Ride-Hailing Market: How can businesses cope with COVID-19

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The major factors helping the ride-hailing market progress are the need for a convenient mobility option, concerns for the environment, urban congestion, and supportive government initiatives. Such services generated $50.4 billion in 2018, and this revenue is expected to reach $120.2 billion in 2024, at a 13.0% CAGR during 2019-2024 (forecast period). Ride-hailing refers to transportation services provided by mobility companies via their mobile apps. After booking the ride to their desired destination, commuters are sent a car with a designated driver.

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Based on vehicle type, the ride-hailing market is categorized into luxury, executive, and economy. Among these, the economy category was the largest in 2018 and is expected to stay the largest throughout the forecast period. This is because the number of economy cars in sharing fleets is higher than luxury or executive cars. Additionally, as most people avail of ride-hailing services for short distances, they do not prefer paying a lot, which is even truer in developing countries.

One of the key drivers for the ride-hailing market is that these services make traveling convenient. With cars for hire, people do not have to own one, which saves the money spent on vehicle purchase, as well as insurance, parking, fuel, and regular maintenance. Additionally, in most cities, ride-hailing firms operate round the clock, which lets people travel whenever they want. The user-friendly mobile apps of most companies and the fact that riders only have to pay according to the journey time or distance also make the concept popular.

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Across the globe, the ride-hailing market report of Asia-Pacific (APAC) is the largest in the world, and the same scenario is predicted for the forecast period. This would be a result of the rising number of government initiatives to reduce carbon emissions and increasing number of passengers opting for shared mobility. Within the region, China held an around 70.0% revenue share in 2018, reflecting at the high popularity of the concept in the country.

Therefore, as more people shift, away from owning vehicles, to sharing one, the demand for ride-hailing services would increase further.

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