The Ride-Hailing Service Market is expected to grow from US$ 48,922.78 million in 2021 to US$ 98,745.11 million by 2028; it is estimated to grow at a CAGR of 10.6% from 2021 to 2028.
Finance, fuel, upkeep, registration/taxes, and maintenance repair, as well as depreciation, all contribute to the cost of owning a car. The expense of owning a vehicle rises year after year. The depreciation accounts for 43% of the total ownership cost, according to the American Automobile Association (AAA), however the other costs, such as maintenance and gasoline, account for 25%. Fuel prices and maintenance expenses have risen dramatically in recent years, and the trend is expected to continue without any decline. Owning a car has become more of a liability than an asset as cities become increasingly congested with people and cars. As the millennial generation has little to no interest in owning a car, the percentage of people aged 18 to 35 who own a car has decreased over time. Other factors contributing to the fall in car ownership include poor public transportation connectivity in major cities and the growing popularity of internet shopping, among others. Though car ownership increased during the pandemic, it is anticipated to decline after 2021, returning to pre-pandemic levels. As a result, ride-hailing service providers can profit from these demographics, as the new tech-savvy generation is one of the most active users of these services.
Key Findings of Study:
The global Ride-Hailing Service market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Based on Service Type, the Ride-Hailing Service market is characterized into e-hailing, car sharing, car rental, and station-based mobility. In 2020, the E-hailing segment accounted for a larger share in the market. Based on Vehicle Type, the Ride-Hailing Service market is characterized into two-wheeler, three-wheeler, four-wheeler, and others. In 2020, the Four-Wheeler segment accounted for the largest share in the market. Based on Location, the ride-hailing service market is characterized into urban, and rural. In 2020, the urban segment accounted for the largest share in the market. Similarly, based on end-user, the Ride-Hailing Service market is segmented into institutional, and personal. In 2020, the Institutional segment accounted for the largest share in the market.
