Global ride-hailing market is estimated to be valued at USD 160.09 Bn in 2024, and is expected to reach USD 384.56 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.3% from 2024 to 2031.
Ride-hailing services have transformed the transportation industry by providing convenient and affordable mobility solutions to consumers. With the widespread adoption of smartphones and advancement in connectivity technologies, major tech companies like Uber and Ola have launched ride-hailing services. The concept has gained immense popularity especially among the urban population looking for an alternative to own private vehicles. Ride-hailing offers the benefits of on-demand transportation, cashless payments, real-time tracking and affordable fares. The young demographics have embraced these features while companies operate on asset-light model with low overheads.
Market Dynamics:
Global ride-hailing market has witnessed robust growth in the recent years due to increasing smartphone penetration, evolving mobility trends and investments by tech giants. However, factors like regional regulations around driver status, high commission charges to drivers and lack of profitability for operators can hamper the market growth. Substitute services like shared mobility and public transportation can also hamper the market growth. The developments in autonomous vehicles and expanding product offerings around delivery offer opportunities for ride-hailing players to diversify revenue streams. Entering new geographic markets, strategic partnerships and differentiated products will be key for companies to sustain growth amid emerging competition.
Key features of the study:
Market Segmentation
Key Players
Table of Contents
*Browse 60 market data tables and 40 figures on "Global Ride-Hailing Market – Global forecast to 2031”.
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