Ride-hailing And Taxi Market 2028 – Top Companies, Research Methodology, Drivers, Opportunities

Ride-hailing And Taxi Market Growth & Trends

The global ride-hailing and taxi market size is estimated to reach USD 432.16 billion by 2028 and is expected to expand at a CAGR of 11.7% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growth of the ride market is significantly driven by the expansion of the key players in the new geographies and increasing consumer ridership owing to convenience and comfort. Consumers’ inclination to avoid the large overhead cost of car ownership and its maintenance, coupled with the increasing traffic congestion and lack of parking spaces fuels the global market growth.

Ride-hailing And Taxi Market Segmentation

Grand View Research has segmented the Ride-hailing and taxi market based on type, distribution channel, and region.

Based on the Type Insights, the market is segmented into Ride-hailing and Taxi.

• The global market of ride-hailing & taxis was dominated by the taxi segment by type in 2021. The taxi segment accounted for over 75% of the market revenue share in 2021. Taxi services plays important role in public transportation which can be booked via phone as well as the taxi app. Compared to ride-hailing services, taxi services have been operating in the market for a long time in the global market. Additionally, many taxi operators coupled with the widespread availability of taxi services across the world is credited for the higher market share in the global market. However, the taxi market is disrupting due to the increasing popularity of the ride-hailing model.
• In the global market, the ride-hailing segment by type is anticipated to witness robust growth. The segment is projected to register a CAGR of 17% from 2022 to 2028 in the global market. The emergence of new technology and market players in the local market are expanding the consumer base at the local level and facilitating the growth of the market at the global level. The increasing affordability of smartphones and internet penetration are rising the dependency on digital solutions across various industries, including ride-hailing services. The rising share of the millennials and generation among the consumer group is shifting the overall consumer statistics from traditional services to ride-hailing, fueling the global market growth.

Based on the Distribution Channel Insights, the market is segmented into Online and Offline.

• In the global market, an offline segment based on distribution channels accounted for the highest market revenue share. The offline segment accounted for around 60% of the market revenue share in 2021. Many operators offering offline channels for booking a ride and consumer behavior are attributed to the higher market share of the segment in the global market. Offline channels have been widely used for booking a ride with transportation network companies and taxi companies by phone or travel agents.
• The online distribution channel is projected to witness significant growth during the forecast years . In the global market, the online segment is anticipated to register a CAGR of 13.1% from 2022 to 2028. The rising popularity of the transportation model and growing use of app-based travel catapulted by the increasing affordability of the smartphone and internet services are driving the segmental growth during the forecast period. Furthermore, the shift in the demography of the consumer base, with an increasing share of millennials and generation z, is likely to influence the global market, fueling online channel growth.

Ride-hailing And Taxi Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East and Africa (MEA)

Market Share Insights

• October 2021: Bolt, Estonian on-demand transport firm, plans to introduce electric taxi options in South Africa.

Key Companies Profile & Market Share Insights

The market share is segregated into large, and SME market players, and is highly consolidated in nature. Market players are focusing on expanding to the new geographical area and increasing the consumer base.

Some of the prominent players operating in the global ride-hailing and taxi market include,

• Uber Technologies Inc.
• Lyft Inc.
• Didi Chuxing Technology Co.
• Ola Cabs
• Bolt Technology OÜ
• Grab Holdings Inc.
• Gett
• Yandex N.V.
• Cabify España S.L.U.
• Meituan Inc.

Order a free sample PDF of the Ride-hailing And Taxi Market Intelligence Study, published by Grand View Research.