Ride-Hailing Market Size (2024 - 2029)

The ride-hailing market is projected to experience significant growth over the forecast period, driven by increasing urbanization, the expanding tourism industry, and rising traffic congestion in urban areas. This growth is characterized by a heightened demand for affordable commuting options, particularly in developing countries and developed regions alike. Companies are enhancing their services and expanding their operations to remain competitive, with a notable focus on integrating electric vehicles into their fleets to reduce carbon emissions. This shift not only offers environmental benefits but also contributes to the overall expansion of the market.

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Market Size of Ride-Hailing Industry

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Ride-Hailing Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 185.64 Billion
Market Size (2029) USD 294.11 Billion
CAGR (2024 - 2029) 9.64 %
Fastest Growing Market Asia Pacific
Largest Market Asia-Pacific

Major Players

Ride-hailing Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Ride-Hailing Market Analysis

The Ride-Hailing Market size is estimated at USD 185.64 billion in 2024, and is expected to reach USD 294.11 billion by 2029, growing at a CAGR of 9.64% during the forecast period (2024-2029).

Over the long term, the increasing urbanization rate worldwide, the growing tourism industry, and the rising traffic congestion in urban cities will be major factors driving the growth of the ride-hailing market.

The increasing urbanization has led to a higher demand for ride-hailing services as more people seek better job opportunities in cities. These consumers prefer affordable commuting options over owning a vehicle. In addition, with growing traffic congestion, people who need to travel long distances daily prefer to avoid having to drive themselves, as it can be physically exhausting.

In recent years, there has been a growing preference for ride-hailing services in developing countries like India, China, and Vietnam, as well as in developed regions such as the United States and Europe. This trend has prompted companies to improve their services and expand their operations through mobile applications to compete effectively in the market.

Ride-hailing companies are working to reduce vehicle carbon emissions globally by converting gasoline vehicles to electric, aiming to eliminate tailpipe emissions. Fleet conversion offers direct environmental benefits and indirect advantages for other markets. The integration of electric vehicles in ride-hailing fleets is expected to drive substantial market growth.

Ride-Hailing Industry Segmentation

A ride-hailing service refers to ridesharing services that, via website and mobile applications, match passengers with drivers of vehicles for hire that, unlike taxicabs, cannot be legally hailed from the street.

The ride-hailing market is segmented by vehicle type, propulsion type, and geography. By vehicle type, the market is segmented into motorcycles, cars, vans, and buses. By propulsion type, the market is segmented into internal combustion engine (ICE) and electric. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market size and forecast are provided in terms of value (USD).

By Vehicle Type
Motorcycles
Cars
Vans
Buses
By Propulsion Type
Internal Combustion Engine (ICE)
Electric
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East and Africa
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Ride-Hailing Market Size Summary

The ride-hailing industry is poised for significant expansion over the forecast period, driven by factors such as increasing urbanization, the burgeoning tourism sector, and rising traffic congestion in urban areas. As more individuals migrate to cities for better employment opportunities, the demand for affordable and convenient transportation solutions like ride-hailing services has surged. This trend is evident in both developing regions, such as India, China, and Vietnam, and developed areas like the United States and Europe. Companies in the sector are responding by enhancing their service offerings and expanding their operations through mobile applications to maintain a competitive edge. The integration of electric vehicles into ride-hailing fleets is also expected to contribute to substantial market growth, aligning with global efforts to reduce carbon emissions and combat climate change.

The Asia-Pacific region, in particular, is experiencing rapid growth in the ride-hailing market, fueled by increasing traffic congestion and the appeal of low-cost transportation options. The rising urban population in countries like India and China is driving demand for efficient transportation solutions. New entrants and established players are actively expanding their fleets and forming strategic partnerships to strengthen their market presence. Key industry players, including Didi Chuxing, Uber, Lyft, and Grab Holdings, are engaging in mergers, acquisitions, and geographical expansions while introducing advanced features to enhance user convenience. The market's growth is further supported by government initiatives and collaborations aimed at promoting electric vehicle adoption and improving public transport services.

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Ride-Hailing Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Rising Traffic Congestion and Increasing Urban Population to Foster Market Growth

    2. 1.2 Market Restraints

      1. 1.2.1 Strict Government Regulations and Policies Toward Ride-hailing Services Impact the Market Growth

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 2.1 By Vehicle Type

      1. 2.1.1 Motorcycles

      2. 2.1.2 Cars

      3. 2.1.3 Vans

      4. 2.1.4 Buses

    2. 2.2 By Propulsion Type

      1. 2.2.1 Internal Combustion Engine (ICE)

      2. 2.2.2 Electric

    3. 2.3 By Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 South America

        2. 2.3.4.2 Middle East and Africa

Ride-Hailing Market Size FAQs

The Ride-Hailing Market size is expected to reach USD 185.64 billion in 2024 and grow at a CAGR of 9.64% to reach USD 294.11 billion by 2029.

In 2024, the Ride-Hailing Market size is expected to reach USD 185.64 billion.

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Ride Hailing Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)