New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Ride Hailing Global Market Report 2022” – https://www.reportlinker.com/p06250378/?utm_source=GNW
The global ride hailing market is expected to grow from $53.25 billion in 2021 to $61.1 billion in 2022 at a compound annual growth rate (CAGR) of 14.8%. The market is expected to grow to $106.19 billion in 2026 at a compound annual growth rate (CAGR) of 14.8%.
The ride-hailing market consists of revenue generated by ride-hailing used for passenger transportation service in which the passengers are connected with the vehicle drivers through a smartphone-based app.The industry comprises establishments primarily engaged in providing passenger transportation by automobile or van, not operated over regular routes and on regular schedules.
Establishments of taxicab owners/operators, taxicab fleet operators, or taxicab organizations are included in this industry.
The ride-hailing market covered in this report is segmented by vehicle type into two-wheeler, three-wheeler, four-wheeler, and others.A two-Wheeler vehicle refers to a vehicle, mainly a bicycle, having two wheels.
The different types of services include E-hailing, car sharing, station-based mobility, car rental and are used by various sectors such as commercial, personal.
Asia Pacific was the largest region in the ride-hailing market in 2021.Western Europe was the second largest region in the ride-hailing market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
On-demand transportation services and a lower rate of car ownership among millennials are driving the growth of the ride-hailing market.On-demand transportation services are characterized by flexible routing and ad-hoc scheduling of private vehicles offering personal transport experience to the general public by picking or dropping at locations of passenger’s choice.
On-demand ride-hailing services ensure that customers can accurately locate the vehicles, track their journey, and offer safety to the occupants, and this factor is expected to significantly drive the market growth.Additionally, a lower rate of car ownership among millennials due to the high maintenance cost of personal cars is resulting in the rise in demand for ride-hailing services.
The millennials are choosing practical, smartphone-accessible transport options that are simple, flexible, and inexpensive over car ownership.Also, buying a new car and maintaining it is costlier than renting a vehicle every year.
According to a survey by Cox Automotive in 2019, around 55%, if Gen Z agrees that transportation is necessary but owning a car, is not important which is supported by 45% millennials, 34% Gen X, and 28% boomers. Hence, on-demand transportation services and a lower rate of car ownership among millennials drive the growth of the ride-hailing market.
Ride-hailing service providers need to follow several state and central laws for uninterrupted services. For instance, in the U.S, driver-related regulations include requirements for background checks, driver’s licenses, vehicle registrations, special licenses such as business licenses, and external vehicle displays. While, the company-related regulations include requirements for the number of ride-hailing vehicles operating in a metropolitan area, providing a list of drivers to the city, and sharing trip data with the city. In some countries, fingerprint-based background checks are mandatory. This is because of the reported incidents of sexual assault and violence. In February 2020, a report from the Union of Concerned Scientists shows that the average U.S. ride-hailing trip results in 69% more pollution than the transportation choices it displaces based on federal vehicle efficiency statistics. The environmental concern has enforced certain regulations on pollution control. Therefore, more restrictive regulations are coming into force, and compliance with these government regulations may act as a restraining factor to the ride-hailing service market growth.
Ride-hailing services have been advancing in the past few years by delivering innovative facilities to riders all over the world.Using a ride-hailing app on an Android device has now become very common.
For instance, Uber is a ride-hailing app from which we can request a women driver.This feature is mainly implemented to focus on the safety of a woman which helps to stay protected with a verified profile of a woman driver before committing the journey.
A major initiative is promoted by Safr, which permits the female passengers to select the gender of the driver, offers complete details about the driver’s training. Similarly, HopSkipDrive is another ride-hailing app that gives safe and smarter transportation solutions to children by employing professional care drivers who have a minimum of 5year experience in caregiving.
In March 2019, Uber, an American multinational ride-hailing company acquired Careem for $3.1 billion. This provides an opportunity for both companies to rapidly expand and capitalize on the region’s underpenetrated mobility opportunity and the growing digital economy. The transaction would be the largest-ever technology industry transaction in the greater Middle East region. Careem is the internet platform for the greater Middle East region. A pioneer of the region’s ride-hailing economy, Careem is expanding services across its platform to include mass transportation, delivery, and payments.
The countries covered in the ride-hailing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06250378/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.