Global Ride Hailing Service Market to Reach US$ 170.6 billion by 2034, experiencing a Staggering 15.4% CAGR- FMI Study
The growth of the ride-hailing service industry in North America is the consequence of significant investments by auto manufacturers, service providers, and shareholders. The broad support of the US administration for the marketing and acknowledgment of numerous on-demand ride-hailing services drives the industry.
NEWARK, Del, Nov. 30, 2023 (GLOBE NEWSWIRE) — The global ride hailing service market is on the brink of reaching a substantial valuation, projected to reach US$ 40.7 billion by 2024. The growth is primarily driven by the burgeoning interest and insights surrounding the ride hailing service market. The trend is anticipated to open doors to new opportunities within the market, with a projected CAGR of 15.4% from 2024 to 2034. By 2034, the market is poised to soar to an estimated total valuation of around US$ 170.6 billion.
The surge in demand for safe cab rides is a primary driver, as consumers increasingly prioritize secure and reliable transportation options. The ride-hailing services initially focused on connecting drivers with passengers, have evolved to emphasize passenger safety, addressing various potential emergencies.
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A notable factor propelling market growth is the rising popularity of online ride-hailing services. The key catalyst behind this trend is the advent of innovative mobile applications that provide users with a seamless and convenient platform to book rides. The ease of access and user-friendly interfaces of these applications have transformed how individuals approach transportation, leading to a surge in online ride-hailing usage globally.
Venture capitalists are pivotal in driving market expansion by injecting substantial investments into ride-hailing services. These investments provide major market players with the financial leverage to enter emerging and developing markets, creating numerous opportunities for growth and revenue enhancement. This influx of capital contributes to the continuous innovation and improvement of services, ensuring a competitive edge in the dynamic ride-hailing landscape.
Moreover, the increasing prevalence of daily taxi bookings for routine travel needs in developing countries further fuels market growth. Consumers from various regions are relying on ride-hailing services for their daily commuting requirements, contributing to the steady rise in market demand. This shift in consumer behavior towards ride-hailing as a preferred mode of transportation reflects the convenience and efficiency offered by these services.
Key Takeaways from the Market Study
- The market valuation in 2023 was US$ 36 billion.
- Based on vehicle type, four-wheeler is expected to dominate at a market share of 35% in 2024.
- Japan is estimated to register at a CAGR of 16.7% by 2034.
- China experiences significant growth, projected at a CAGR of 15.9% by 2034.
“Ride-hailing companies are increasingly forming partnerships with public transportation agencies to create seamless and integrated multi-modal transportation solutions for users and is considered a major trend of the ride hailing service market,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
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Competitive Landscape
The ride hailing service industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are:
- In November 2022, Lyft and Motional jointly introduced their autonomous ride-hailing service in Los Angeles, unveiling self-driving electric vehicles, commonly and called ‘robotaxis.’ These innovative vehicles are designed to operate without a human driver, marking a significant leap forward in integrating autonomous technology within the ride-hailing industry.
- In May 2023, Uber announced the launch of its new Uber Green service in India. As the name suggests, Uber Green is solely focused on green mobility, with the carmaker offering EV-based rides under the new vertical.
Restraints:
Despite its promising trajectory, the ride hailing service market faces certain constraints. Regulatory hurdles and compliance issues in various regions pose challenges to market players. Additionally, concerns regarding passenger safety, data privacy, and stringent government regulations pertaining to ride hailing services impede unrestricted market expansion.
Key Companies Profiled
- Uber
- Lyft
- Via
- Juno
- Xoox
- Wheely
- ViaVan
- My Taxi
- Gett
- Addison Lee
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global ride hailing service market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the automotive wheel coating market is segmented based on By Offering (E-hailing, Car Sharing, Rental), By Vehicle Type (Two-wheeler, Three-wheeler, Four-wheeler, Others), By Location (Urban, Rural), End User (Institutional, Personal), By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa)
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Key Segments of Ride Hailing Service Industry Survey
By Offering:
- E-hailing
- Car Sharing
- Rental
By Vehicle Type:
- Two-wheeler
- Three-wheeler
- Four-wheeler
- Others
By Location:
- Urban
- Rural
By End User:
- Institutional
- Personal
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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