The advent of technology has offered a lot to the world. There could barely be any area left without the impact of technology. Moreover, transportation has been amongst the major areas, where technology has played an essential role. In the same way, the emergence of ride-hailing services has started a revolution in the taxi industry. Ride-hailing service is a current way of getting a private taxi for transportation. This service has completely eradicated the conventional way of a taxi ride.
Where on one hand the companies are focusing on offering transparent and modernize services to the customers. On the other hand, various firms are making the headway in the transportation sector using different strategies based on technological advancements, and IoT solutions. No denial of mobile applications, in today’s world has come out to be a key to luck. Using mobile applications and services to improve the transportation experience is implausible. Moreover, mobile applications have majorly contributed to bringing advancements in the transportation industry. Such online platforms aid ride-hailing services to be more useful. Furthermore, the application allows the customer to hail a vehicle anytime anywhere, along with offer a door-to-door service. Which makes it one of the most comfortable means of transportation. Likewise, the ride-hailing via applications also exchange the information of the passenger and the driver making the services safer than conventional ones.
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The development & advantages and trend of on-demand transportation have lead the growth of these services to be escalated, in the last few years. According to a report published by Allied Market Research the global ride-hailing service market has is expected to hit $126.52 billion by 2025 supporting with a CAGR of 16.5% from 2018 to 2025. This is owing to the low rate of car ownership among millennial, and an increase in the trend of mobility as a service. Ride-hailing services have also lead to an increase in employment opportunities in various regions. On the other hand, the rise in the user base for ride-sharing and advancements in connected and automated vehicles and an increase in startup companies as well have supplemented the growth, especially in the European region.
All of us have been affected by this year’s pandemic; no business could foresee this challenge, let alone the ride-hailing market. However, the market players in the European region have developed several strategies to accelerate the growth of the ride-hailing business. A very well-known and leading ride-hailing company Uber is taking the initiative to serve people in various ways. After curtailing down the business as per the lockdown regulation, various drivers are struggling to meet their end demands. However, Uber has come out with multiple solutions to serve both its employees as well as customers. After covering various other regions, the cab-hailing company is now serving in the UK as well. Uber, in the UK, has collaborated with online retailer Ocado for food deliveries.
Companies in Europe are also integrating with web mapping services. Earlier, in Feb, European leading transportation platform Bolt, assimilated with Google maps in order to expand mobility options. The company announced that its ride-hailing service is now registered with Google maps to enhance the mobility options in London. Along with offering the ride, the tab in Google maps would also provide additional information including the estimated cost of the ride, and vehicle categories along with offers. The estimated pickup and journey time would also be shown via the integration.
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No denial, ride-hailing services have been way longer with technology. Along with offering an incredible experience ride-hailing has come out to be a cost-efficient and time-saving option as well. Variations in price and increased passengers in public transport have been real issues to opt for ride-hailing services. On the other hand, the time required to get a taxi was unpredictable earlier. Ride-hailing has eliminated the situation of time lapses with improved comfort. And most importantly, all transactions associated with ride-hailing can be done using a mobile application. In addition, to attract the customers the key players also entitle these applications with various offers and discounts.
With ride hailing apps, on the other hand, transportation has become a way easier and comfortable. One-click on smartphones offers almost everything related to the journey including the estimated time of pick up and departure, distance, and vehicle type. These technological advancements have led the customers to enjoy stress-free rides. On the other hand, it also offers you a chance to rate the journey and service offered by the driver. Most importantly, nobody required to know routes. Visiting a strange address in different cities is no more a problem. Ride-hailing services have eased the lives of millennial. Moreover, with further technological advancements, automated vehicles, and other activities by the market players leads the market to grow exponentially.
Ride-hailing service market In 2017, the e-hailing segment dominated the global ride hailing service market in terms of revenue, in the service type category. However, the three-wheeler segment is expected to grow at the highest CAGR during the forecast period. Based on location, the urban segment is anticipated to dominate the market throughout the forecast period. The ride-hailing service market signifies a promising future for the technological industry. The current business scenario has witnessed an increase in the adoption of this technology, particularly in developing regions. Moreover, key companies have been adopting innovative techniques to provide customers with advanced and innovated product offerings.
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According to a recent report published by Allied Market Research, titled, “Ride-Hailing Service Market by Service Type, Vehicle Type, Location, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025”, The global ride-hailing service market was valued at $36,450.0 million in 2017, and is projected to reach $126,521.2 million by 2025, registering a CAGR of 16.5% from 2018 to 2025.
At present, North America dominates the market, followed by Asia-Pacific. In 2017, the U.S. led the North American market, while in Asia-Pacific, China currently dominates the market.
The growth of the global ride-hailing service market is driven by rise in trend of on-demand transportation services, increase in employment opportunities, and lower rate of car ownership among millennials. In addition, advancements in connected & automatic vehicles to reduce CO2 emission and further increase in the sales of these vehicles for the use of ride-hailing services propel the growth of the global market.
However, low rate of internet penetration in developing regions and the implementation of stringent government policies toward unnecessaryhike in service pricing are some of the major restraining factors of this market. Conversely, rise in trend of mobility-as-a-service and increase in users for ride sharing across the globe are anticipated to provide growth opportunities for this market.
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Key Finding of the Ride-Hailing Service Market:
- Based on service type, the e-hailing segment dominated the global ride-hailing service market in year 2017.
- North America held the major market share in 2017.
- As per vehicle type, the four-wheeler vehicle segment dominated the global ride-hailing service market in 2017. However, the others including van & buses vehicle segment are expected to grow at the highest CAGR as compared with four wheeler segment during the forecast period.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
Ride Hailing Service Market to Reach $126.52 Bn, Globally, by 2025 at 16.5?GR, Says Allied Market Research – PRNewsWire.com
Ride Sharing Market to Garner $205.83 Billion by 2030: Says Allied Market Research – GlobeNewsWire.com
Smart Mobility Market to Reach $70.46 Bn, Globally, by 2027 at 20.2?GR: Allied Market Research – PRNewsWire.com
Car-as-a-service Market to Reach $225.65 Bn, Globally, by 2030 at 6.8?GR: Allied Market Research – Boomberg.com
Ride-Hailing Service Market New Businesses To Fuel $126,521.2 Million by 2025 – APNews.com
Allied Market Research: Robotaxi Market Worth $38.61 Billion by 2030 – AutoVision-News.com
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