Report Code: 11756 | Available Format: PDF | Pages: 230
2023 Market Size | 2024 Market Size | 2030 Market Size | 2024-2030 CAGR | Nature of Market |
USD 153.3 Bn | USD 173.6 Bn | USD 248.3 Bn | 6.1% | Consolidated |
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The ride-hailing market size stood at USD 153.3 billion in 2023, and it is expected to reach USD 248.3 billion in 2030, with a compound annual growth rate of 6.1% during 2024–2030. The increasing development of smartphones and information technology has led to significant changes in the travel and transportation industry. The ride-sharing service requires three parties to operate, namely, drivers, passengers, and service providers.
The economy category held the highest market share, around 80%, within the vehicle segment in 2023. This is because more vehicles in this category operate than full-size and luxury vehicles. Many users choose short-to-medium distance ride-sharing services, so they prefer to choose a cheap car without investing too much.
In addition, economy ride-hailing services are designed to be cost-effective vehicles, such as compact cars. These services appeal to drivers who value affordability over luxury and are perfect for daily commutes and short trips. Economy services are growing in popularity among a wide range of demographics, including students, daily commuters, and those seeking convenient and affordable transportation.
Moreover, executive ride-hailing offers an extra level of comfort and services compared to the economy option. It usually features more premium vehicles such as sedans and SUVs with amenities such as leather seats and luxury interiors. Executive services are often chosen by business travelers and individuals looking for more comfortable and stylish vehicles are special occasions. A good balance between affordability and increased comfort.
Furthermore, luxury ride-hailing services cater to drivers seeking the ultimate in comfort, style, and luxury. These services use top-of-the-range vehicles such as luxury sedans and luxury cars such as Mercedes-Benz and BMW. Luxury ride-hailing services are more than just a means of transportation. Passengers who use these services are willing to pay extra for luxury chauffeured rides. It is often chosen for high-end events, business travel, or simply a luxurious travel experience.
Three different types of ride-hailing vehicles are covered in the report:
Those who primarily utilize these services for their daily shipping requirements select the daily or weekly shipping category. It offers a practical and adaptable alternative to personal vehicle ownership. Travelers can book excursions to work, to get things done, or to repeat arrangements, making transportation more dependable and open, which will produce the most incredible income before long.
Depending on the type, monthly drivers use ride-sharing services less frequently, typically for one-time or occasional trips. Drivers in this category do not require daily transportation assistance but still take advantage of the convenience and adaptability offered by car-sharing platforms in this more relaxed usage model. These users can use car-sharing services for a variety of reasons, including social outings, vacations, monthly trips, and more.
In light of the rare classification, driving assistance clients utilize these administrations irregularly relying upon their ongoing classification. Try not to depend on carpooling for your day-to-day or normal travel needs, use it when vital. In situations where public transportation is unavailable and for specific occasions like airport transfers and cruises, occasional drivers can use carpooling services.
Below type of commuting patterns are studied in the report:
There are two types of end users are covered:
The North American market is expected to record the highest CAGR of 8% in the coming years. The market is characterized by intense competition between established players such as Uber and Lyft and emerging regional providers. Moreover, the region has a complex regulatory environment, such as a focus on safety, sustainability, and compliance with local regulations.
The Asia-Pacific (APAC) market is also experiencing explosive growth, due to the rising middle-class population, urbanization, and rapid technology adoption. Local providers often compete with international ride-hailing giants, and services can be customized to local preferences and payment methods.
The industry for ride-hailing will reach USD 173.6 billion in 2024.
The ride-hailing market value will reach USD 248.3 billion in 2030.
The North American market for ride-hailing will grow at the highest CAGR.
On-demand transportation services that offer inclusive real-time feedback on drivers and their automobiles is a key ride-hailing industry driver.
Individual end user hold the larger ride-hailing market share.
The ride-hailing industry is consolidated in nature.
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