The global ride-hailing market size is expected to reach USD 142.07 Billion in 2032 and register a revenue CAGR of 15.7% during the forecast period, according to the latest report by Reports and Data. Increasing need for convenient, affordable, and safe transportation is a key factor expected to drive market revenue growth during the forecast period. The rising need for mobility for seniors, people with disabilities, and mid-income populations is expected to drive revenue growth of the market. Ride-hailing service enables passengers to order a vehicle through the internet, improving the comfort and affordability of transportation. Rapid urbanization has led to greater traffic congestion, which in turn has forced senior citizens to use ride-hailing services, which is expected to raise the demand for ride-hailing services. High costs of purchasing and maintaining a vehicle, such as maintenance and fuel among others are not cost-effective for low-income populations. As a result, growing preference for ride-hailing services is expected to drive market revenue growth. Furthermore, increasing need for easy booking, low carbon emissions, and no parking problems are further impacting the demand all across the globe accordingly.
However, price fluctuations and surge charges during certain hours are expected to hamper revenue growth of the market. Transport network companies and service providers apply surge charges during peak hours which eventually affects the ride-hailing services, thus is expected to hamper market revenue growth. In addition, increasing fuel prices and electronics prices have also resulted in price changes which also impact the market revenue growth negatively during the forecast period. Furthermore, shortage of drivers and lack of ride-hailing vehicles in certain areas are expected to affect travel prices, which is limiting demand for ride-hailing services, and thus is expected to hamper market revenue growth over the forecast period.
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- Traffic congestion: Rapid urbanization and increasing car ownership have led to traffic congestion in many cities. Motorcycle Ride-E-hailing Services can help alleviate this issue by reducing the number of vehicles on the road through ride-sharing, where multiple passengers can travel together in a single vehicle.
- Environmental benefits: By reducing the number of vehicles on the road, Motorcycle Ride-E-hailing Services contribute to a decrease in carbon emissions and help mitigate environmental pollution. Governments in various countries are recognizing this and encouraging the use of Motorcycle Ride-E-hailing Services as a means to reduce traffic congestion and promote environmental sustainability.
- Increased demand: The convenience and affordability of Motorcycle Ride-E-hailing Services have resulted in their increasing adoption, particularly among employees seeking easy and cost-effective travel options. Changing preferences, rapid urbanization, and population growth also contribute to the rising demand for Motorcycle Ride-E-hailing Services.
- Government support: Governments around the world are actively supporting the use of Motorcycle Ride-E-hailing Services to address transportation challenges. This support can take the form of regulatory frameworks, incentives, and partnerships with ride-E-hailing companies.
- Multitasking and productivity: Motorcycle Ride-E-hailing Services provide passengers with the opportunity to utilize their travel time more effectively. Passengers can engage in various activities such as checking emails, browsing the internet, using social media, reading books, or even taking a nap during the journey, enhancing productivity and convenience.
- Industry investments: Private automotive companies are investing in research and development efforts to improve Motorcycle Ride-E-hailing Services, making them more affordable, efficient, and user-friendly. These investments contribute to the growth of the ride-E-hailing market and drive revenue expansion.
Top Companies Operating in the Global Ride-Hailing Services Market:
Mercedes-Benz Group AG, Denso Corporation, DiDi Global Inc., Uber Technologies Inc., Lyft, Inc., TomTom International BV, Ani Technologies Private Limited (OLA Cabs), Gett, Grab, and Motional, Inc
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The global market is further segmented into type and application:
Service Type Outlook (Revenue, USD Billion; 2019-2032)
- E-E-hailing
- Car Sharing
- Car Rental
- Station-based Mobility
Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Motorcycle
- Cars
Location Outlook (Revenue, USD Billion; 2019-2032)
- Urban
- Rural
End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Institutional
- Personal
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Some Key Highlights in the Report
· The urban segment is expected to register a significantly rapid revenue CAGR during the forecast period owing to increasing disposable income resulting in a growing interest in traveling from one to another. In urban areas, transportation facilities are congested, crowded, and inconvenient. Also, parking issues, difficulties for pedestrians, and growing number of vehicles are encouraging individuals to take Motorcycle Ride-E-hailing Services in urban areas. Rapid urbanization and rising disposable income are further encouraging individuals to take such Motorcycle Ride-E-hailing Services accordingly. Such factors are rising the demand for Motorcycle Ride-E-hailing Services and thus are expected to drive revenue growth in this segment.
· The personal segment is expected to account for the largest revenue share over the forecast period owing to an increasing need for individual consumer mobility and growing importance of reducing vehicle ownership costs. Individuals from rural areas, where transportation facilities are weak can avail of these services for better sustainability in the global market. Also, Motorcycle Ride-E-hailing Services are an affordable and useful shared mobility option, particularly for remote locations with limited access to public transportation which is rising demand for such services, thus is expected to drive revenue growth of this segment.
· Market in Asia Pacific is expected to register a significantly rapid revenue growth rate during the forecast period. Individuals in countries such as China, India, and Japan, among others, have changed their lifestyle choices, which has resulted in a trend toward smart personal mobility solutions to minimize traffic congestion and travel time, which is expected to raise the demand for Motorcycle Ride-E-hailing Services in this region. Rising demand for accurate navigation, traffic information, simple payment interfaces, and security solutions for making daily commuting quick, time-saving, and easy is expected to drive market revenue growth in this region.
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