Ride-Hailing Market May Set New Growth Story | Didi Chuting, Get, Grab
Published Via 11Press : The most current study on the global ride-hailing market is being done to deliver a performance analysis of hidden gems in ride-hailing in order to better explain the competitive environment. To estimate the amount of revenue produced by the main business categories and end-use applications globally, the study uses a combination of quantitative market information and qualitative data. According to the report, which covers historical data from 2018 to 2022 and projected through 2028*, the recent situation in the ride-hailing industry has led to firms becoming uncertain about their future.
Ride-Hailing Industry Background: Ride-hailing is the practice of a customer ordering a personalized trip online, generally through a smartphone application. It is similar to a taxi service in principle. The customer uses a ride-hailing platform to book the trip; the platform acts as a middleman between the driver and the passenger. A new mobility infrastructure is being quickly built in stages, including ride-hailing. In recent years, open mobility technology has become more accessible and democratized, assisting ride-hailing entrepreneurs in starting their businesses from scratch as well as current transit organizations looking to integrate ride-hailing services into their networks. The experience-hailing market may also draw attention to well-known competitors like Uber and Lyft, but a number of smaller businesses have already begun to gain ground. In fact, the market for experience-hailing businesses is still up for business, especially in places where major travel-hailing companies don’t yet have operations, including small towns, rural areas, or inner-city districts with lower population densities. Additionally, local mobility entrepreneurs do not always rely on economies of scale in order to develop to be profitable, in contrast to Uber and Lyft.
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| Attributes | Details |
| Study Period | 2018-2028 |
| Base Year | 2022 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Didi Chuting (China) get (Israel) Grab (Singapore) Lyft (US) Uber Technologies (US) Ola (India) Ballecer (France) Lime (US) Herts (US) |
- This growth is primarily driven by the rapid development of mobile Internet technologies, and the growth of on-demand ride-hailing platforms. An increase in urbanization is also responsible for the surge in ride-hailing services. The government is also supporting ride-hailing services as there is an increase in ownership of vehicles due to which the public road infrastructure is getting congested and now the governments are trying to bring in personalized riding services.
- Safety issues and comparatively standardized fares are crucial for increasing demand for ride-hailing which shows tracks the data on a real-time basis.
- Globally, a noticeable market trend is an evident sector in the North American region has been increasing at a robust rate, and further growth is expected to be witnessed during the forecasted period till 2028, owing to the R&D investments and expansion cycle.
- Major players, such as Didi Chuting (China) get (Israel) Grab (Singapore) Lyft (US) Uber Technologies (US) Ola (India) BlaBlaCar (France) Lime (US) Herts (US), etc. Due to severe competition among taxi service providers for better service quality brought on by the increasing availability of cabs on demand, measures to boost customer satisfaction have been developed. The price rate and profit of the monopolistic on-demand ride-hailing platform are considerably greater under the uncontrolled pricing scenario than they are under the regulated pricing scenario. Very few players dominate the market share of the industry. It’s difficult for new entrants to fight the price war. The local Taxi drivers unaware of the aggregators might be affected by the upcoming ride-hailing.
Ride Hailing Market Segment:
Types:
- E-hailing
- Car Sharing {P2P, Corporate, others}
- Station-Based
- Car Rental
Application:
- Two Wheeler
- Car
Because the government is enforcing strict regulations to safeguard neighborhood taxis and public transportation, it is also posing regulatory challenges for aggregators. Grab clients in Singapore can now choose a mode of transport without having a conversation after Gab unveiled its new “Silent Ride” option on February 14, 2023. When requesting a cab, users will get a pop-up asking: “Not in the mood to chat? Experience a silent ride.
Following this free service, the user’s choice will be communicated to the driver. Grab claims that in order to validate the passenger’s identity and the particulars of the trip, as well as in case of an emergency, it is still necessary to make important contact. Calls can be made and received while driving. Grab Share and Grab Hitch frequently experience problems
Regulatory Insights:
- By comparison, in British Columbia, Washington, California, Massachusetts and Wisconsin drivers are required to submit to fingerprint and criminal background checks, have liability insurance and their labor rights are codified.
- In Toronto, drivers must complete a city-approved driver training program and have a minimum of three years of driving experience.
- Additionally, drivers need a valid driver’s license for the relevant class of vehicle.
Influencing Trend:
- With the technical breakthroughs in the telecommunications industry, and the availability of technologies such as artificial intelligence (AI) and the Internet of Things (IoT), etc., on-demand ride-hailing services have become increasingly popular.
- The conduct and behavior of drivers is a crucial role in the success of the company. Increasing demand for app-driven and on-demand transportation has increased the importance of driver categorization in ensuring universal acceptance, consumer happiness, and safety. The drivers will pick up regardless of where specified.
Market Growth Drivers:
- The rapid development of mobile Internet technologies, and the growth of on-demand ride-hailing platforms. An increase in urbanization is also responsible for the surge in ride-hailing services.
- The government is also supporting ride-hailing services as there is an increase in ownership of vehicles due to which the public road infrastructure is getting congested and now the governments are trying to bring in personalized riding services. Safety issues and comparatively standardized fares are crucial for increasing demand for ride-hailing which shows tracks the data on a real-time basis.
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Challenges:
- Where the aggregators are operating below the marginal cost by providing significant discounts and coupons, the severe price war between a small number of participants is primarily the cause of losses. This is another reason why new competitors who ask competition authorities to regularise the competition through fair play are turned away. Another challenge for businesses that offer ride-hailing services is getting permission to operate in multiple countries. Local transport network companies are subject to several governmental standards and guidelines.
- As an illustration, the Philippine government authorities turned down the GO-application JEK for a ride-sharing service because it could not meet the requirements for local ownership.
- In order to examine the pertinent market dynamics in various parts of the world, HTF MI has utilized a focused and realistic research approach for the ride-hailing business.
- Additionally, our experts do thorough analyses of specific geographic areas in order to give customers and companies the chance to compete in emerging markets and grow in developed ones.
- The analysis of the global ride-hailing business also demonstrates how the shifting player dynamics affect the market’s expansion. In addition, our market researchers thoroughly examine the goods and services provided by various firms in the ride-hailing sector that are vying for market dominance.
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