The size of the ride hailing services market is expected to reach even

TOKYO, September 20, 2022 (Globe Newswire) — The Global Ride Healing Services Market The size was USD 44.8 billion in 2021 and is projected to achieve a market size of USD 178.2 billion by 2030, growing at a CAGR of 17% from 2022 to 2030.

Highlights of the Ride Healing Services Market Report

  • With a CAGR of 16.9% from 2022 to 2030, the global ride hailing services market was valued at USD 44.8 billion in 2021.
  • North America to dominate ride hailing services market with over 35% market share in 2021
  • According to surveys, there are 15 million ride-hailing trips every day, with the number expected to reach 100 million by 2030.
  • According to the US Bureau of Labor Statistics, full-time drivers are 40% more likely to be employed than part-time drivers.
  • Low vehicle ownership rates among millennials driving ride hailing services market size

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Report Coverage:

market Ride Healing Services Market
Ride Healing Services Market size 2021 USD 44.8 billion
Ride Healing Services Market Forecast 2030 USD 178.2 billion
Ride Healing Services Market CAGR during 2022 – 2030 17%
Ride Healing Services Market analysis period 2018 – 2030
Ride Healing Services Market base year 2021
Ride Healing Services Market forecast data 2022 – 2030
covered sections by offering, and by geography
Ride Healing Services Market territorial range North America, Europe, Asia Pacific, Latin America and the Middle East & Africa
Major Companies Profiles Addison Lee, BlaBlaCar, Didi Chuxing, Grab, Get, Lyft, MyTaxi, Ola, Uber, ViaOne, Zoox and Yandex.Taxi.
report coverage Market Trends, Drivers, Sanctions, Competitive Analysis, Player Profiling, Regulation Analysis

In recent years, the demand for ride-hailing services in developed regions such as Europe and the United States has increased with increasing passenger preferences in developing countries such as India, China, Vietnam, etc. The emergence of on-demand transportation services patterns, job creation, and low incidence of car ownership among millennials are driving the growth of global ride-hailing services market revenues. Furthermore, advances in connected and fully automated vehicles to reduce carbon dioxide emissions, as well as a significant increase in sales of these automobiles for the use of ride-hailing services, are fueling the growth of the global ride-hailing services market. Is.

Furthermore, rapid growth in urban population due to shifting from rural areas for better opportunities leads to increased traffic congestion and lack of parking space. These factors are encouraging consumers to use ride-hailing and taxis for transportation, which will contribute to the trend of ride-hailing services market in the anticipated time frame.

The impact of COVID-19 on the global ride-hailing services market

During the pre-pandemic period, ride-hailing services grew in popularity due to benefits such as reduced travel expenses, road congestion, as well as increased emissions levels. Nevertheless, as a result of the effects of COVID-19, the ride hailing market as a means of transportation has waned in an insurgency. According to a Scholastica research study, ride hailing transportation declined dramatically during the pandemic. The reduction in ride-hailing trips was much greater than the reduction in overall passenger numbers. Second, during the pandemic, non-shared travel distances were very high, although travel times were not necessarily limited due to overall traffic network problems. Third, as the distance between census areas increased, the number of short trips between census areas decreased. According to the results of this study, pre-pandemic travelers were more likely to use ride healing for short trips, but such trips decreased during the global pandemic.

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market segmentation

The global ride hailing services market has been segmented by Acumen Research & Consulting on the basis of offering and geographic. By offering, the market has been segmented into e-hailing, rental and car sharing. As per the ride hailing services market forecast, the e-hailing segment is expected to hold significant market share in the coming years.

Global Ride Hauling Services Market Regional Outlook

The global ride-hailing market is segmented into five geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

North America has the largest market share; Asia Pacific will have the fastest growing CAGR in the ride hailing service market.

North America led the ride hailing services market in 2021 and is predicted to continue to do so for the remainder of the forecast period. The presence of major companies in this region is one of the major factors driving the growth of the regional market. Based on ICCT reports, Uber controls over 65% of the US industry. Lyft and other major players are responsible for nearly all non-Uber trips in the US. Furthermore, the rapid expansion of such services has had a later effect on urban centres, spurring protests, lawsuits and regulations. According to a report published by the Inter-American Development Bank, the proportion of the elderly US population to have used an Internet-connected mobile application at least once matched with vehicle owners between 2015 and 2018 from 15% to 36%. Done. These elements support the overall growth of the ride-hailing services market.

In contrast, as per the ride hailing services industry analysis, the ride hailing services market in Asia-Pacific is projected to have the fastest growing CAGR in the coming few years. The increasing modernization of ride-hailing services contributes to the expansion of the Asia-Pacific regional market. Due to the impact of charging infrastructure, electric cars are becoming more attractive for ride hailing. Such remarkable developments fuel the growth of the regional market, which in turn aids in overall market growth.

Future of Latin America’s ride-hailing services market

According to the Inter-American Development Bank report, the digital revolution has the potential to improve the functioning of markets that are characterized by poor problem coordination and high levels of fragmentation, such as the transportation market. The current adoption of electronic portals by Latin America, especially in ride hailing services, is commendable. These recent advancements increase the availability of better employment opportunities in this sector. Based on these remarkable developments, it leverages ride-hailing platforms to improve the lives of Latin American drivers, such as enabling the participation of women as motor drivers as well as migrants, economic inclusion and financial inclusion. Enhancing literacy, and other initiatives.

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Ride Healing Services Market Players

Some of the leading ride hailing services market players are Edison Lee, Bolt Technology O., Didi Chuxing, Get, MyTaxi, Uber, Blablacar, Grab Holdings Inc., Lyft, Ola, ViaOne, Yandex.Taxi, Curb Mobility and Zoox.

  • In April 2021, Gett signed a partnership with Curb to enhance business travel in the aftermath of the pandemic. The partnership between the two firms will enable it to offer corporate customers on its platform limousines, local taxis and ride-hailing services such as Lyft.
  • In June 2021, Hyundai Motor Group and Grab Holdings Inc. (Grab) entered into a strategic partnership in mobility services. The first phase of the collaboration will accelerate the adoption of electric vehicles in Southeast Asia. The group and distribution partners will collaborate to develop new pilots and initiatives that will lower the barriers to entry for partner organizations by reducing total cost of ownership and reducing border concerns.

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