Global Ride Hailing Market Forecast To 2023
The global ride hailing market is expected to decline from a little more than $60 billion in 2019 to $52 billion in 2020 at a rate of -13.9%. The decline is mainly due to the COVID-19 outbreak extending lockdown across countries, and the measures to contain it. The market is expected to recover and reach $85.5 billion in 2023 at a rate of almost 18%. On-demand transportation services and a lower rate of car ownership among millennials is driving the growth of the ride-hailing market. However, restrictive regulations are coming into force and compliance with these government regulations may act as a restraining factor to the market growth.
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 of 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.
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The global ride hailing market is further segmented based on type and geography.
By Vehicle Type: Two-Wheeler; Three-Wheeler; Four-Wheeler; Others
End-user: Commercial; Personal
By Service Type: E-Hailing; Car Sharing; Station based Mobility; Car rental
By Geography: The global ride hailing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American ride hailing market accounts for the largest share in the global ride hailing market.
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Trends In The Ride Hailing Market
Ride-hailing services have been advancing in the past few years by delivering innovative facilities to riders all over the world. Using a ride-hailing app on a smartphone has now become very common. Ride Hailing Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides ride hailing market overviews, analyzes and forecasts ride hailing market size and growth for the global ride hailing market, ride hailing market share, ride hailing market players, ride hailing market size, ride hailing market segments and geographies, ride hailing market trends, ride hailing market drivers and ride hailing market restraints, ride hailing market’s leading competitors’ revenues, profiles and market shares. The ride hailing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.