New York, United States, August 22, 2024 (GLOBE NEWSWIRE) — According to the latest report from Straits Research, the global Size of the ride-hailing and taxi market was rated with 243.23 billion USD in 2023It is expected that 270.81 billion USD in 2024 To 639.55 billion USD by 2032grows with a CAGR of 11.34% over the forecast period (2024–32).
Sharing a ride with another person, especially with someone traveling in the same direction, is known as ride-hailing. It can be used by multiple passengers on a shared basis. To enable riders and drivers to find and connect with each other to use these ride-sharing services, an intermediary typically provides an app. In a process known as e-hailing, a passenger can reserve a shared ride by calling and texting, visiting the service provider in person, or using a smartphone app or website. The route can be pre-determined by the passenger, and he or she can reserve or hire a taxi or cab for that route. The typical vehicle types used for ride-sharing services are passenger cars, motorcycles, scooters, minivans, vans, buses and coaches, and auto rickshaws.
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High costs of vehicle ownership drive the market
Financing, fuel, upkeep, registration/taxes, maintenance and repairs, and depreciation are just some of the aspects that go into vehicle ownership. Owning a car costs more money every year. Although depreciation accounts for 43% of the cost of ownership, the American Automobile Association (AAA) estimates that other costs, including fuel and maintenance, make up 25% of the total cost. The cost of fuel and maintenance has increased manifold in recent years, and this trend is expected to continue unabated. Owning a car has gone from a benefit to a bigger problem as cities become increasingly crowded with people and vehicles. The average cost of owning and operating a new car increased $279 to $9,561 in 2020 compared to 2019.
Car ownership among 18-35 year olds has declined over time as the millennial generation has little to no interest in owning a car. The rise of online shopping and the lack of public transportation in major cities are among the factors contributing to the decline in car ownership.
Increasing demand for pool services is driving the market
The key factor driving the expansion of ride-sharing services is the significant increase in the choice of ride-sharing and bike-pooling services by commuters. Consumers are encouraged to use ride-sharing services by the expansion of services offered by major market players such as Uber and Ola, as well as the ability to select convenient pickup and drop-off locations. The demand for ride-sharing services is also fueled by a significant increase in the number of different ride-sharing services, including ride-sharing services for intercity trips, bus-sharing, bike-sharing, and even car-sharing services for short-distance trips. In addition, ride-sharing service providers offer benefits such as cheap pickup and drop-off, information for fellow passengers, cheap ride-fares, and increased convenience compared to traditional transportation service providers. To reduce the cost of commuters in their day-to-day lives, many service providers also offer a range of amenities, incentives, and discounts, such as a monthly shared transport pass. As a result, the sharp increase in demand for ride-sharing and bike-sharing services is driving the expansion of the ride-sharing industry.
Micromobility will open up new opportunities for the market:
Numerous cars carrying one or two people are called micromobility. For those who want to move around the city quickly and without the inconvenience of public transport, shared micromobility is a smart choice. With increasing traffic congestion in cities and calls for social isolation, there is a growing need for door-to-door mobility options that can solve these problems. Shared dockless bikes, e-bikes and e-scooters can be used in different lanes and are carbon neutral and subsidy-free. They are also less likely to crash.
Due to increasing demand and affordability, the use of micromobility is expected to increase over the next few years. For example, only 50% to 60% of all car trips in the U.S. are longer than five miles, suggesting that micromobility has the potential to replace a significant portion of the miles driven by vehicles each year. In May 2020, the city saw a 67% increase in the use of New York City’s Citi Bike bike-share program, according to the city’s Department of Transportation.
Regional analysis
The region with the largest revenue share in 2021 was Asia Pacific. In 2021, Asia Pacific’s revenue share in the overall market was over 55%. This significant market share is due to the region being home to 60% of the world’s population, especially the huge populations of China and India. This creates the region with the largest concentration of workers on the entire planet. A significant share of global ridership for on-demand transportation services such as ride-sharing and taxis has also grown in the region. As a result of the economic boom, new metropolitan areas with dense populations are developing in the region, which has a significant impact on the local market.
The market in Central and South America is expected to grow significantly during the forecast period. From 2022 to 2030, CSA is forecast to register a compound annual growth rate of 11.6%, ranking it second in the market. The growing middle class in Brazil, Colombia, and Mexico is driving the regional market expansion. The expansion of internet services and smartphone connectivity in the region is also contributing to the market growth. In addition, a number of companies such as Uber, Beat, Cabify, and DiDI are expanding their presence in other countries in the region, driving the expansion of the market. For example, in June 2019, DiDi stated that it intends to expand in Chile and Colombia to more than double its regional presence.
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Key Highlights
- The global ridesharing and taxi market was valued at USD 243.23 billion in 2023. It is expected to grow from USD 270.81 billion in 2024 to USD 639.55 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.34% during the forecast period (2024-2032).
- The market is driven by huge costs of vehicle ownership and increasing demand for pool services.
- This market can be segmented by type, distribution channels, regions and competitors.
- By 2030, the Asia-Pacific region is expected to have the largest market share, with Central and South America emerging as the fastest growing market.
Competitive players
- Uber Technologies Inc
- Lyft Inc.
- Didi Chuxing Technology Co.
- Ola Cabs
- Bolt Technology OÜ
- Grab Holdings Inc.
- Get
- Yandex NV
- Cabify España SLU
- Meituan Inc
Recent developments
- April 2024 – InterGlobe, the major shareholder of IndiGo, plans to form a joint venture with Archer Aviation this year and launch electric air taxis in India in 2026. In addition, the company announced that it will partner with Ola, Uber and IndiGo to increase its market share in the country.
- April 2024 – In its hometown of Bengaluru, ride-sharing app Namma Yatri has launched its taxi services. In Bengaluru, Namma Yatri’s app now has a dedicated taxi booking section. This will enable the platform to offer more services to its users than just rides in the city. Namma Yatri offers taxi aggregator services in Kochi, Kolkata and Chennai as well as in Bengaluru.
segmentation
- By Type Outlook
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- Ridesharing services
- taxi
- According to sales channel outlook
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- On-line
- Offline
- By Regoin
- North America
- Europe
- Asia & Pacific
- Latin America
- Middle East and Africa
Get detailed market segmentation @ https://straitsresearch.com/report/ride-hailing-and-taxi-market/segmentation
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