Global Ride Hailing Services Market 2019-2023
About this market
Ride hailing services, that are offered through online platforms and apps, have grown into immense popularity across the world. The ride hailing services market is witnessing increasing mergers and acquisitions(M&A) activities and strategic alliances over the last few years. M&A activities are helping companies improve service quality and gain market share. There has also been several strategic alliances and partnerships among companies, which are helping the vendors enhance their operations and increase their geographic presence. In March 2018, Uber Technologies announced that it merged its Southeast Asia operations with Grab. The ride hailing services market is expected to witness more M&A activities and strategic alliances during the forecast period. Technavio’s analysts have predicted that the ride hailing services market will grow at a CAGR of almost 19 % by 2023.
Rising use of online on-demand transportation services
With the emergence of new and innovative user-friendly mobile applications, the consumers are able to easily book rides with their smartphones. Therefore, the increasing use of online on-demand transportation services is contributing to the rising demand and growth of the ride hailing services worldwide. Uber in the US, DiDi ChuAng in China, Ola by ANI Technologies in India, Grab in Singapore are the market leaders in their respective countries.
Compliance with government regulations
Ride hailing service providers need to comply with several state and federal laws focused on protecting the environment. These regulations encourage vendors and manufacturers to use solutions that can reduce the emission of gases such as nitrogen oxides, carbon monoxide, and carbon dioxide. This is expected to pose a challenge for the ride hailing services market.
For the detailed list of factors that will drive and challenge the growth of the ride hailing services market during 2019-2023, view our report.
The ride hailing services market appears to be fragmented with the presence of a considerable number of companies and the competitive environment is quite intense with all companies focusing on improving their market position. Some of the factors that are impacting the growth of the ride hailing services market are the rising use of online on-demand transportation services and the increasing M&A activities and strategic partnerships. DiDi Chuxing, Gett, Grab, Lyft, and Uber Technologies are some of the leading companies in the market.
‘With the presence of a considerable number of companies, this market appears to be fragmented. This market research report will help clients identify new growth opportunities. Companies in the ride hailing services market are increasingly focusing on merger and acquisitions activities and getting into strategic partnerships with other companies to gain market share.’
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