Ride Hailing Market was valued at USD xx billion in 2018 and is projected to reach around USD xx billion by 2025, at a CAGR of XX% during the forecast period.
Brandessence Market Research is working on a new report titled “Ride Hailing Market 2018-2024?. According to the BMRC the ride-hailing market is expected to grow at around USD 260 billion by 2024.
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Ride-hailing services has been experiencing significant growth in adoption of services since the Uber started its services in 2009. Although, the sharing of vehicles business models (e.g., car sharing) have been present in the U.S. for more than 16 years, their adoption has been somewhat very limited to niche markets in dense, urban cities or college campuses. Up To date, car sharing has abled to attract more than 2 million members in North America region and almost 5 million globally. On the other hand, this new model of “shared mobility” is estimated to have grown to more than 260 million users within its first five-six years.
On the basis of service type, BrandEssence has segmented market into the E-hailing, Car Sharing, Station-Based, Car Rental segment. E-hailing is one of the largest segment in the Ride-hailing services market in terms of value. E-hailing is a process of ordering a car, taxi, or any other form of transportation pick up through a computer or mobile device. E-hailing is the widely used ride-hailing services. The growth of e-hailing is due to its Customer-friendliness and suitability to end-users. Station based is expected fastest growing market in the ride-hailing market due to government incentives and growing consumer preference.
Payment service segment is growing at the fastest CAGR during the forecast period 2018-2024. Generally, ride-hailing service providers use payment gateway for online payment processing. Growing international expansion of ride-hailing service providers and payments in foreign currency is expected to boost the growth of payment service segment during the forecast period. Navigation service segment is one of the largest market segment in the ride-hailing market during the forecast period due to growth rate of user base of ride-hailing services is huge as it is used by both parties such as driver and passenger regarding location and route direction.
Growing needs of personal mobility and cost-effective solution is major reason to make Asia-pacific region one of the largest market in the global ride-hailing market. In addition, urbanization is accelerating E-hailing, Car Sharing, Station-Based and Car Rental segment. North America also expected to show significant CAGR during the forecast period.
Uber Technologies Inc., Delphi Automotive Plc, Denso Corporation, Intel Corporation, and TomTom NV. are some leading industry participants of the ride-hailing market.
Ride Hailing Market Segmentation
By Service Type,
By Data Service,
By Connectivity Segment,
By Vehicle Connectivity Segment,
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