Global Ride-Hailing Service Market Insights and Forecast to 2028

Ride-hailing Service Market Analysis 2022-2028

The global Ride-Hailing Service market size is projected to reach US$ 77620 million by 2028, from US$ 40250 million in 2021, at a CAGR of 9.4% during 2022-2028. 

The surge in demand for on-demand transportation services, the emergence of job opportunities, and millennials' low percentage of automobile ownership are driving factors in the expansion of the worldwide ride-hailing service market. The development of connected and automatic vehicles to cut CO2 emissions and the significant rise in sales of these vehicles for use with ride-hailing services further contribute to the Ride-Hailing Service market expansion.

Ride-hailing Service Market Trends

The rise in the trend of on-demand transportation services is expected to fuel the growth of the Ride-Hailing Service market. Taxis, passenger cars, and charter cars are examples of on-demand services that offer consumers real-time feedback, vehicle tracking, and ratings for the quality of the services they receive. Ride-hailing services guarantee that clients can precisely identify the vehicles, follow their travels, and provide safety to the occupants, which is predicted to significantly fuel industry expansion. Numerous mobile applications that make it easy to compare prices with competitors and access a large number of cars are other factors driving the Ride-Hailing Service market expansion.

An increase in the trend of mobility-as-a-service will create lucrative growth opportunities for the Ride-Hailing Service market players. People who are unable to buy a car can still travel easily by using mobility services. By enabling increased use of transportation services like ride-hailing and automobile sharing, mobility as a service lowers these expenses for the user. Additionally, it lessens overall car emissions and clogged city streets. As a result, digitally enabled ride-hailing and car sharing efficiently manage transportation demands and offer a convenient and sustainable alternative to owning an own vehicle. A lucrative potential for the market is anticipated to arise in the near future as a result of this sharing and ride-hailing activity, which can be managed through a single mobile application and includes the complete process from journey planning to payments.

The development of autonomous vehicles is still in its early stages. Working prototypes from many OEMs are being tested in various locations. A lot of businesses are vying to be the first to market with completely autonomous vehicles. Lyft, Ford, Uber, Honda, Toyota, and Tesla are a few of them. As it prepares to launch its commercial ride-sharing service in Phoenix this year, Waymo, the autonomous car branch of Alphabet, Google's parent company, has started testing trip pricing with some of its early users. In light of these aspects, the ride-sharing market will be driven by the development of autonomous vehicles during the forecast period. 

Ride-hailing Service Market Analysis

Based on region, The Asia Pacific is expected to be the most lucrative during the forecast period. This significant market share is attributed to due to the region’s population size, particularly the massive populations of China and India. 

Ride-hailing service Market Segment By Type

• E-hailing
• Car Rental
• Car Sharing

Ride-hailing service Market Segment By Application

• Group
• Personal
• Others

By Company

• Uber Technologies
• Lyft
• Daimler AG
• Grab
• ANI Technologies
• Didi Chuxing Technology
• nuTonomy
• Denso Corporation
• TomTom NV
• Gett

Regional and Country-level Analysis:

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA