The Market Research on the “Ride-Hailing Market 2021-2026”, now available with Market Insights Reports, Introduces systematic details in terms of market valuation, market size, revenue estimation, and geographical spectrum of the business vertical. The Ride-Hailing market report offers an overview of top company profiles with business value and demand status of the industry. The report also helps the user to understand the market in terms of its definition, segmentation, market potential, influential trends, and therefore the challenges that the market is facing. The impact of the COVID-19, and also forecasts its recovery post-COVID-19. The report also presents forecasts for Ride-Hailing investments from 2021 till 2026.
The ride-hailing market is estimated to register a CAGR of about 15% during the forecast period (2021-2026).
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The prominent players in the Global Ride-Hailing Market:
Uber, Didi Chuxing, Lyft, Hailo, Ola Cabs, Gett, LeCab, GrabTaxi, Cabify, Easy Taxi, Bitaksi, Ingogo, GoCatch, and Others.
Competitive Analysis: –
– April 2020 – Shouqi Limousine and Chauffeur cooperated with Alibaba Cloud, leveraging innovation advantages to build a new industry ecosystem of 5G Internet of Vehicle. A pilot project between Shouqi Limousine and Chauffeur and Alibaba Cloud has been initiated for exploring 5G, edge computing for online ride-hailing mobile services. By leading the new era of intelligent transportation, the project will jointly explore the application and expansion of edge computing in transportation under 5G and together promote the development and upgrade of the public transport industry.
Key Market Trends: –
Motorcycle to Witness Significant Growth
– A motorcycle ride-hailing is a licensed form of transport available in various nations. The motorcycle carries one passenger, who rides pillion behind the motorcycle operator. According to the Energy and Resources Institute (TERI), there are about more than 20 million motorcycle taxis globally, in which 2 million in Brazil, 1 million in Nigeria, and 0.2 million in Bangkok, including both conventional and app-based service providers. With the revenue generation through motorcycle ride-hailing, the internet economy revenue parallelly increases in this sector.
– In many cities across Africa, motorcycle taxis are as common as the yellow cabs in New York. That includes Lagos, Nigeria, where ride-hail startup Gokada in May 2019 raised a USD 5.3 million Series A round to grow its two-wheel transit business. Gokada has trained and on-boarded more than 1,000 motorcycles and their pilots on its app that connects commuters to moto-taxis and the companys signature green, DOT approved helmets.
– Asia-Pacific region promises a significant growth of the market, increasing traffic congestion and low taxi fare, when compared to other modes of transportation, are the major factors driving the growth of the motorcycle/bike taxi service in the Asia-Pacific market.
– Malaysian Government said that bike hailing would be an important component in providing a comprehensive public transport system, as a medium for first- and last-mile connectivity. In January 2020, motorcycle hailing service Dego Ride begins operations as the company looks to expand coverage. Dego Ride announced to widen coverage as it is in the process of vetting over 4,000 rider applications. This significantly caters to the market growth.
North America Accounts for Significant Share
– North America propels to cater to a significant share in the market. According to Accenture, nearly two-thirds (63%) of the US car owners who use ride-hailing services say that they would consider giving up their vehicles over the next decade in favor of ride-hailing. Based on a survey of more than 1,000 US consumers, Accenture found that consumer satisfaction with ride-hailing companies is extreme, at 92%, and that the vast majority (93%) of the respondents expect to maintain or increase their spending on ride-hailing services this year.
– Ride-hailing usage has increased across most demographic groups, but adoption figures continue to vary by age, educational attainment, and income level. For example, roughly half of Americans ages 18 to 29 (51%) say they have used a ride-hailing service, compared with 24% of those ages 50 and older. Those whose annual household income is USD 75,000 or more are roughly twice as likely as those earning less than USD30,000 to have used these services.
– Further, Uber is the standard-bearer in the cab-hailing app industry. In the United States, 21.3% of the Android devices have Uber installed in them. Lyft is one of the biggest competitors that Uber has in the United States, with coverage in 60 cities across the country and overall in more than 300 markets across the United States and Canada. Since safety is of the utmost priority for the users of transport apps, Lyft makes sure that all its drivers possess a valid license and have gone through DMV, background, and criminal checks.
Explore Full Report with Detailed TOC Here:
Major Highlights of TOC
Chapter 1: Introduction
Chapter 2: Research Methodology
Chapter 3: Executive Summary
Chapter 4: Market Dynamics
Chapter 5: Market Segmentation
Chapter 6: Competitive Landscape
Chapter 7: Investment Analysis
Chapter 8: Market Opportunities And Future Trends
Customization of the Report: This report will be customized as per your needs for extra data up to 3 companies or 3 countries or nearly 40 analyst hours.
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