The ride-hailing market is anticipated to showcase exponential growth for the next couple of years (2021 & 2022) and lucrative growth in the next years during the forecast period. A number of factors are working for the growth of the ride hailing market which includes high smartphone and internet penetration all across the globe, the rising cost of vehicle ownership, and huge funding to the ride hailing startups. Moreover, better safety and comfort especially for children and women are also driving the ride-hailing market. Besides, increasing growth in domestic and international tourism is also a pivotal factor in the market growth. The continuous introduction of new players is also one of is also driving the ride hailing industry. For instance, the Japanese multinational conglomerate Sony Corp. launched S.Ride taxi-hailing services in Tokyo.
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However, with the increase in the ride hailing trips, the concern of road congestions, and pollution has emerged in the major cities globally. Due to this, the companies started focusing on ride sharing, the result of which vehicles need less space to transport more people, which is also environmentally friendly and economical to the customers. Growth in the ride-sharing market is a restraining factor for the ride hailing market however; most of the major global taxi services players are operating both rides hailing and ride sharing services. Besides, strict regulatory compliance related to ride hailing is one of the major restraining factors for the market. For instance, Uber taxi services are illegal in Japan.
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Market Segmentation
Global Ride Hailing Market By Vehicle Type
- Passenger Vehicle
- Two-Wheeler
- Other (Auto Rickshaw)
Global Ride Hailing Market by Propulsion Technology
- IC Engine Vehicle
- Electric Vehicle
Regional Analysis
North America
- United States
- Rest of North America
Europe
- UK
- Italy
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- ANI Technologies Pvt. Ltd.
- Baidu Inc.
- Bolt Technology OÜ
- BYKEA Technologies Pvt. Ltd.
- Carma Technology Corp.
- Comuto SA
- Curb Mobility, LLC
- Didi Chuxing Technology Co.
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