Ride Hailing Services Market, By Service Type (E-hailing, Car Sharing, Car Rental, and Station-based

Published Date: August 2020 | Report Code : AT2063423

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Ride Hailing Services Market, By Service Type (E-hailing, Car Sharing, Car Rental, and Station-based Mobility), By Vehicle Type (Two-wheeler, Three-wheeler, Four-wheeler, and Others), By Location (Urban and Rural), By End User (Institutional and Personal), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World) – Market Size & Forecasting To 2028

COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.

Domain : Automotive

Report Code : AT2063423

Status : Published August 2020

The Ride Hailing Services Market was valued at USD 204,576.97 million in 2020 and it is estimated to reach USD 534,292.04 million by 2028 at a CAGR of 12.7% during the forecast period. Ride hailing services are applications that interface travelers and nearby drivers utilizing their own vehicles. By and large, they are an agreeable technique for entryway to-entryway transport. Normally they are less expensive than utilizing authorized taxis. In certain nations, the ride-hailing administrations are directed similarly as normal cabs.

There are several factors driving the demand for ride hailing services market during the forecast period.  Some of these factors include increasing user base for ride sharing, growing traffic conjetions in urban areas, employment opportunity, increasing internet penetration, and lower rate of car ownership. Recent advancements in mobile-based application and incorporation of emerging technologies have made it possible to penetrate into the market. The increased use of live tracking will also fuel growth of the ride hailing market in future. COVID-19 and market awareness are some of the challenges which are faced by the ride hailing services market in recent years.

FIG 1 RIDE HAILING SERVICES MARKET BY SERVICE TYPE 2020 & 2028FIG 1:  RIDE HAILING SERVICES MARKET: BY SERVICE TYPE 2020 & 2028

The ride hailing services market is segmented by service type, vehicle type, location, and end user. By service type this market has been segmented by E-hailing, car sharing, car rental, and station based mobility. Preference for personalized trips with cashless transactions is one of the key factors to drive the growth of this segment during the forecast period. The car sharing segment is one of the latest additions in the ride hailing services market. This segment is estimated to grow at a fastest CAGR during the forecast period. COVID-19 is expected to have a significant impact on the demand of ride sharing services for atleast couple of years. Station based mobility is another fastest growing segment with government focus on developing dedicated tracks for station to station mobility. 

FIG 2 RIDE HAILING SERVICES MARKET BY VEHICLE TYPE 2020 & 2028FIG 2: RIDE HAILING SERVICES MARKET: BY VEHICLE TYPE 2020 & 2028

By vehicle type, this market is further segmented by two wheelers, three wheelers, four wheelers, and others. The four wheeler segment dominated the market in 2019. This demand is attributed towards consumer preference, established vehicle fleet, and available facilities and variations. The two wheeler segment is estimated to register fastest growth segment is estimated to register fastest growth of 13% owing to increasing traffic congestions and swift mobility in urban areas during the forecast period. Companies have been instrumental in developing infrastructure for two wheeler segment in urban areas across the world.  The other segment including air based services that are into its early stages with significant growth in the developed regions with a target customer base.   

FIG 3 RIDE HAILING SERVICES MARKET BY LOCATION 2020 & 2028FIG 3: RIDE HAILING SERVICES MARKET: BY LOCATION 2020 & 2028

By location, ride hailing services market has been segmented into urban and rural. As the internet and smartphone penetration is increasing day by day, the awareness of ride hailing services is also increasing. As a result, the companies are trying their best to provide ride hailing services to urban as well as rural areas across the globe. The industry players are making significant investments in the market to make sure that the service is available to all the potential customers. During this era, the companies are not only focused on acquiring existing customers but also on-boarding new ones especially who are unaware of the market. The urban segment is estimated to dominate this market during the forecast period with an established user base, better connectivity, and market awareness.

