Ride Hailing Market Overview:
According to the UN World Tourism Organization (UNWTO), world international tourism faced an increase of 6%, which corresponds to 1.4 billion tourists, in 2018. This highlights the need for safe commute and transportation system. With the advent of ride hailing services, travelling and commutes across the world have improvised along with better public safety, reduced transportation cost, and location tracking systems. Additionally, the transportation network companies (TNCs) have adopted user-friendly e-hailing apps that provide convenient rides to passengers with valuable services such as door-to-door transport, car rentals, car sharing, and peer-to-peer ridesharing. While people in bigger cities have to spend a larger section of their time in carpool lanes, trains, buses, and taxis, the ride hailing facilities make everyday commute a much easier process. Resultantly, there is a growing demand for these services in many developed and developing nations across the world as a result of which the global ride hailing market was valued to be $54.08 in 2018. During the forecast period 2019-2025, the ride hailing market is projected to grow at a CAGR of 18.45%.
Asia-Pacific has the largest population in the world, which increases the demand for transportation facilities. Asian countries such as China, India, and Japan are advancing towards digitalization. Moreover, on an average, 52 minutes are spend in commuting by the Beijing citizens according to an assessment made by the World Economic Forum. All these factors effectively propel the ride hailing market growth in APAC. The region held 47.56% of the global ride hailing market share in 2018. Among other ride sharing services, e-hailing is generating major public demand owing to several advantages such as sound navigation, traffic information, convenient payment options, customer-friendly feedback and tracking facilities, and so on. The e-hailing segment is evaluated to grow at a CAGR of 19.87% through 2025.
Ride Hailing Market Growth Drivers:
· Not only is ridesharing beneficial for the commuters across the world, but it also successfully reduces the use of a lot of vehicles for travelling ; reduces, minimizes traffic crowding; reduces emissions; decreases the total number of trips made by a vehicle, and is also cost-effective. Consequently, the ride hailing market is growing rapidly over the period.
· Ride hailing service providers come up with additional options such as e-transaction, driver reviews, location tracking and sharing as well as other value-based rides such as micro mobility and car rental facilities. These techniques and services have revolutionized the passenger travelling experience, thereby surging the demand in the global ride hailing market.
Ride Hailing Market Key Players:
Several renowned mobility service providers (MSPs) in the global market include Herts, Uber, Grab, Gett, Ola, BlaBlaCar, DiDi, Lime, and Lyft.
Uber is a multinational TNC that offers various ride hailing services in many countries across the globe. Prioritizing the safety for every individuals, Uber provides track technology through its upgraded app and 24/7 support team. Additionally Uber has entered into several other mainstream industries with its other divisions such as Uber Eats, Uber for Business, Uber Health, Uber Freight, and Uber Elevate.
Ride Hailing Market Trends and Innovations:
· Electrification of Ride Hailing Vehicles:
The huge benefits that the ride hailing business offers is attracting a lot of companies to enter into this field. Companies are taking green initiatives to lower vehicular emission by increasingly adopting electric vehicles. According to the International Council on Clean Transportation (ICCT), DiDi is leading the cutting age revolution of eco-friendly measures acquiring around 260,000 electric vehicles in 2017 which equals 1.3% of its total convoy of vehicles. This list is followed by Ola with 0.6% electric vehicle share and Grab, Lyft, and Uber with less than 0.2% electric vehicles of the entire fleet. This increase in demand for electric vehicles is anticipated to hike in the near future.
· Safety Ride Apps For Women And Children:
Ridesharing services have been advancing considerably in the past few years by delivering a dozens of innovative facilities to the riders all across the world. A major initiative is promoted by Safr, which permits the female passengers to select the gender of the driver, offers a comprehensive detailing about the driver’s training, and also provides an SOS option service app. Furthermore, HopSkipDrive is another ride hailing app that gives safe and smarter transportation solutions to children by employing professional caredrivers who have a minimum of 5year experience in caregiving.
· Collaboration With Other Sectors:
Ride hailing service providers have entered the mainstream business in the recent times and the companies are foraying into various industrial sectors such as food delivery, healthcare, freight business, and many more. In compliance with the Health Insurance Portability and Accountability Act (HIPPA), Uber is contributing to the healthcare industry by offering safe and secure scheduled rides to the patients and caregivers. Also, another instance of healthcare and ridesharing collaboration is the partnership of Blue Cross and Blue Shield and Lyft to offer rides in remote communities, thereby mitigating missing health checkups due to lack of effective transportation.
Ride Hailing Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Ride Hailing market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Ride Hailing in the Ride Hailing market.
Ride Hailing Market: Industry Coverage:
The Ride Hailing market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia