Ride-hailing And Taxi Industry Overview
The global ride-hailing and taxi market size was valued at USD 199.14 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.7% from 2022 to 2028.
The market growth is significantly fueled by consumer behavior to avoid the large overhead costs of car ownership. Ride-hailing services are especially gaining more popularity pertaining to the factors such as convenience to pay, tariff transparency, the known identity of the driver via the app, and door-to-door service. Moreover, the increase in the urban population due to the migration from rural areas for employment purposes leads to the increasing traffic congestion and lack of parking space. These factors are facilitating consumer inclination towards opting for ride-hailing and taxis made of transportation, contributing to the market growth during the forecast years.
Gather more insights about the market drivers, restrains and growth of the Global Ride-hailing And Taxi Market
The market growth is restrained due to environmental issues and complex regulations globally. Due to the drastic increase in ride-hailing and taxi ridership, an equivalent increase in carbon emission and air pollution has been noted in the large metro cities around the world, which negatively impacts the growth. The Market penetration in various regions is limited due to the complex regulations and governance.
COVID-19 pandemic outbreak impacted negatively the growth of the market during 2020, decreasing ridership and passenger revenues. The change in preference of commuters using taxi and ride-hailing options were comprehensive, shifting towards private cars and two-wheelers in the short term. However, over the long term, the market is expected to recover and witness healthy growth during the forecast period.
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- Ride Hailing Services Market – The global ride hailing services market size was valued at USD 28.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.7% from 2022 to 2030. The market for ride sharing has expanded in popularity over the past several years as companies work to improve transportation by making it more efficient, convenient, economical, and comfortable.
- Ride Sharing Market – The global ride sharing market size was valued at USD 6.68 billion in 2017. It is projected to expand at a CAGR of 7.5% over the forecast period. The need to reduce urban traffic congestion and demand for cost-effective mode of commute with better comfort are the key factors driving the growth.
Ride-hailing And Taxi Market Segmentation
Grand View Research has segmented the Ride-hailing and taxi market based on type, distribution channel, and region.
Ride-hailing & Taxi Type Outlook (Revenue, USD Million, 2017 – 2028)
Ride-hailing & Taxi Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
Ride-hailing & Taxi Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- October 2021: Bolt, Estonian on-demand transport firm, plans to introduce electric taxi options in South Africa, as published. Also, various players are now offering ride share and ride pool services reducing the ride cost, to attract new consumers.
- June 2019: DiDi announced, that it is planning to double its presence in the region with expansions in Chile and Colombia.
Key Companies profiled:
Some prominent players in the global ride-hailing and taxi market include
- Uber Technologies Inc.
- Lyft Inc.
- Didi Chuxing Technology Co.
- Ola Cabs
- Bolt Technology OÜ
- Grab Holdings Inc.
- Yandex N.V.
- Cabify España S.L.U.
- Meituan Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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