Ride Hailing Global Market Report 2024

Ride-hailing pertains to transportation services where passengers are connected with vehicle drivers through a smartphone-based app, offering passenger transportation by automobile or van. Unlike as regular routes and schedules, ride-hailing services aim to enhance the customer experience by reducing travel time, operational costs, and providing convenience.

The ride-hailing market, as discussed in this report, is categorized based on vehicle types, including two-wheelers, three-wheelers, four-wheelers, and others. A two-wheeler denotes a vehicle, typically a bicycle, with two wheels. Various service types encompass e-hailing, car sharing, station-based mobility, and car rental, catering to diverse sectors such as commercial and personal use.

The ride hailing market research report is one of a series of new reports from The Business Research Company that provides ride hailing market statistics, including ride hailing industry global market size, regional shares, competitors with a ride hailing market share, detailed ride hailing market segments, market trends and opportunities, and any further data you may need to thrive in the ride hailing industry. This ride hailing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 historical period can be attributed to factors such as urbanization and population density, changing consumer behavior, challenges related to traffic congestion and parking, and considerations related to first and last-mile connectivity, along with economic factors.

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 forecasted growth in the upcoming period can be attributed to factors such as integration with multimodal transportation, emphasis on environmental sustainability, adherence to regulatory frameworks, implementation of enhanced safety measures, and expansion into rural and suburban areas. Major trends expected in the forecast period include corporate partnerships for employee transportation, optimization of dynamic pricing, advocacy for regulatory compliance, incorporation of inclusive accessibility features, and the introduction of virtual queues and pre-booking options.

The growth of the ride-hailing market is being propelled by on-demand transportation services and a reduced rate of car ownership among millennials. On-demand transportation services, characterized by flexible routing and ad-hoc scheduling of private vehicles, offer a personalized transport experience, allowing passengers to be picked up or dropped off at locations of their choice. These services enhance the convenience and safety of travel, contributing significantly to the market's expansion. Furthermore, the lower car ownership rates among millennials, driven by the high maintenance costs associated with personal cars, lead to an increased demand for ride-hailing services. Millennials prefer practical, smartphone-accessible transport options that are cost-effective and flexible over the burdens of car ownership, which includes expensive purchases and maintenance. For instance, Transdev estimates that 71 million passengers will use on-demand transportation services in 2022, highlighting the impact of these trends on the ride-hailing market.

The anticipated growth of the ride-hailing market is further fueled by increasing fuel prices. Rising fuel prices, including gasoline and diesel, incentivize consumers to opt for ride-hailing services as a cost-effective alternative to using personal vehicles. Ride-hailing services offer a convenient and economical door-to-door transportation solution, particularly as fuel prices continue to rise. For example, statistics from the Bureau of Labor Statistics indicate a 19.4% increase in fuel prices from December 2021 to December 2022 in the United States. Additionally, the Office for National Statistics reported a 48% increase in automotive fuel prices in the UK from 2021 to 2022. Consequently, the upward trajectory of fuel prices acts as a driver for the growth of the ride-hailing market.

The ride-hailing industry faces challenges in adhering to various state and central laws, which are crucial for uninterrupted service. In the United States, these regulations encompass background checks, driver's licenses, vehicle registrations, business licenses, external vehicle displays, and compliance with driver-related and company-related rules. Some countries mandate fingerprint-based background checks due to reported incidents of sexual assault and violence. A report from the Union of Concerned Scientists in April 2021 highlighted that the average U.S. ride-hailing trip results in 69% more pollution than displaced transportation choices, based on federal vehicle efficiency statistics. Consequently, environmental concerns have led to stricter regulations on pollution control, and compliance with these regulations poses potential barriers to the growth of the ride-hailing market.

Ride-hailing services have undergone significant advancements in recent years, offering innovative features to riders globally. The utilization of ride-hailing apps on Android devices has become commonplace. For example, Uber, a prominent ride-hailing app, provides a feature allowing users to request a female driver, emphasizing the safety of female passengers. This feature ensures a secure experience by connecting users with verified female drivers before initiating the journey. Safr, a major initiative in this regard, enables female passengers to choose the gender of their driver, providing comprehensive details about the driver's training. Another noteworthy ride-hailing app, HopSkipDrive, specializes in safe and intelligent transportation solutions for children, employing professional care drivers with a minimum of five years of caregiving experience.

Leading companies in the ride-hailing market are dedicated to innovating products such as ride-hailing services apps to deliver reliable services to their customers. These apps connect passengers with local drivers who use their personal vehicles. For instance, in March 2023, Godugo Travel Solutions Private Limited, an India-based company offering a vehicle booking mobile app for taxi services, introduced Godugo. This ride-hailing app empowers drivers to operate their businesses through the platform and incorporates advanced features such as a System of Systems (SOS) system. The SOS system sends alerts to users within a 1km radius and the nearest police station when a female passenger or driver feels threatened.

In August 2022, Ola Cabs, an India-based online taxi and car booking company, announced a merger agreement with Uber Technologies, Inc., the U.S.-based mobility-as-a-service pioneer. The merger aimed to enhance taxi rentals, ride services, and customer experiences, contributing to improved business outcomes. Uber Technologies, Inc. has been a trailblazer in mobility services, introducing innovations in food delivery, online taxi bookings, and hotel reservations.

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 OU, 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.

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 countries covered in the ride hailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The ride hailing market includes revenues earned by entities by connecting local drivers and assailants using an online platform to provide travelling services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Ride Hailing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on ride hailing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for ride hailing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ride hailing market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Daimler AG; Denso Corporation; Uber Technologies Inc.; Didi Chuxing Technology Co. Ltd.; Aptiv plc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.