Ameco Research Analyst projected that the global Ride Hailing Services Market will rise at a CAGR of more than 17% during the forecast period, with market size of over USD 180 Billion by 2030.
The online ride-hailing sector is expanding at a rapid pace. With promising success in all of the world's most popular countries, this area will certainly see more innovation in the future. Consumers adore ride-hailing, which is a key trend in this transformation. Ride-hailing is firmly embedding itself as a common part of daily life as one of the most disruptive technologies of the twenty-first century and one of the fastest expanding sectors (65 percent compound annual growth rate between 2015 and 2020). Nearly two-thirds (63 percent) of car owners who use ride-hailing services would contemplate giving up their vehicle over the next decade in favor of ridehailing, according to a recent Accenture survey of more than 1,000 US consumers. While this figure, along with others such as strong consumer satisfaction and a desire to spend more, points to a bright future for the business, the road ahead is not without speed bumps. If ride-hailing companies want to keep their customers and grow their appeal, they must increase consumer intimacy while also increasing trust and relevancy.
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Market Dynamics
Due to the rapid advancement of technology in ride hailing services, the utility of ride hailing services changes substantially with age. One-quarter of 18-29-year-olds (28%) and one-fifth of 30-49-year-olds (19%) have used ride hailing services. This shows that ride hailing services are more popular among young people who use them frequently. Ride-hailing services are also particularly popular among college graduates and the reasonably wealthy. Over the projection period, ride-hailing is expected to supplant traditional taxis. According to some estimates, 15 million ride-hailing rides take place every day, with that number predicted to skyrocket to 100 million by 2030.
However, the market's growth is hampered by the low rate of internet access in developing nations. Furthermore, the application of strict government rules toward ride-hailing services limits industry expansion. For example, in Kolkata, Bhopal, and Mumbai, the Bombay High Court recently took action against ride-hailing service companies like Uber and Ola due to an unjustified increase in their service cost. On the other hand, the growing popularity of mobility-as-a-service and the growing number of users of ride-sharing services around the world are likely to provide profitable prospects for market players.
Technology solution providers give services to ride-hailing service operators. The need for a ride-hailing service market is developing in tandem with technological advancements in the ride-hailing industry. Despite excellent global growth conditions and significant demand from ride-hailing firms, the ongoing COVID-19 outbreak has had only a minor impact on the ride-hailing service market's growth rate in 2020.
Global Ride Hailing Services Market Classification
The ride hailing services market is divided into two categories: type, and geography. The type segment is categorized into e-hailing, rental, and car sharing. The growing use of technology and user-friendly handheld devices such as smartphones are driving the worldwide car e-hailing sector. People can reserve a car through their smartphone application to get to a specific location quickly and comfortably. These cars are also designed in such a way that they ensure high efficiency, performance, and passenger comfort.
Ride-sharing is a method of transporting numerous people to their destination by sharing a single vehicle, such as a car or van, that is traveling in their direction. This vehicle picks up and drops off passengers at several locations along a route, avoiding the need for many cars on the road. Ride-sharing is similar to car-sharing in that it is a type of shared mobility. Car-sharers allow a single vehicle to be shared among numerous drivers for a price. Riders who use ride-sharing can share a route rather than a vehicle.
Furthermore, ride hailing service provider Lyft launched EV rental service in June 2021. The ride-hailing business and Peninsula Clean Energy stated in a statement that the initial goal is to deliver around 100 electric vehicles for use on the Lyft platform. Peninsula Clean Energy, San Mateo County's official energy provider, will pay $500,000 in incentives to ride-hailing drivers to ensure that the cost of renting an EV is equivalent to that of a gas-powered car by 2025.
Regional Stance
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global Ride Hailing Services market. As ride hailing electrification improves, Asia Pacific will see a significant CAGR in the future years. According to the ICCT research, China plans to have 100% electric ride hailing fleets by the end of 2020. Beginning in 2021, China will allow new electric vehicles to be registered on ride-hailing platforms, with a 100% conversion to electric vehicles by 2028. These factors boost regional growth, which in turn boosts the total market for ride hailing services.
Major Players
The top players offered in the report include vendors Bolt Technology OÜ, Curb Mobility Uber Technologies, Inc., Lyft, Inc., Via.com, Gett, and Grab Holdings Inc.
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