The report says e-hailing is expected to dominate the ride hailing market; it solves the problem of the first and last mile connectivity for passengers. It is predominant in urban areas because of declining trend of car ownership and increasing consumer preference. It also significantly reduces waiting time for taxi and provides precise time using GPS. Consumers incline towards app based e-hailing owing to its user friendliness, focus on better customer service and innovative pricing systems.
The electric vehicle segment is projected to grow at the highest CAGR during the forecast period. Electric vehicles are expected to catch up with IC engine vehicles, which currently dominate the market. The anticipated development of electric vehicles along with autonomous and self-driving cars are expected to change the ride hailing market landscape as need of driver for mobility will be vanished. Asia-Pacific is expected to have the fastest growing market for electric vehicles due to government incentives and increasing supporting infrastructure.
Asia-Pacific is estimated to dominate the ride hailing market and is projected to grow at a significant CAGR during the forecast period. The growth in the Asia-Pacific market is attributed to a wide customer base due to dense populations and rising urbanisation in emerging economies such as China and India. Factors such as increasing urbanisation and rising traffic congestion will drive the demand for ride hailing services. For countries like India and China, the consumer preference is changing and with the rising population, the need for ride hailing is increasing in order to cater to the increase in the consumer basket.
The ride hailing market is dominated by a few global players and comprises several regional players. Some of the key players operating in the market are
According to the latest research by 6418 MarketsandMarkets, the ride hailing market is projected to grow at a CAGR of 19.81 per cent from 2017, to reach a market size of US$276 billion by 2025. The market is primarily driven by rising urbanisation and declining car ownership.
