The
global Ride
Hailing Services Market size is expected to reach USD 82.37 billion by
2025, according to a new report by Grand View Research, Inc. It is projected to
register a CAGR of 12.8% during the forecast period. Rising need to combat the
rushing traffic coupled with pilling road taxes is expected to expand the scope
of ride-hailing services. These rides are easily traceable and the contacts of
both the passenger and driver are easily accessible. This factor is projected
to bode well for the adoption of these services. Low cost of car ownership and
growing employment opportunities is expected to open new avenues over the next
few years.
In
January 2019, TukTuk-Ride launched a new ride hailing service app for ten major
cities in India. The consumers have to pay INR 14 per kilometer for cabs and
INR 8 per kilometer for bike taxis. The organization is also planning to expand
their services by incorporating luxury cars, vintage cars, e-bikes, deliver
vehicles, and ambulances in the same service segment. Dallas-based Alto
launched its ride hailing service in January 2019, through the funding of USD
14.5 million from companies including Road Ventures and Frog Ventures. The
company will expand to more U.S. cities by the end of 2019.
Some
of the automotive manufacturers are expected to enter the market to maintain
their customer base over the next eight years. For instance, developing
economies including China and India are expected to remain some of the
favorable destination as a result of urbanization and expansion of
middle-income population. Furthermore, other cab hailing services are entering
the China ride sharing service market. For instance, in October 2018,
SAIC Motor, Geely and Daimler jointly announced plans for new ride hailing
services in China. Additionally, BMW initiated its premium service, ReachNow
for China in January 2019. The new venture has a crew of drivers to chauffer
rides in a fleet of 200 BMW 5 series. The organization plans to include
Mercedes-Benz E-Class and Audi A6 in the fleet. The service will cost around
USD 3 per kilometer.
In
January 2019, Grab Holdings Inc. announced plans for commencing three new ride
hailing services under the names, GrabShuttle, GrabCall, and GrabCall in
Myanmar. GrabShuttle will be targeted at office workers and university students
and GrabCall will allow booking cabs through call center agents. Grab Web
Booking allows booking trips through online portals.
Browse
Details of Report @ https://www.grandviewresearch.com/industry-analysis/ride-hailing-services-market
Further key findings from the report suggest:
- E-hailing
offering segment accounted for more than 50% of the market share in terms
of revenue in 2018
- Car rental
offering segment is expected to register the fastest CAGR of 13.8% from
2019 to 2025
- North
America held a market share exceeding 35% in 2018 and is anticipated to
register significant growth over the forecast period
- Asia Pacific
is expected to witness the fastest CAGR of 13.9% in the ride hailing
services market during the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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