Ride-Hailing Service Market Current Demand, Business Opportunities-The Insight Partners.
Posted by niket gore on August 2nd, 2022
Ride-Hailing Service Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Service Type (E-hailing, Car Rental); Vehicle Type (Two and Three Wheeler, Four Wheeler, Others); End-user (Commercial, Personal) and Geography.
the Market is expected to grow from US$ 48,922.78 million in 2021 to US$ 98,745.11 million by 2028; it is estimated to grow at a CAGR of 10.6% from 2021 to 2028.Autonomous vehicles are still in the early stages of development. Many OEMs have working prototypes that are being tested in various parts of the world. Many businesses are vying to be the first to market with a completely autonomous vehicle. Lyft, Ford, Uber, Honda, Toyota, and Tesla are among them. Waymo, Alphabet's autonomous vehicle business, has started testing trip pricing with its early users as it gets closer to launching its commercial ride-hailing service in Phoenix this year. The rapid economic growth assures a steady stream of development, from transportation infrastructure to smart city development. Many countries, including Mexico, Canada, and the United States, are building digital infrastructure to enable communication between automobiles and infrastructures in order to collect crucial information, reducing traffic congestion and improving road safety. The autonomous vehicle market is predicted to be fueled by an increase in the construction of smart cities. Considering the factors, the development of autonomous vehicles will drive the ride-hailing service market in the next 6–7 years.
Impact of COVID-19 Pandemic on Ride-Hailing Service Market
The North American market had suffered considerable economic losses in the first two quarters of 2020, owing to high count of COVID-19 cases, especially in the US. The economic growth was slowed, which directly impacted the ride-hailing service across the region. North America is one of the leading regions in terms of new technology development and adoption, owing to favorable government policies that encourage innovation and improve infrastructure capabilities. As a result, any impact on the industrial sector's expansion hinders the region's economic growth. Due of the COVID-19 outbreak, the United States is currently the world's worst-affected country. Owing to the impact of COVID-19 pandemic, the lower cross-border activities and implications of social distancing regulation for supporting the slow-down of the virus spread, the ride-hailing industry is being impacted negatively. However, increasing cost of ownership supported the market growth in the year 2021 and expected to continue in forecasted period. For instance, according to American Automobile Association (AAA), the average cost of owning and operating a new car grew by US$ 279 from 2019 to US$ 9,561 in 2020.
ANI Technologies Pvt. Ltd.; Daimler AG; Delphi Technologies Plc; DiDi Global Inc.; Gett; Grab Holdings Inc.; Lyft, Inc.; TUKTUK RIDE; Uber Technologies Inc.; and zTrip are a few major companies operating in the Ride-Hailing Service market.
Ride-Hailing Service Market Insights
Rise in Trend of On-Demand Transportation Services
Taxis, passenger vehicles, and charter cars are examples of on-demand services, which provide real-time feedback, vehicle tracking, and rating for service experience providing to end clients. Ride-hailing services ensure that clients can reliably identify vehicles and track their journeys while also providing safety to the occupants, which is projected to boost market expansion significantly. Abundant availability of cars and comparison of fare with correspondents facilitated by many mobile applications further drive the growth of the market. For instance, Migo, a Seattle-based search engine for on-demand ride services, launched a smartphone application in August 2017 that allowed users to compare the locations and rates of nearby taxis, car-sharing, and ride-hailing providers on a single platform. Furthermore, artificial intelligence (AI) is used to efficiently coordinate and operate on-demand transportation systems. It provides passengers with traffic-related information in order to improve driver cooperation.
End User-Based Market Insights
The corporate ridesharing revolution is making major inroads all over the world, and it’s changing the way businesses and commuters think about transportation. As a rising number of firms make ridesharing an official component of their commuting policy, demand for the mode of transportation has surged. Corporate ridesharing initiatives also boost employee resilience and attendance by allowing commuters to break free from their reliance on personal vehicles. Businesses can cut down on the number of days lost due to things like bad weather, transit strikes, and mechanical breakdowns, potentially saving tens of thousands of dollars in lost productivity each year. For example, in April 2019, Toyota Motor Corporation (Toyota), SoftBank Vision Fund (SVF), and DENSO Corporation announced a billion investment in Uber Technologies Inc.'s Advanced Technologies Group (Uber ATG). Toyota and DENSO jointly invested 7 million, while SVF contributed 3 million, bringing the total value of Uber ATG to .25 billion.
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Joined: July 6th, 2022
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