Ride Hailing Services Market size to grow by USD 58,239.86 million from 2022 to 2027, Rising use of online ride-hailing services to boost the market - Technavio

Rhea-AI Summary

The ride-hailing services market is projected to expand by USD 58,239.86 million from 2022 to 2027, achieving a CAGR of 12.86%, according to Technavio. The growth is largely driven by increased demand for online ride-hailing services, notably in APAC, which will contribute 30% of the global market growth. Key factors include rising baby boomer spending, urbanization, and car-sharing trends, with major players like Uber and Beijing Xiaoju Technology leading in the US and China, respectively. Challenges include compliance with stringent government regulations regarding emissions. The report also highlights the significance of M&A activities and strategic partnerships in the sector.

Positive

• Projected market growth of USD 58,239.86 million from 2022 to 2027.
• Estimated CAGR of 12.86% indicates strong market potential.
• 30% of global growth expected from APAC region.
• Growth driven by increasing use of online ride-hailing services and car-sharing models.
• Major companies can leverage M&A for market expansion.

Negative

• Compliance with government regulations may hinder market growth.
• Stricter emissions standards could impose additional operational costs.

NEW YORK, April 17, 2023 /PRNewswire/ -- The ride-hailing services market size is estimated to grow by USD 58,239.86 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 12.86%. APAC is estimated to account for 30% of the global market growth during the forecast period. North America is another major contributing region in the market. This is due to the increasing baby boomer spending, increasing demand for car sharing, a growing number of tourists, and the presence of prominent operators. Moreover, North American countries are undergoing significant urbanization, which is increasing the demand for ride-hailing services. Such factors are expected to drive market growth in the region. Get a comprehensive report summary describing the market size and forecast along with research methodology. - Request a sample report

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Ride Hailing Services Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (car sharing and e-hailing), mode of booking (online and offline), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The market share growth by the car sharing segment is expected to be significant for market growth during the forecast period. This is because the car-sharing model is becoming more popular in the market. Several global companies have adopted this model to serve their customers. Many cities face issues related to public transport. Hence, companies have started offering car-sharing options to passengers. For instance, Uber has launched the Uber Pool feature, which allows multiple passengers to travel together in one vehicle, thus reducing costs and environmental impact.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions - Download a Sample Report

Ride Hailing Services Market – Market Dynamics
Key factor driving market growth

• The increasing use of online ride-hailing services is a primary factor driving the global ride-hailing services market growth.
• The use of new and innovative mobile applications by customers to book rides is increasing the use of online ridesharing services.
• Uber is the market leader in the US, while Beijing Xiaoju Technology leads in China. Major market players have the leverage to enter greenfield developed and developing markets owing to the surge in venture capital investment, providing them with more opportunities to grow and boost overall revenues.
• It is anticipated that developing nations' rapid urbanization will boost the region's ride-sharing market and expand opportunities for providers.
• The market's expansion has been largely influenced by the use of on-demand taxis for daily commutes in developing nations.
• Hence, such factors are expected to drive market growth during the forecast period.

Leading trends influencing the market 

• The M&A activities and strategic alliances are the emerging trends in the ride-hailing services market.
• The market has seen a significant rise in the number of strategic alliances and partnerships between companies that provide ride-hailing services and competitors operating in various geographical locations.
• Vendors benefit from these strategic alliances and partnerships by enhancing their operations and expanding their geographic reach.
• Ride-hailing companies can enter new markets and regions with the help of M&A. These businesses are able to quickly gain access to new territories and strengthen their foothold in existing territories by acquiring or forming partnerships with established local players.
• Ride-hailing companies are also able to add new services to their existing portfolio owing to M&A activity.
• For instance, companies will be able to expand their revenue stream by offering delivery services to their customers by purchasing a grocery delivery service.

Major challenges hindering the market growth

• A major challenge that is expected to hamper the growth of the ride-hailing services market is compliance with government regulations.
• Ride-hailing specialist organizations need to follow a few state and government regulations regarding safeguarding the climate.
• These guidelines urge providers and makers to utilize arrangements that can lessen the emission of gases such as nitrogen oxides, carbon monoxide, and carbon dioxide.
• Engine emissions legislation, Ministry of Transport (MOT) examination, and Pollution Under Control (PUC) certification are some of the tests that are carried out by government agencies worldwide to control air pollution.
• Hence, such government regulations impede market growth during the forecast period.

In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, challenges for the market. - Request a sample report!

What are the key data covered in this Ride-Hailing Services Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the ride-hailing services market between 2023 and 2027
• Precise estimation of the size of the ride-hailing services market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the ride-hailing services market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the ride-hailing services market vendors

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Ride Hailing Services Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 12.86%
Market growth 2023-2027	USD 58,239.86 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	12.43
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 30%
Key countries	US, China, India, UK, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	ANI Technologies Pvt. Ltd., Be Group Joint Stock Co., Comuto SA, DiDi Global Inc., FastGo Joint stock Co., Grab Holdings Ltd., GT Gettaxi UK Ltd., Junoride, Lyft Inc., My Taxi Ride Inc., The Addison Lee Group, Transopco UK Ltd., Uber Technologies Inc., Via Transportation Inc., Wheely Technologies Ltd., and YandexGo
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Key Topics Covered:  

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Mode of Booking
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global ride hailing services market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global ride hailing services market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Mode of booking Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Mode of booking Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Car sharing - Market size and forecast 2022-2027
• Exhibit 34: Chart on Car sharing - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Car sharing - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Car sharing - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Car sharing - Year-over-year growth 2022-2027 (%)

