The ride-hailing market consists of revenue generated by ride-hailing used for passenger transportation service in which the passengers are connected with the vehicle drivers through a smartphone-based app. The industry comprises establishments primarily engaged in providing passenger transportation by automobile or van, not operated over regular routes and on regular schedules. Establishments of taxicab owners/operators, taxicab fleet operators, or taxicab organizations are included in this industry.
The global ride hailing market is expected to decline from $60.5 billion in 2019 and to $52.07 billion in 2020 at a compound annual growth rate (CAGR) of -13.88%. The decline is mainly due to the COVID-19 outbreak, extending lockdown across countries and the measures to contain it. The market is then expected to recover and reach $85.48 billion in 2023 at CAGR of 17.97%.