Published on: May 2022
A Market Overview of Ride-Hailing Services
The global ride-hailing service market was worth $36,450.0 million in 2017 and is expected to reach $126,521.2 million by 2025, with a CAGR of 16.5 percent between 2018 and 2025. In 2017, North America contributed the most to the worldwide market, with a CAGR of 12.7 percent during the projection period. Passengers can use online services such as Grab, Lyft, Uber, and Ola to hail a vehicle. It provides door-to-door service, making it one of the most pleasant modes of transportation. Furthermore, information about the passenger and the driver is exchanged while requesting a ride, making this service safer than typical taxi services.
What is driving the worldwide ride-hailing service market forward?
The surge in popularity of on-demand transportation services, the emergence of job prospects, and the low rate of automobile ownership among millennials are all driving the worldwide ride-hailing service market forward. Furthermore, developments in connected and automated vehicles to reduce CO2 emissions, as well as a significant increase in sales of these vehicles for usage with ride-hailing services, are propelling the global industry forward.
However, the market's growth is hampered by the low rate of internet access in developing nations. Furthermore, the application of strict government rules toward ride-hailing services limits industry expansion. For example, in Kolkata, Bhopal, and Mumbai, the Bombay High Court recently took action against ride-hailing service companies like Uber and Ola due to an unjustified increase in their service cost. On the other hand, the growing popularity of mobility-as-a-service and the growing number of users of ride-sharing services around the world are likely to provide profitable prospects for market players.
The major players in the worldwide ride-hailing service market
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