Ride Hailing Services Market to grow by USD 58.23 billion from 2022 to 2027 | Rising use of online ride-hailing services to drive the growth - Technavio
NEW YORK, Sept. 14, 2023 /PRNewswire/ -- The ride hailing services market is expected to grow by USD 58.23 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 12.86% during the forecast period. The market is segmented by Application (Car sharing and E-hailing), mode of booking (online and offline), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). The rising use of online ride hailing services is the key factor driving the market growth. The growing use of online ride-hailing services is driven by innovative new mobile applications that consumers are using to book rides. Uber in the US, Beijing Xiaoju Technology in China, and Grab Holdings in Singapore are the market leaders in their respective countries. In addition, growing investments from venture capitalists provide major market players with leverage to enter emerging and developing markets, thereby providing players with many opportunities to grow and increase their total revenue. Furthermore, increasing in-demand taxi bookings for daily travel by consumers from various developing countries has played a key role in determining the growth of the market. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
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The car sharing segment will contribute a major share of the market during the forecast period. This model is becoming increasingly popular in the global automotive services market, and several global companies have adopted it to better serve their customers. Furthermore, companies have begun offering carpooling options to passengers. For example, Uber launched the Uber Pool feature that allows multiple passengers to travel together in the same vehicle, thereby reducing costs and environmental impact. The concept of car sharing has become important in reducing CO2 emissions and decongesting city streets. Hence, these factors are expected to drive segment growth during the forecast period.
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The road logistics market size is estimated to grow by USD 782.97 billion between 2022 and 2027 exhibiting a CAGR of 3.59%. This report extensively covers market segmentation by Application (domestic and international), Type (truckload, less than truckload, parcel, and same day), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). The market growth is being driven by the growing trend of outsourcing logistics services.
The Car-as-a-Service (CaaS) Market size is estimated to grow by USD 306.31 billion between 2022 and 2027 accelerating at a CAGR of 18.09%. This Car-as-a-Service (CaaS) Market report extensively covers market segmentation by end-user (corporate and private), type (ride-hailing, car rental, car sharing, and car subscription), and geography (APAC, North America, Europe, South America, and Middle East and Africa). A wide range of vehicles with single subscription packages is the key factor driving the Car-as-a-Service Market growth.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Mode of Booking
Market Segmentation by Geography
Drivers, Challenges, & Trends
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