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Ride-Hailing Market Growth Accelerated By Rise In On-Demand Transportation Services

kiran gire
Ride-Hailing Market Growth Accelerated By Rise In On-Demand Transportation Services

Ride-hailing services have gained immense popularity in recent years due to the convenience and affordability they offer to customers. Ride-hailing apps allow customers to book a taxi or cab through their smartphone at the tap of a button. Ride-hailing services provide door-to-door transportation and payment is cashless. The global ride-hailing market provides multiple benefits like reduced transportation costs, improved mobility, and lower carbon emissions.

The global Ride-Hailing Market is estimated to be valued at US$ 247312.24 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The popularity of on-demand transportation services has been a major factor fueling growth in the ride-hailing market. Busy lifestyles and increasing disposable income have boosted the demand for convenient, affordable and cashless transportation options. Ride-hailing services have emerged as a prominent alternative to traditional taxi and cab services. Various companies are focusing on expanding their mobility services and offering innovative solutions like micro-mobility to cater to the growing need for efficient transportation. This rising preference for on-demand transportation over private vehicle ownership is expected to accelerates the market growth over the forecast period.

Segment Analysis

The global ride-hailing market is dominated by the mobility service segment. This segment accounts for over 50% of the market share as it provides flexibility and convenience to customers for their daily commute needs. With rising urbanization and traffic congestion levels in cities, on-demand mobility services have become extremely popular.

Key Takeaways

The global ride-hailing market analysis is expected to witness high growth over the forecast period.

Regional analysis –

The Asia Pacific region is expected to be the fastest growing as well as the dominating region in the global ride-hailing market. With rising population levels, growing disposable incomes, and increasing adoption of smartphones in countries like China and India, the demand for ride-hailing services is surging rapidly in the region.

Key players

operating in the ride-hailing market are Endurance Warranty Services LLC, CarShield, Protect My Car, CarChex, Carchex, Ally Financial Inc., CARCHEX, Toco Warranty, American Auto Shield, Warranty Direct, Royal Administration Services, Inc., EasyCare (Automotive Development Group, Inc.), Autopom!, AA Auto Protection, CarSure. Ally Financial Inc. is one of the leading players in the market with over 20% share. The company offers innovative digital solutions including ride-hailing insurance products.

Get more insights on this topic: https://www.ukwebwire.com/ride-hailing-market-industry-insights-trends-ride-hailing-market/

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kiran gire
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