Global Ride Hailing Market Report 2021: COVID-19 Growth and Change to 2030 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Ride Hailing Global Market Report 2021: COVID-19 Growth and Change to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global ride hailing market is expected grow from $42.25 billion in 2020 to $56.87 billion in 2021 at a compound annual growth rate (CAGR) of 34.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $108.15 billion in 2025 at a CAGR of 17%.
Ride-hailing service providers need to follow several state and central laws for uninterrupted services. For instance, in U.S, driver-related regulations include requirements for background checks, driver’s licenses, vehicle registrations, special licenses such as business licenses, and external vehicle displays. While, the company-related regulations include requirements for the number of ride-hailing vehicles operating in a metropolitan area, providing a list of drivers to the city, and sharing trip data with the city. In some countries, fingerprint-based background checks are mandatory. This is because of the reported incidents of sexual assault and violence. In February 2020, a report from the Union of Concerned Scientists shows that the average U.S. ride-hailing trip results in 69% more pollution than the transportation choices it displaces based on federal vehicle efficiency statistics. The environmental concern has enforced certain regulations on pollution control. Therefore, more restrict regulations are coming into force and compliance with these government regulations may act as a restraining factor to the ride-hailing service market growth.
On-demand transportation services and a lower rate of car ownership among millennials are driving the growth of the ride-hailing market. On-demand transportation services is characterized by flexible routing and ad-hoc scheduling of private vehicles offering personal transport experience to the general public by picking or dropping at locations of passenger’s choice. On-demand ride-hailing services ensure that customers can accurately locate the vehicles, track their journey, and offer safety to the occupants, and this factor is expected to significantly drive the market growth. Additionally, lower rate of car ownership among millennials due to the high maintenance cost of personal cars is resulting in the rise in demand for ride-hailing services. The millennials are choosing practical, smartphone accessible transport options that are simple, flexible and inexpensive over car ownership. Also, buying a new car and maintaining it is costlier than renting a vehicle every year. According to a survey by Cox Automotive in 2019, around 55% if Gen Z agrees that transportation is necessary but owing a car is not important which is supported by 45% millennials, 34% Gen X and 28% boomers. Hence, on-demand transportation services and a lower rate of car ownership among millennials drive the growth of the ride-hailing market.
Scope of the report:
Markets Covered:
1) By Vehicle Type: Two Wheeler; Three Wheeler; Four Wheeler; Others
2) End-user: Commercial; Personal3) By Service Type: E-Hailing; Car Sharing; Station based Mobility; Car Rental
Companies Mentioned: Uber Technologies Inc.; Grab; ANI Technologies Pvt. Ltd.; Gett Inc.; Lyft Inc.
Countries: Brazil; China; France; Germany; India; Indonesia; Japan; South Korea; Russia; UK; USA; Australia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions; per capita expenditure.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Mentioned
- Uber Technologies Inc.
- Grab
- ANI Technologies Pvt. Ltd.
- Gett Inc.
- Lyft Inc.
- DiDi Chuxing
- Delphi Automotive
- Daimler AG.
- BlaBlaCar
- Didi Chuxing Technology Co.
- Denso Corporation
- Yandex.Taxi B.V.
- Ola
- Beijing Xiaoju Technology Co. Ltd.
- TomTom NV
- Lime (US)
- inDriver
- RideCell Inc.
- Bolt Technology OU
- VOXTUR SAS
- Addison Lee Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/hgue53
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