LOS ANGELES, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The Global Ride Hailing Services Market is forecasted to grow at a CAGR of around 17% from 2021 to 2028 and forecasted to reach around US$ 127.8 Bn by 2028.
COVID-19 impact on the global ride hailing services market
Ride-hailing services grew in popularity during the pre-pandemic period due to benefits such as lower travel costs, traffic congestion, and emissions. However, as a result of the impact of COVID-19, the ride hailing market has seen a drop in its share of an uprising as a mode of transportation. According to a Scholastica research report, ride hailing travel dropped dramatically during the pandemic. The drop in ride-hailing trips was significantly greater than the drop in overall traffic volumes. Second, non-shared trip distances were much longer during the pandemic, though travel times were not necessarily longer due to overall traffic network congestion. Third, as the distance between census tracts increased, the number of inter-census tract short trips decreased. This study found that pre-pandemic travelers were more likely to use ride hailing for short trips, but that such trips decreased during the pandemic.
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North America records dominating share; Asia Pacific to register fastest growing CAGR for ride hailing service market
North America dominated the ride hailing services market in 2020 and is expected to do so throughout the forecast period. The presence of key players in this region is one of the key factors influencing the growth of the regional market. According to the ICCT report, one company, Uber, controls over 65% of the US market. Other major players, such as Lyft, account for nearly all non-Uber trips in the United States. Aside from that, rapid growth in the provision of such services had a wide-ranging impact on cities, hastening protests, lawsuits, and regulations. According to a report released by the Inter-American Development Bank, ride hailing services have made significant improvements, with the proportion of the adult US population reporting using internet-connected mobile apps that match them with individual drivers at least once increasing from 15% to 36% between 2015 and 2018. Such factors contribute to the overall growth of the ride hailing services market.
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In contrast, Asia Pacific is expected to have the fastest growing CAGR in the ride hailing services market in the coming years. The growing trend of electrification of ride-hailing services supports the growth of the APAC regional market. Electric vehicles are becoming more appealing for ride hailing as a result of the influence of charging infrastructure. Such noteworthy developments fuel the growth of the regional market, which in turn contributes to the overall market growth.
Road ahead for Latin America's ride hailing services market
According to an Inter-American Development Bank report, digitization can improve the functioning of markets characterized by problem coordination and high levels of fragmentation in the transportation market. Currently, Latin America's adoption of digital platforms, particularly in ride hailing services, is commendable. Such significant advancements increase the availability of better job opportunities for workers in this region. Based on these notable developments, it leverages ride-hailing platforms to improve the lives of drivers in Latin America, including facilitating the participation of women and migrants as drivers, promoting financial inclusion and financial literacy, and other initiatives.
Segmental Analysis
The global ride hailing services market is segmented based on offering. Based on offering, the market is segmented as E-hailing, car sharing, and rental.
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Competitive Analysis
The global players of the ride hailing services market involve Uber Technologies, Inc., Lyft, Inc., Via.com, Gett, Grab Holdings Inc., Bolt Technology OÜ,
Curb Mobility, and among others
- In April 2021, Gett announced a partnership with Curb to boost post-pandemic business travel. The collaboration between the two companies will allow it to offer corporate customers local taxi, limousine, and ride hailing services such as Lyft on its platform.
- In June 2021, Hyundai Motor Group and Grab Holdings Inc. (Grab) announced a mobility services strategic partnership. The next phase of the collaboration will hasten EV adoption in South East Asia. Through this collaboration, both the Group and the delivery partners will develop new pilots and initiatives that will lower the barriers to entry for delivery partners by lowering total cost of ownership and reducing range anxiety.
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