LONDON–(BUSINESS WIRE)–The global ride hailing services market size is expected to grow by USD 47.03 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The rising use of online on-demand transportation services is one of the major reasons driving the ride hailing services market growth. The demand for on-demand transportation services providers is increasing mainly due to rapid urbanization in the developing countries in APAC. Moreover, rising investments by venture capitalists have enabled several cab companies to penetrate into untapped markets. This provides ample opportunities for players to increase their overall revenue.
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As per Technavio, the growing M&A activity and strategic alliances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Ride Hailing Services Market: Growing M&A Activity and Strategic Alliances
The ride hailing services market has witnessed significant growth in the number of mergers and acquisitions (M&A), which is helping companies to gain a larger market share and improve service quality. The market is also witnessing an increased number of strategic alliances and partnerships among rival companies operating in different geographic locations. This will help companies to increase their geographic presence and enhance their operations. Thus, the growing M&A activity and rise in strategic alliances is identified as one of the key trends that will drive market growth.
“Other factors such as the increasing investment in autonomous vehicles, and the rising adoption of electric vehicles will have a significant impact on the growth of the ride hailing services market value during the forecast period,” says a senior analyst at Technavio.
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Ride Hailing Services Market: Segmentation Analysis
This market research report segments the ride hailing services market by type (e-hailing and Car sharing) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the global ride hailing services market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing urbanization, growing disposable income, rising demand for car sharing services, adoption of smartphones along with expanding Internet connectivity, and flourishing tourism.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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