Pune, India, June 13, 2022 (GLOBE NEWSWIRE) -- The global ride-hailing market size is anticipated to grow by 2029 due to increasing popularity of online cabs. North America is expected to dominate the ride-hailing market share in the forthcoming years. This information is published by Fortune Business Insights in its report, titled "Ride-Hailing Market, 2022-2029". The service basically connects drivers and customers using an online platform. The ride is booked through the platform and contacts of both the party are shared to facilitate the service. The streamlined structure of the service allows a hassle-free experience to the consumer and also increases the accountability of the driver. The rising popularity of the service is garnering high demand for the product.
COVID-19 Impact:
Sales Affected Negatively Owing to Travel Restrictions
The stringent lockdown around the world due to COVID-19 hit the market badly. There was a substantial negative effect of the pandemic on ride-hailing services as traveling was restricted to the minimum. As most of the industries were shut down, the consumers of the services were also declined throughout the lockdown. As many regions are reopening for business, it is anticipated that the free flow of consumers using the service has a high probability of growth in the foreseeable future.
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Segments
Increase in Car Sharing Services to Augment the Segment Growth
By service type, the market is segmented into e-hailing, car sharing, car rental, and others. On the basis of vehicle type, it is classified into two-wheeler, car, and others. By payment method, it is bifurcated into cash and online. Based on location type, it is divided into urban and rural. Additionally, by end-user, it is fragmented into personal and commercial. Based on geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the world.
Report Coverage
The report offers an insight into the profitability, entire structure, and scale of ride-hailing industry. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Driving Factor
Increasing Preference for Safe Cab Rides to Augment Growth
The increasing demand from developing countries, such as India, for safe cab rides is augmenting the ride-hailing market growth. The substantial amount of accountability associated with the service is generating a high demand for the product across the globe. This has led to the services not only connecting drivers to the passengers but also ensuring the safety of the passenger in case of several probable emergency situations. For instance, in 2020, Bolt raised approximately USD 182 million to develop its driver face verification and utilize machine learning to prevent potential incidents.
In addition, prominent companies are also focusing on providing services to corporate offices to enhance their revenue generation.
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Regional Insights
Presence of Several Service Providers in North America to Aid Sales. This is due to the presence of several travel network companies and vehicle rental services in big cities. The presence of several service providers in areas such as San Francisco, New York, Seattle, Burlington, and others is generating substantial revenue for the market.
Asia Pacific is anticipated to grow at a fast rate in the upcoming use. This is due to the developing market in the region. For instance, in 2020, Meru Cabs declared its fundraising plan of USD 54.25 million from private equity funds. The company is primarily focused on providing services to corporate offices and expanding its base for electric vehicles in India.
Competitive Landscape
Integration of Various Features by Service Providers to Aid Business Growth
The market is highly fragmented and competitive in nature. This is attributed to the presence of several major players in the market. For example, Uber and Lyft have a prominent presence in the U.S. while India prominently uses Ola Cabs. The rising efficiency of the service by various prominent players is increasing the competitive edge of the market. Moreover, the inclusion of various features under ride-hailing services is allowing the service providers to gain substantial footage in the industry.
List of Key Players Profiled in the Market:
- Lyft
- Ola
- Uber
- Careem Taxify
- BlaBlaCar
- DiDi
- Gett
- Grab
- Lime
- Herts
- Juno
- Kabbee
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Ride-Hailing Market Segmentation:
By Service Type:
- E-hailing
- Car Sharing
- Car Rental, Others
By Vehicle Type:
- Two Wheeler
- Car, Others
By Payment Method:
- Cash
- Online
By Location Type:
- Urban
- Rural
By End-User:
- Personal
- Commercial
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter's Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Ride-Hailing Market
5. Global Ride-Hailing Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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