Ride Hailing Service Market by Region – Global Opportunities & Forecast, 2020-2027

 Ride Hailing Service Market

The global Ride Hailing Service Market is projected to register a CAGR of 8.75%, during the forecast period, 2021-2026. Ride hailing services work to eradicate the overall carbon discharge, by changing gasoline to electric. The increasing preference for carpool services among office goers will strengthen the market growth.

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Ride Hailing Service Market Dynamics

Ride-hailing services allow passengers to hail a vehicle using several online platforms such as Ola, Lyft, and Uber. It serves as the most comfortable transportation mode as it offers door-to-door services. The growth in the global ride hailing services market is attributed to the increasing inclination for car and bike pool services among the regular office goers. In addition, the modernisations in connected and automatic vehicles to decrease CO2 discharge and substantial surge in sales of these vehicles for the usage of ride-hailing services will propel the market growth. With the increasing hectic lifestyle, the consumers are seeking a convenient travelling option to save money and time.

The remarkable switch in the people’s choice from driving a car to being driven, primarily among the millennials has encouraged them to choose for ride hailing services. Millennials these days evade buying personal vehicles to save the maintenance and fuel costs with heavy road taxes. In parallel, the increasing agitation towards environment, accompanied by the intensified emphasis of government towards the usage of public transport for daily travelling has encouraged the acquisition of ride hailing services. In parallel, the rising deployment of digital money, such as net banking, unified payment interface, will positively influence the market growth. However, the reduced penetration of internet in the emerging nations and the enforcement of various rigorous norms will restrain the Ride Hailing Service Market opportunities.

Regional Drivers

By region, the North America region is projected to lead the market over the forecast period. This is attributed to the significant presence of several leading players in cities such as Chicago, New York,, and San Francisco. Additionally, the growing number of the working population and the rapid surge in traffic is forcing people to choose for ride hailing services to reach the final destination on time.

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