The ride-hailing market is experiencing growth, as per P&S Intelligence. APAC had the highest revenue share in the past, because of the high acceptance of these services in the region.
The growing usage of e-vehicles in ride-hailing services is a well-known industry trend. Governments throughout the globe are laying down guidelines and rules to boost the acceptance of such vehicles in fleets of service providers. Auto manufacturers are also concentrating on the introduction of e-vehicles fleets for ride-hailing services.
In the past, the economy category held the largest revenue share within the vehicle type segment. This was mainly due to the number of wagons working under this category being more than those in the executive and luxury categories.
Numerous operators opt for ride-hailing services for commuting to short-to-medium distances, so they do not need to spend much and select budget cars.
Under the traveling pattern segment of the ride-hailing market, the daily/weekly category will grow at the highest CAGR in the coming years. This can be ascribed to the several tie-ups of ride-hailing service operators with business companies to offer shared mobility to the staff of the latter.
The APAC region held the highest revenue share in the market in the past, mainly because of the increasing government awareness about environmental pollution. Furthermore, the rising need for other mobility options to decrease road congestion in peak hours and the growing usage of the internet has boosted the need for such services in the region.
The Rest of the World is projected to witness the fastest growth, in the coming years. This can be ascribed to the mounting requirement to grow a mobility solution to reduce environmental degradation and guarantee travel convenience.
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