• 6.4 E-hailing - Market size and forecast 2022-2027
• Exhibit 38: Chart on E-hailing - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on E-hailing - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on E-hailing - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on E-hailing - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ million)
• Exhibit 43: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Mode of Booking

• 7.1 Market segments 
• Exhibit 44: Chart on Mode of Booking - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Mode of Booking - Market share 2022-2027 (%)

• 7.2 Comparison by Mode of Booking 
• Exhibit 46: Chart on Comparison by Mode of Booking
• Exhibit 47: Data Table on Comparison by Mode of Booking

• 7.3 Online - Market size and forecast 2022-2027
• Exhibit 48: Chart on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Online - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Online - Year-over-year growth 2022-2027 (%)

• 7.4 Offline - Market size and forecast 2022-2027
• Exhibit 52: Chart on Offline - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Offline - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Offline - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Offline - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Mode of Booking 
• Exhibit 56: Market opportunity by Mode of Booking ($ million)
• Exhibit 57: Data Table on Market opportunity by Mode of Booking ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 63: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 67: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 83: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 India - Market size and forecast 2022-2027
• Exhibit 91: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027
• Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 ANI Technologies Pvt. Ltd. 
• Exhibit 111: ANI Technologies Pvt. Ltd. - Overview
• Exhibit 112: ANI Technologies Pvt. Ltd. - Product / Service
• Exhibit 113: ANI Technologies Pvt. Ltd. - Key offerings

• 12.4 Be Group Joint Stock Co. 
• Exhibit 114: Be Group Joint Stock Co. - Overview
• Exhibit 115: Be Group Joint Stock Co. - Product / Service
• Exhibit 116: Be Group Joint Stock Co. - Key offerings

• 12.5 Comuto SA 
• Exhibit 117: Comuto SA - Overview
• Exhibit 118: Comuto SA - Product / Service
• Exhibit 119: Comuto SA - Key offerings

• 12.6 DiDi Global Inc. 
• Exhibit 120: DiDi Global Inc. - Overview
• Exhibit 121: DiDi Global Inc. - Product / Service
• Exhibit 122: DiDi Global Inc. - Key offerings

• 12.7 FastGo Joint stock Co. 
• Exhibit 123: FastGo Joint stock Co. - Overview
• Exhibit 124: FastGo Joint stock Co. - Product / Service
• Exhibit 125: FastGo Joint stock Co. - Key offerings

• 12.8 Grab Holdings Ltd. 
• Exhibit 126: Grab Holdings Ltd. - Overview
• Exhibit 127: Grab Holdings Ltd. - Product / Service
• Exhibit 128: Grab Holdings Ltd. - Key offerings

• 12.9 GT Gettaxi UK Ltd. 
• Exhibit 129: GT Gettaxi UK Ltd. - Overview
• Exhibit 130: GT Gettaxi UK Ltd. - Product / Service
• Exhibit 131: GT Gettaxi UK Ltd. - Key offerings

• 12.10 Junoride 
• Exhibit 132: Junoride - Overview
• Exhibit 133: Junoride - Product / Service
• Exhibit 134: Junoride - Key offerings

• 12.11 Lyft Inc. 
• Exhibit 135: Lyft Inc. - Overview
• Exhibit 136: Lyft Inc. - Product / Service
• Exhibit 137: Lyft Inc. - Key offerings

• 12.12 My Taxi Ride Inc. 
• Exhibit 138: My Taxi Ride Inc. - Overview
• Exhibit 139: My Taxi Ride Inc. - Product / Service
• Exhibit 140: My Taxi Ride Inc. - Key offerings

• 12.13 Transopco UK Ltd. 
• Exhibit 141: Transopco UK Ltd. - Overview
• Exhibit 142: Transopco UK Ltd. - Product / Service
• Exhibit 143: Transopco UK Ltd. - Key offerings

• 12.14 Uber Technologies Inc. 
• Exhibit 144: Uber Technologies Inc. - Overview
• Exhibit 145: Uber Technologies Inc. - Business segments
• Exhibit 146: Uber Technologies Inc. - Key offerings
• Exhibit 147: Uber Technologies Inc. - Segment focus

• 12.15 Via Transportation Inc. 
• Exhibit 148: Via Transportation Inc. - Overview
• Exhibit 149: Via Transportation Inc. - Product / Service
• Exhibit 150: Via Transportation Inc. - Key news
• Exhibit 151: Via Transportation Inc. - Key offerings

• 12.16 Wheely Technologies Ltd. 
• Exhibit 152: Wheely Technologies Ltd. - Overview
• Exhibit 153: Wheely Technologies Ltd. - Product / Service
• Exhibit 154: Wheely Technologies Ltd. - Key offerings

• 12.17 YandexGo 
• Exhibit 155: YandexGo - Overview
• Exhibit 156: YandexGo - Product / Service
• Exhibit 157: YandexGo - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 158: Inclusions checklist
• Exhibit 159: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 160: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 161: Research methodology
• Exhibit 162: Validation techniques employed for market sizing
• Exhibit 163: Information sources

• 13.5 List of abbreviations 
• Exhibit 164: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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FAQ

What is the projected growth of the ride-hailing services market from 2022 to 2027?

The ride-hailing services market is projected to grow by USD 58,239.86 million.

What is the expected CAGR for the ride-hailing services market?

The expected CAGR for the ride-hailing services market is 12.86%.

Which region is expected to contribute the most to the ride-hailing market growth?

The APAC region is estimated to account for 30% of the global market growth.

What challenges are faced by the ride-hailing services market?

Compliance with government regulations regarding emissions poses a significant challenge.

How is urbanization affecting the ride-hailing market?

Urbanization is increasing the demand for ride-hailing services, thus driving market growth.