RIDE-HAILING MARKET ANALYSIS

Regional Analysis

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North America continues to dominate the global ride-hailing market owing 37.4% in 2024, led primarily by the large and developed market in the U.S. The region is home to industry giants Uber and Lyft, who between them control a vast majority of the market share in the U.S. and Canada. Their early mover advantage and first-mover advantage have enabled them to establish a strong market position in North America over the past decade.

Another key factor contributing to North America's dominance is the high rates of smartphone penetration and internet usage. Nearly all citizens in countries like the U.S. and Canada are online and able to access ride-hailing services conveniently through their mobile devices. Moreover, North American customers have readily adopted new technologies and on-demand services, and this has  boosted demand for ride-hailing in the region. Last-mile connectivity is also well-developed here, facilitating reliable and seamless door-to-door services.

Sub-Saharan Africa has emerged as the fastest-growing regional market for ride-hailing. This growth can be attributed to a fast-growing population, rapid urbanization, and rising income levels. Many African cities are experiencing major infrastructure constraints with inadequate public transportation options. This has opened up opportunities for ride-hailing companies to provide alternative mobility solutions.

Ride-hailing companies like Bolt in South Africa and Ghana, and Little in Kenya, are boosting demand even more by adjusting their prices and services to fit local needs. They know what customers want better than big international companies, so they've customized their services to match. For many Africans, ride-hailing is the preferred choice of transportation given affordable rates compared to traditional taxi services. The availability of cash payment options has also helped boost ubiquity.