
Market Revenues (2022)	USD 31.4 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Value (USD Billion)
Market Segment	By Service Type, By Vehicle Type, By Location Type, By End User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Didi Chuxing Technology Co. Ltd., Lyft, Inc., Denso Corporation, Uber Technologies Inc., TomTom International BV, Aptiv, Daimler AG, Gett, ANI Technologies (OLA), and Grab, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Ride Hailing Service Market by Service Type

• • E-hailing
  • Car Rental
  • Car Sharing
  • Station-based Mobility

Global Ride Hailing Service Market by Vehicle Type

• • Two-wheeler
  • Three-wheeler
  • Four-wheeler
  • Others

Global Ride Hailing Service Market by Location Type

• • Urban
  • Rural

Global Ride Hailing Service Market by End User

• • Institutional
  • Personal

Global Ride Hailing Service Market by Region

• • North America Ride Hailing Service Market (Option 1: As a part of the free 25% customization)
    • By Service Type
    • By Vehicle Type
    • By Location Type
    • By End User
    • United States of America (US) Ride Hailing Service Market All-Up
    • Canada Ride Hailing Service Market All-Up
  • Europe Ride Hailing Service Market (Option 2: As a part of the free 25% customization)
    • By Service Type
    • By Vehicle Type
    • By Location Type
    • By End User
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Ride Hailing Service Market (Option 3: As a part of the free 25% customization)
    • By Service Type
    • By Vehicle Type
    • By Location Type
    • By End User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Ride Hailing Service Market (Option 4: As a part of the free 25% customization)
    • By Service Type
    • By Vehicle Type
    • By Location Type
    • By End User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Ride Hailing Service (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Didi Chuxing Technology Co. Ltd.
  • Lyft, Inc.
  • Denso Corporation
  • Uber Technologies Inc.
  • TomTom International BV
  • Aptiv
  • Daimler AG
  • Gett
  • ANI Technologies (OLA)
  • Grab