Ride Hailing Global Market Report 2024

The ride hailing market size has grown rapidly in recent years. It will grow from $70.12 billion in 2023 to $80.46 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historical period can be attributed to factors such as urbanization and population density, changing consumer behavior, challenges related to traffic congestion and parking, and considerations related to first and last-mile connectivity, along with economic factors.

The ride hailing market size is expected to see rapid growth in the next few years. It will grow to $141.5 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The forecasted growth in the upcoming period can be attributed to factors such as integration with multimodal transportation, emphasis on environmental sustainability, adherence to regulatory frameworks, implementation of enhanced safety measures, and expansion into rural and suburban areas. Major trends expected in the forecast period include corporate partnerships for employee transportation, optimization of dynamic pricing, advocacy for regulatory compliance, incorporation of inclusive accessibility features, and the introduction of virtual queues and pre-booking options.

The growth of the ride-hailing market is being propelled by on-demand transportation services and a reduced rate of car ownership among millennials. On-demand transportation services, characterized by flexible routing and ad-hoc scheduling of private vehicles, offer a personalized transport experience, allowing passengers to be picked up or dropped off at locations of their choice. These services enhance the convenience and safety of travel, contributing significantly to the market's expansion. Furthermore, the lower car ownership rates among millennials, driven by the high maintenance costs associated with personal cars, lead to an increased demand for ride-hailing services. Millennials prefer practical, smartphone-accessible transport options that are cost-effective and flexible over the burdens of car ownership, which includes expensive purchases and maintenance. For instance, Transdev estimates that 71 million passengers will use on-demand transportation services in 2022, highlighting the impact of these trends on the ride-hailing market.

The anticipated growth of the ride-hailing market is further fueled by increasing fuel prices. Rising fuel prices, including gasoline and diesel, incentivize consumers to opt for ride-hailing services as a cost-effective alternative to using personal vehicles. Ride-hailing services offer a convenient and economical door-to-door transportation solution, particularly as fuel prices continue to rise. For example, statistics from the Bureau of Labor Statistics indicate a 19.4% increase in fuel prices from December 2021 to December 2022 in the United States. Additionally, the Office for National Statistics reported a 48% increase in automotive fuel prices in the UK from 2021 to 2022. Consequently, the upward trajectory of fuel prices acts as a driver for the growth of the ride-hailing market.

The ride-hailing industry faces challenges in adhering to various state and central laws, which are crucial for uninterrupted service. In the United States, these regulations encompass background checks, driver's licenses, vehicle registrations, business licenses, external vehicle displays, and compliance with driver-related and company-related rules. Some countries mandate fingerprint-based background checks due to reported incidents of sexual assault and violence. A report from the Union of Concerned Scientists in April 2021 highlighted that the average U.S. ride-hailing trip results in 69% more pollution than displaced transportation choices, based on federal vehicle efficiency statistics. Consequently, environmental concerns have led to stricter regulations on pollution control, and compliance with these regulations poses potential barriers to the growth of the ride-hailing market.

Ride-hailing services have undergone significant advancements in recent years, offering innovative features to riders globally. The utilization of ride-hailing apps on Android devices has become commonplace. For example, Uber, a prominent ride-hailing app, provides a feature allowing users to request a female driver, emphasizing the safety of female passengers. This feature ensures a secure experience by connecting users with verified female drivers before initiating the journey. Safr, a major initiative in this regard, enables female passengers to choose the gender of their driver, providing comprehensive details about the driver's training. Another noteworthy ride-hailing app, HopSkipDrive, specializes in safe and intelligent transportation solutions for children, employing professional care drivers with a minimum of five years of caregiving experience.

Leading companies in the ride-hailing market are dedicated to innovating products such as ride-hailing services apps to deliver reliable services to their customers. These apps connect passengers with local drivers who use their personal vehicles. For instance, in March 2023, Godugo Travel Solutions Private Limited, an India-based company offering a vehicle booking mobile app for taxi services, introduced Godugo. This ride-hailing app empowers drivers to operate their businesses through the platform and incorporates advanced features such as a System of Systems (SOS) system. The SOS system sends alerts to users within a 1km radius and the nearest police station when a female passenger or driver feels threatened.

In August 2022, Ola Cabs, an India-based online taxi and car booking company, announced a merger agreement with Uber Technologies, Inc., the U.S.-based mobility-as-a-service pioneer. The merger aimed to enhance taxi rentals, ride services, and customer experiences, contributing to improved business outcomes. Uber Technologies, Inc. has been a trailblazer in mobility services, introducing innovations in food delivery, online taxi bookings, and hotel reservations.

Major companies operating in the ride hailing market report are Daimler AG, Denso Corporation, Uber Technologies Inc., Didi Chuxing Technology Co. Ltd., Aptiv PLC, Yandex.Taxi LLC, Grab Holdings Inc., Bolt Technology OÜ, Lyft Inc., Careem Networks FZ LLC, PT Gojek Indonesia, TomTom N.V., inDriver Holdings Inc., Swvl Holdings Corp., ANI Technologies Pvt. Ltd., Addison Lee Ltd., DBDOYC Inc., Yassir Inc., Comuto company, Gett Inc., VOXTUR SAS, Kaptyn Inc., Pathao Ltd., RideCell Inc., RydenGo, Shebah Pty Ltd., Beijing Xiaoju Technology Co. Ltd., Neutron Holdings Inc., Maxi Mobility S.L., Ziro Ltd. Asia-Pacific was the largest region in the ride hailing market in 2023. Western Europe was the second largest region in the global ride hailing market share. The regions covered in the ride hailing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The ride-hailing market, as discussed in this report, is categorized based on vehicle types, including two-wheelers, three-wheelers, four-wheelers, and others. A two-wheeler denotes a vehicle, typically a bicycle, with two wheels. Various service types encompass e-hailing, car sharing, station-based mobility, and car rental, catering to diverse sectors such as commercial and personal use.

The ride hailing market research report is one of a series of new reports that provides ride hailing market statistics, including ride hailing industry global market size, regional shares, competitors with a ride hailing market share, detailed ride hailing market segments, market trends and opportunities, and any further data you may need to thrive in the ride hailing industry. This ride hailing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the ride hailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The ride hailing market includes revenues earned by entities by connecting local drivers and assailants using an online platform to provide travelling services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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