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(Wireless-NewsWire.Com, December 15, 2018 ) According to recent research "Ride Hailing Market by Service Type (E-hailing, Car Sharing, Station-Based, Car Rental), Data Service (Navigation, Information, Payment, Others), Connectivity (3G, 4G, 5G, Wi-Fi and V2V, V2I, V2P, V2N), Vehicle Type & Region - Global Forecast to 2025", The Ride Hailing Market is driven by factors such as growing need for personal mobility in wake of rising urbanization and fall in car ownership. The Ride Hailing Market is projected to grow at a CAGR of 19.81% during the forecast period, to reach USD 276.00 Billion by 2025.
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E-hailing is the largest segment in the conveyor system market in terms of value. E-hailing is the most widely used ride hailing service. The growth of e-hailing is attributed to its user-friendliness and convenience to consumers. Station based mobility is the fastest growing market in the ride hailing industry. This fastest growth of segment is owing to government incentives and growing consumer preference.
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Payment service market is growing at the fastest CAGR during the forecast period. Ride hailing service providers use payment gateway for online payment processing. International expansion of ride hailing service providers and payments in foreign currency will boost the growth of payment service. Navigation service is largest market in the Ride Hailing Market during the forecast period as user base of ride hailing services is huge as it is used by both driver and passenger regarding location and route.
Electric vehicle market is growing at the fastest CAGR during the forecast period. This growth is attributed to favorable government policies, better infrastructure, and growing awareness about CO2 emission. IC engine vehicles have the largest market in the Ride Hailing Market as current mobility on landscape is dominated by IC engine vehicles.
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Asia-Oceania is estimated to be the largest market in the global Ride Hailing Market. The growing need for personal mobility with increasing urbanization has given rise to the growth of industries in these countries. Major Ride hailing service providers such as Uber Technologies, Inc. (U.S.) and Didi Chuxing (China) have either regional presence or collaboration with regional players in the Asia-Pacific region.
The Ride Hailing Market is dominated by a few global players, and comprises several regional players. Some of the key players operating in the ride hailing ecosystem are Uber Technologies Inc. (U.S.), Delphi Automotive Plc (U.K.), Denso Corporation (Japan), Intel Corporation (U.S.), and TomTom NV (The Netherlands).
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