FIG 4 RIDE HAILING SERVICES MARKET BY END USER 2020 & 2028FIG 4: RIDE HAILING SERVICES MARKET: BY END USER 2020 & 2028

The ride hailing services market by end user is further segmented by institutional and personal segment. The personal dominated this market with a significant share in 2019. High demand in this segment is largely driven by high volume of active user base, preference for personal cab ride, and available variations in the services. The institutional segment has been witnessing comparatively higher growing owing to preferences for ride hailing services for corporate and institutions applications. In addition, organizations have been undergoing partnerships with services provides to optimize convenyance expenses in recent years.  

FIG 5 RIDE HAILING SERVICES MARKET BY REGION 2017-2028FIG 5: RIDE HAILING SERVICES MARKET: BY REGION 2017-2028

By region, this market is segmented by North America, Europe, Asia Pacific, Middle East, and Rest of the World. The market will observe a tremendous growth in future across countries in Asia-Pacific and the Middle East region. The increase in budget of the countries like China, India and South Korea will fuel the growth of the ride hailing market. Many countries are investing heavily to strengthen their internet penetration and number of users. There are tremendous growth opportunities for the ride hailing market in car rental segment. The increasing demand of self-driven car and car sharing are also expected to fuel the market growth.

Companies across the globe are willing to invest in Asia Pacific countries owing to increasing awareness, increasing disposable income, and willing to spend on ride hailing services. Further, new companies are largely investing in the existing market with much more attractive deals and services. For instance, Rapido, an Indian-grown startup, operates only into two-wheeler ride hailing market. The company has gained high traction in the country due to its impeccable coverage and outstanding service. In addition to the, few companies who are already into similar profession such as food delivery services are planning to invest in ride hailing market. As a result, the competition in the market has witnessed a significant increase in recent years.

Market Segmentation:

By Service Type: 

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

By Vehicle Type:

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

By Location:

  • Urban
  • Rural

By End User:

  • Institutional 
  • Personal

By Region:

  • North America Ride-Hailing Service Market
    • By Country (US, Canada, Mexico)
    • By Service Type
    • By Vehicle Type
    • By Location 
    • By End User 
  • Western Europe Ride-Hailing Service Market
    • By Country (Germany, UK, France, Italy, Spain, The Netherlands, Belgium, Rest of Western Europe )
    • By Service Type
    • By Vehicle Type
    • By Location 
    • By End User 
  • Eastern Europe Ride-Hailing Service Market
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Service Type
    • By Vehicle Type
    • By Location 
    • By End User 
  • Asia Pacific Ride-Hailing Service Market
    • By Country (China, India, Japan, South Korea, Australia, Taiwan, Malaysia, Indonesia, Rest of Asia Pacific) 
    • By Service Type
    • By Vehicle Type
    • By Location 
    • By End User 
  • Middle East & Africa Ride-Hailing Service Market
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Service Type
    • By Vehicle Type
    • By Location 
    • By End User 
  • Rest Of The World Ride-Hailing Service Market
    • By Country (South America, Africa)
    • By Service Type
    • By Vehicle Type
    • By Location 
    • By End User 

Major Companies: Uber Technologies Inc., Lyft, Inc., Daimler AG., Grab, ANI Technologies Pvt. Ltd., Didi Chuxing Technology Co., and Gett, Inc., VIA, Addison Lee, Kabbee, Gojek, Blablacar, Yandex.Taxi 

Objectives of this report:

  • To estimate market size for ride-hailing service market on regional and global basis.
  • To identify major segments in ride-hailing service market and evaluate their market shares and demand.
  • To provide a competitive scenario for the ride-hailing service market with major developments observed by key companies in the historic years.
  • To evaluate key factors governing the dynamics of ride-hailing service market with their potential gravity during the forecast period.

Reasons to Buy This Report:

  • Provides niche insights for decision about every possible segment helping in strategic decision making process.
  • Market size estimation of the ride-hailing service market on a regional and global basis.
  • A unique research design for market size estimation and forecast.
  • Identification of major companies operating in the market with related developments
  • Exhaustive scope to cover all the possible segments helping every stakeholder in the ride-hailing service

Customization:

This study is customized to meet your specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country
  • Product Specific Competitive Analysis

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