Ride-Hailing is a mobility service which consists of door-to-door trips, where transportation corporations charge drivers a fee for connecting them with riders through their patented digital platforms. This transportation facility works on a peer-to-peer driver-partner concept where drivers (who are mostly car owners) partner up with a particular Transportation Network Companies (TNCs) like Uber, Lyft, etc., to provide rental journeys to potential customers.
Presently, passenger car segment is dominating the global ride-hailing market owing to growing preference for small-size cars by working-class population to commute easily in congested areas.
Regionally, the U.S. is expected to hold the leading position in the market, due to the rapid surge in number of travel network companies engaged in vehicle rental business and growing demand for e-hailing services by tourists for visiting places in Washington, San Francisco, Boston, etc., during vacations.
The global market is expected to grow due to booming tourism industry, increasing urban population, rising ride-hailing apps penetration and escalating personal disposable income. Key trends of this market include emergence of autonomous vehicles, rising demand for new energy vehicles (NEV) in China and growing preference for bike-sharing in the U.S. However, there are some factors which can hinder the market growth including stringent regulation and intense competition.
“Global Ride-Hailing Market: Industry Analysis & Outlook (2019-2023)” by Koncept Analytics provides an extensive research and detailed analysis of the present market along with future outlook. Key players i.e. Uber Technologies, Inc., Lyft, Inc., DiDi Chuxing Technology Co. and Ola Cabs. are being profiled along with their respective financials and growth strategies.