According to a recent report published by Allied Market Research, titled, “Ride-Hailing Service Market by Service Type, Vehicle Type, Location, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025“, The global ride-hailing service market was valued at $36,450.0 million in 2017, and is projected to reach $126,521.2 million by 2025, registering a CAGR of 16.5% from 2018 to 2025.
At present, North America dominates the market, followed by Asia-Pacific. In 2017, the U.S. led the North American market, while in Asia-Pacific, China currently dominates the market.
The growth of the global ride-hailing service market is driven by rise in trend of on-demand transportation services, increase in employment opportunities, and lower rate of car ownership among millennials. In addition, advancements in connected & automatic vehicles to reduce CO2 emission and further increase in the sales of these vehicles for the use of ride-hailing services propel the growth of the global market.
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However, low rate of internet penetration in developing regions and the implementation of stringent government policies toward unnecessaryhike in service pricing are some of the major restraining factors of this market. Conversely, rise in trend of mobility-as-a-service and increase in users for ride sharing across the globe are anticipated to provide growth opportunities for this market.
In 2017, the e-hailing segment dominated the global ride hailing service market in terms of revenue, in the service type category. However, the three-wheeler segment is expected to grow at the highest CAGR during the forecast period. Based on location, the urban segment is anticipated to dominate the market throughout the forecast period. The ride-hailing service market signifies a promising future for the technological industry. The current business scenario has witnessed an increase in the adoption of this technology, particularly in developing regions. Moreover, key companies have been adopting innovative techniques to provide customers with advanced and innovated product offerings.
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Key Finding of the Ride-Hailing Service Market:
- Based on service type, the e-hailing segment dominated the global ride-hailing service market in year 2017.
- North America held the major market share in 2017.
- As per vehicle type, the four-wheeler vehicle segment dominated the global ride-hailing service market in 2017. However, the others including van & buses vehicle segment are expected to grow at the highest CAGR as compared with four wheeler segment during the forecast period.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
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