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Rising development in smartphones and information technology has brought a considerable change in the travel industry and transportation. Ride-hailing services require three parties for their operation; those are driver, passenger, and service providers. It uses an online platform and apps to book the ride, and this helps to connect passengers and drivers. Both desktop PC and mobile devices can make a booking. Ride-Hailing provides a comfortable and safe trip to the passenger by giving them an option to send details of their trip to their friends and relatives so that they can keep a live track of the journey. It also provides door to door service by replacing conventional taxi services.
Key Market Driver -
Increasing need of safe journey is expected to drive the market.
Key Market Restraint -
Low rate of internet penetration in developing regions is expected to hamper the growth of the market.
The primary factor driving the market is on-demand transport services, which consist of taxies and passenger vehicles, which provide complete real-time feedback of the driver and their vehicles. It also comes up with advanced features like accurate location tracking and panic/SOS buttons, which makes ride safe for the passengers. Increasing government initiatives in digitalization have brought an enormous change in the transportation industry. The ride-hailing market gives various options to passengers to pay as per their convenience that is either cash or online payments. These service providers accept payments by digital wallets, net banking, and various other e-payment methods.
Some of the major companies that are present in the ride-hailing market are Lyft, Ola, Uber, Careem Taxify, BlaBlaCar, DiDi, Gett, Grab, Lime, Herts, Juno, Kabbee, among the other players.
The global ride-hailing market has been segmented into service type, location type, payment method, vehicle type, end-user, and region. By service type global ride-hailing market is segmented into E-hailing, Car Sharing, Car Rental, and others. The car-sharing segment is expected to dominate the segment owing to the rising adoption of car-sharing by the consumers. The increasing popularity of carpooling in urban areas has attracted regular office that is, in turn, driving the market. Another factor that is driving the car-sharing segment is the growing inclination towards hiring cabs. Increasing demand for luxury cars at an affordable price is expected to propel the ride-hailing market. This is majorly popular in youth between 18-26 yrs of age. That helps them to avoid ownership and buying a luxury car, prevents maintenance and road tax. This, in turn, has helped to reduce emissions by increasing the use of public transport. By payment method, the online payment segment is expected to dominate the ride-hailing market. For example, initiatives like Digital India is encouraging consumers to make use of online payment methods, which is proving to be a safe and reliable mode of payment method.
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Geographically, the ride-hailing market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate the ride-hailing market owing to the increasing number of travel network companies in e-hailing services and vehicle rental services in cities like Seattle, New York, San Francisco, Utah, Burlington, Dallas, and Boulder among others is prompting the growth of the market. Asia Pacific is expected to grow at the fastest pace owing to the rapidly increasing population in cities like Delhi, Mumbai, Pune, Tokyo is driving the need for e-hailing service. Rising support from the government from this region and growing popularity regarding safe and comfortable travel in countries like India, China, Japan is expected to propel the growth of the market. Europe is also expected to steady growth in this market over the forecast period.
By Service Type
By Vehicle Type
By Payment Method
By Location Type
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