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Ride-Hailing Market Projected to Reach $120.2 billion by 2024, witnessing a CAGR of 13.0% during 2019-2024

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Ride-Hailing Market Projected to Reach $120.2 billion by 2024, witnessing a CAGR of 13.0% during 2019-2024

January 16
13:00 2020
Ride-Hailing Market Projected to Reach $120.2 billion by 2024, witnessing a CAGR of 13.0% during 2019-2024

Ride-Hailing Market Research Report Analysis and Growth Forecast to 2024
Convenience of Traveling Propelling Ride-Hailing Market Ahead

The major factors helping the ride-hailing market progress are the need for a convenient mobility option, concerns for the environment, urban congestion, and supportive government initiatives. Such services generated $50.4 billion in 2018, and this revenue is expected to reach $120.2 billion in 2024, at a 13.0% CAGR during 2019–2024 (forecast period). Ride-hailing refers to transportation services provided by mobility companies via their mobile apps. After booking the ride to their desired destination, commuters are sent a car with a designated driver.

Based on vehicle type, the ride-hailing market is categorized into luxury, executive, and economy. Among these, the economy category was the largest in 2018 and is expected to stay the largest throughout the forecast period. This is because the number of economy cars in sharing fleets is higher than luxury or executive cars. Additionally, as most people avail of ride-hailing services for short distances, they do not prefer paying a lot, which is even truer in developing countries.

On segmenting by end user, business and personal are the two bifurcations in the market, of which personal users were the larger bifurcation during the historical period (2014–2018). This is because the majority of people use ride-hailing for shopping, reaching mass transit points, or visiting relatives and friends. During the forecast period, the use of such services for business purposes would grow faster, as several mobility companies are tying-up with corporate organizations. With such collaborations, an increasing number of professionals are expected to use these services for home–office commute.

One of the key drivers for the ride-hailing market is that these services make traveling convenient. With cars for hire, people do not have to own one, which saves the money spent on vehicle purchase, as well as insurance, parking, fuel, and regular maintenance. Additionally, in most cities, ride-hailing firms operate round the clock, which lets people travel whenever they want. The user-friendly mobile apps of most companies and the fact that riders only have to pay according to the journey time or distance also make the concept popular.

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Another reason for the market growth is the increasing concerns in the wake of severe air pollution, in which vehicles play a significant role. Greenhouse gas emissions from automobiles lead to ozone depletion and, in turn, climate change and global warming. Additionally, the pollutants also cause respiratory diseases, which are among the leading causes of death. Alarmed at the situation, governments across the world are taking steps to curb vehicular emissions, which is why the number of electric vehicles in the fleets is rising.

An increase in the number of the people opting for shared mobility would also help in solving the problem of urban congestion, which is also a significant factor driving the ride-hailing market prosperity. Commuters lose a significant amount of time in traffic jams, which leads to decreased productivity and efficiency for businesses, as employees arrive late or tired from the commute. It is being hoped that with more people adopting the shared mobility concept, the number of vehicles on the roads would decrease, which would reduce the traffic congestion and journey time.

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Across the globe, the ride-hailing market ofAsia-Pacific (APAC) is the largest in the world, and the same scenario is predicted for the forecast period. This would be a result of the rising number of government initiatives to reduce carbon emissions and increasing number of passengers opting for shared mobility. Within the region, China held an around 70.0% revenue share in 2018, reflecting at the high popularity of the concept in the country.

Therefore, as more people shift, away from owning vehicles, to sharing one, the demand for ride-hailing services would increase further.

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