The global ride-hailing service market is segmented on the basis of service type, vehicle type, location, end user, and geography. On the basis of service type, the market is segmented into e-hailing, car sharing, car rental, and station-based mobility. The rising proliferation of smartphones and internet connectivity is driving the demand for e-hailing services across the globe. On the basis of vehicle type, the market is segmented into two-wheeler, three-wheeler, four-wheeler, and other. The various technological innovations for digital payments, safety, and comfort for the riders, as well as drivers, etc. have further helped in the growth of the four-wheeler ride-hailing service market. Based on the location, the ride-hailing service market is segmented into urban, and rural. Surging penetration of the internet coupled with the growing acceptance of ride-hailing services has led to growth in the urban ride-hailing service market. Based on the end user, the ride-hailing service market is segmented into institutional, and personal. A surge in the daily commute to work in urban areas, as well as an increased desire to save gasoline by giving a ride to commuters and colleagues travelling the same route, are expected to fuel the personal ride hailing market. Further, on the basis of geography, the ride-hailing service market is primarily segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, South and Central America. Surge in the adoption of ride-hailing service in the UK, Germany, and Switzerland is bolstering the growth of the market in Europe.
DIDI GLOBAL INC.; GRAB HOLDINGS INC.; LYFT, INC – PROMINENT MARKET PARTICIPANTS IN RIDE-HAILING SERVICE MARKET
People who are not capable of purchasing car can experience seamless travel through mobility services. The average cost of owning and operating a vehicle, according to the Bureau of Transportation Statistics, is roughly $8,858, assuming 15k kilometres per year. Mobility-as-a-service reduces these costs for the user by maximising the use of transportation services like car sharing and ride hailing. It also reduces traffic congestion and overall automobile emissions in cities. As a result, digitally enabled car sharing and ride-hailing efficiently manage transport demands and provide a convenient and environmentally friendly alternative to private automobile ownership. Moreover, according to statistics, 55 percent of the world’s population currently lives in cities, and estimations suggest that by 2050, roughly 68 percent of the population will be living in cities. The rapid pace of urbanization is already leading to traffic congestion. The Mobility as a Service (MaaS) concept may be a better choice for reducing traffic congestion by making greater use of existing public and private transportation infrastructure. The urgent demand for effective solutions to handle traffic in smart cities in a faster, less expensive, and convenient manner is expected to fuel MaaS market growth through 2028. Therefore, the increasing trend of mobility as a Service (MaaS) is expected to fuel the growth of the global ride-hailing service market.
Most of the market initiatives were observed in North American region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
| Year | News | Country |
| 2021 | Lyft has added an option to allow users to schedule a trip by phone call, a particular service in Florida that allows consumers to dial a number (631-201-LYFT) with a mobile phone to book a car on weekdays from 8 a.m. to 8 p.m. It’s intended towards seniors and those who don’t have access to the app. | North America |
| 2021 | Gett announced partnership with Curb. Curb Mobility operates in 65 locations across the United States and also offers Yellow Taxis and black cars in addition to ride-hailing drivers. | North America |
