Market Size of Ride-Hailing Industry
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 179.29 Billion |
| Market Size (2028) | USD 272.71 Billion |
| CAGR (2023 - 2028) | 8.75 % |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ride Hailing Market Analysis
The Ride-Hailing Market size is expected to grow from USD 179.29 billion in 2023 to USD 272.71 billion by 2028, at a CAGR of 8.75% during the forecast period (2023-2028).
During the outbreak of pandemic COVID-19, the market was hit badly because of the imposed lockdowns around the world to curb the spread of virus. Yet, with gradual reopening of economies demand is returning to the market.
In recent years, passenger preferences for utilizing ride-hailing services across the developing countries, such as India, China, Vietnam, etc., have increased, along with increasing demand in the developed regions, such as the United States and Europe. This has led the companies to enhance the options and expand their operations to be provided in mobile applications, to retain their respective market shares in a highly competitive market.
Ride-hailing companies are working to eliminate tailpipe emissions and reduce the overall vehicle carbon emissions globally, by converting gasoline vehicles to electric. Fleet conversion has various direct environmental benefits and indirect benefits for other markets. It can support the public charging infrastructure and increase individual consumer exposure to EVs.
