Egypt Ride Hailing Service Market Growth & Trends
The Egypt ride hailing service market is anticipated to reach USD 3.6 billion by 2030 and expand at a CAGR of 11.4% during the forecast period, according to a new report by Grand View Research, Inc. The market's growth is driven by escalating traffic congestion, a rising demand for affordable car-sharing services, and a growing preference for comfort. In addition, emerging ride-sharing companies are adopting unique strategies, such as offering services tailored to long road trips, providing lower rates, and enhancing safety features.
Rising fuel prices, the increasing popularity of ride-sharing services, and a heightened awareness of environmental conservation have further fueled the market. These factors have led to the introduction of innovative modes of transportation. The growth in internet access and the widespread use of smartphones for booking rides further contribute to the market's expansion. Rising traffic congestion in Egypt has led many consumers to turn to car-sharing and carpool services. These options provide a convenient and comfortable travel experience at lower costs, making them particularly appealing to office workers.
Urbanization and low vehicle ownership rates in Egypt are anticipated to drive the demand. In 2023, the urban population in Egypt accounted for 43.1% of the total population, as reported by the World Bank's development indicators. Therefore, there is a demand for convenient, flexible transportation options. Furthermore, according to the Central Agency for Public Mobilization and Statistics (CAPMAS), the number of licensed vehicles in Egypt decreased by 8.9% to 9.9 million at the end of 2022, compared to 10.9 million in 2021. In addition, a report by AMIC revealed that car sales fell by 36.55%, with only 184,000 vehicles sold in 2022, down from 290,000 in 2021. These factors have increased the demand for other alternatives to transportation, including ride-hailing services.
Egypt Ride Hailing Service Market Highlights
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook