The new ride hailing services market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Ride Hailing Services Market 2020-2024 (Graphic: Business Wire).
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“One of the primary growth drivers for this market is the Rising Use of Online On-demand Transportation Services,” says a senior analyst for the Industrials industry at Technavio.
The rising use of online on-demand transportation services is one of the major factors driving the ride hailing services market growth. Key players in the market have been able to penetrate the untapped developed and developing markets due to a rise in investments by venture capitalists. This provides ample opportunities for players to increase their overall revenue. The demand for on-demand transportation services providers is increasing due to rapid urbanization in the developing countries of APAC.
As the markets recover Technavio expects the ride hailing services market size to grow by USD 47.03 billion during the period 2020-2024.
Ride Hailing Services Market Segment Highlights for 2020
- The ride hailing services market is expected to post a year-over-year growth rate of 9.99%.
- The number of people opting for e-hailing services is increasing owing to the rising cost of owning a private car and the lack of parking space for cars.
- Moreover, e-hailing service providers offer flexible and affordable options and allow consumers to book cabs on demand through their mobile app. E-hailing car service has been gaining traction, particularly among millennials.
- Therefore, the ride hailing services market share growth by the e-hailing segment will be faster than the growth of the market by the car sharing segment.
Regional Analysis
- 50% of the growth will originate from the APAC region.
- Factors such as the increasing urbanization, growing disposable income, rising demand for car sharing services, adoption of smartphones along with expanding Internet connectivity, flourishing tourism, high population of baby boomers, and the presence of global and local vendors will significantly drive ride hailing services market growth in this region over the forecast period.
- China and India are the key markets for ride hailing services in APAC. Market growth in this region will be slower than the growth of the market in South America and MEA.
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Notes:
- The ride hailing services market size is expected to accelerate at a CAGR of over 15% during the forecast period.
- The ride hailing services market is segmented by Type (E-hailing and Car sharing) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Beijing Xiaoju Technology Co. Ltd., BMW AG, Carshare Australia Pty Ltd., Cityhop, Communauto Inc., Grab Holdings Inc., Lyft Inc., Orix Corp., Uber Technologies Inc., and Zipcar Inc.
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