The Global Ride-Hailing Market is estimated to be valued at US$ 214680.76 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Ride-hailing refers to the prearranged and on-demand transportation services for compensation. These services connect passengers to drivers through a software platform. Ride-hailing services provide affordable, efficient, and convenient transportation options to customers.
Market key trends:
One of the key trends in the ride-hailing market is the increasing adoption of electric vehicles. Many major ride-hailing companies are investing and partnering with electric vehicle manufacturers to electrify their fleet and offer sustainable ride-hailing services. For instance, in 2018, Uber committed to operating only electric vehicles for rides by 2025 in Canada and the Netherlands. Similarly, Lyft aims to transition its fleet to fully electric by 2030. The growing environmental concerns and stricter emission regulations are driving the demand for electric vehicles in the ride-hailing market.
The global ride-hailing market is dominated by the vehicle rental with driver segment. This segment accounts for over 60% of the total market share owing to the convenience offered to travelers for commuting within as well as between cities. Ride-hailing with drivers provides users flexibility to travel point-to-point and is considered a cheaper mode of transportation compared to taxi services.
The Global Ride-Hailing Market is expected to witness high growth, exhibiting CAGR of 19.% over the forecast period, due to increasing urbanization and growing preference for cab services over private vehicle ownership.
The Asia Pacific region dominated the global market in 2022, accounting for around 35% of the total share. Factors such as rapid rate of urbanization, increasing disposable income, and growing youth population have led to high demand for ride-hailing services in countries such as India and Indonesia. China also accounts for a major share in the APAC region.
Key players operating in the ride-hailing market are Yandex.Taxi LLC, Didi Chuxing Technology Co., Be Group JSC, Uber Technologies Inc., ZuumViet, Lyft Inc., FastGo Vietnam JSC, Grab Holdings Inc., ANI Technologies Pvt. Ltd., Free now (Daimler), and BlaBla Car. Yandex.Taxi, Didi Chuxing, Grab and Uber capture around 65% of the global market share.