Dublin, June 26, 2025 (GLOBE NEWSWIRE) — The “Ride Hailing Market Opportunities and Strategies to 2034” report has been added to ResearchAndMarkets.com’s offering.
The global ride hailing market reached a value of nearly $150.34 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.77% since 2019. The market is expected to grow from $150.34 billion in 2024 to $235.73 billion in 2029 at a rate of 9.14%. The market is then expected to grow at a CAGR of 8.70% from 2029 and reach $357.71 billion in 2034.
This report describes and explains the ride hailing market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from increasing fuel prices, increased traffic congestion, favorable government initiatives and rising on-demand transportation services. Factors that negatively affected growth in the historic period were the high operational costs and safety concerns. Going forward, increasing usage of smartphones and internet penetration, rapid urbanization, expansion of tourism and declining car ownership will drive growth. Factor that could hinder the growth of the ride hailing market in the future include consumer shift toward micro-mobility and regulatory challenges.
Asia-Pacific was the largest region in the ride hailing market, accounting for 49.63% or $74.62 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the ride hailing market will be Africa and Asia-Pacific where growth will be at CAGRs of 11.89% and 11.55% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 8.00% and 7.95% respectively.
The global ride hailing market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 6.90% of the total market in 2023. Uber Technologies Inc. was the largest competitor with a 2.17% share of the market, followed by Didi Chuxing Technology Co. with 1.98%, Lyft Inc. with 1.61%, Ola Cabs (ANI Technologies Pvt. Ltd.) with 0.20%, PT GoTo Gojek Tokopedia Tbk with 0.19%, Bolt Technology OU with 0.186%, InDriver Technologies Inc. with 0.17%, Xanh SM (GSM) with 0.15%, Cabify with 0.12% and Grab Holdings Inc. with 0.11%.
The ride hailing market is segmented by vehicle type into two wheeler, three wheeler, four wheeler and other vehicle types. The four wheeler market was the largest segment of the ride hailing market segmented by vehicle type, accounting for 62.91% or $94.58 billion of the total in 2024. Going forward, the two wheeler segment is expected to be the fastest growing segment in the ride hailing market segmented by vehicle type, at a CAGR of 12.18% during 2024-2029.
The ride hailing market is segmented by service type into e-hailing, car sharing, station based mobility and car rental. The e-hailing market was the largest segment of the ride hailing market segmented by service type, accounting for 55.56% or $83.53 billion of the total in 2024. Going forward, the e-hailing segment is expected to be the fastest growing segment in the ride hailing market segmented by service type, at a CAGR of 10.68% during 2024-2029.
The ride hailing market is segmented by end-user into commercial and personal. The personal market was the largest segment of the ride hailing market segmented by end-user, accounting for 75.93% or $114.15 billion of the total in 2024. Going forward, the commercial segment is expected to be the fastest growing segment in the ride hailing market segmented by end-user, at a CAGR of 9.74% during 2024-2029.
The top opportunities in the ride hailing market segmented by vehicle type will arise in the four wheeler segment, which will gain $45.97 billion of global annual sales by 2029. The top opportunities in the ride hailing market segmented by service type will arise in the e-hailing segment, which will gain $55.22 billion of global annual sales by 2029. The top opportunities in the ride hailing market segmented by end-user will arise in the personal segment, which will gain $63.97 billion of global annual sales by 2029. The ride hailing market size will gain the most in China at $35.16 billion.
Market-trend-based strategies for the ride hailing market include innovative water ride-hailing services for seamless travel, revolutionizing the ride-hailing market with flexible loan terms, strategic partnerships redefining ride-hailing innovation, the impact of driver-passenger matching technology in ride-hailing apps, strategic funding and its impact on the ride hailing industry and innovative features in ride-hailing apps for passenger protection.
Player-adopted strategies in the ride hailing market include focus on expanding business and operational capabilities through strategic partnership. To take advantage of the opportunities, the analyst recommends the ride hailing focus on expanding water-based ride hailing services, focus on implementing income-based financing solutions, focus on enhancing application innovation to drive growth, focus on strategic investments to accelerate growth, focus on product innovation to improve reliability and customer experience, focus on accelerating two wheeler ride hailing growth, focus on expanding e-hailing services for maximum growth, expand in emerging markets, focus on building strategic partnerships for mobility innovation, focus on optimizing dynamic and value-based pricing strategies, focus on digital advertising and personalized promotions for brand recognition, strengthen customer loyalty through referral programs and localized promotions, focus on capturing growth in the commercial ride hailing segment.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 331 |
| Forecast Period | 2024 – 2034 |
| Estimated Market Value (USD) in 2024 | $150.34 Billion |
| Forecasted Market Value (USD) by 2034 | $357.71 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
Major Market Trends
- Innovative Water Ride-Hailing Services for Seamless Travel
- Revolutionizing the Ride-Hailing Market With Flexible Loan Terms
- Strategic Partnerships Redefining Ride-Hailing Innovation
- The Impact of Driver-Passenger Matching Technology in Ride-Hailing Apps
- Strategic Funding and Its Impact on the Ride Hailing Industry
- Innovative Features in Ride-Hailing Apps for Passenger Protection
Key Mergers and Acquisitions
- Uber Technologies Acquired TMAP Mobility
- ComfortDelGro Acquired Addison Lee
- Golrang Industrial Group Acquired Tapsi
- Grab Holdings Limited Acquired Trans-Cab Services
Markets Covered:
- Vehicle Type: Two Wheeler; Three Wheeler; Four Wheeler; Other Vehicle Types
- Service Type: E-Hailing; Car Sharing; Station Based Mobility; Car Rental; Other Service Types
- End User: Commercial; Personal; Other End Users
Key Companies Profiled:
- Uber Technologies Inc
- Didi Chuxing Technology Co.
- Lyft Inc.
- Ola Cabs (ANI Technologies Pvt.Ltd.)
- PT GoTo Gojek Tokopedia Tbk
Companies Featured
- Bolt Technology OU
- InDriver Technologies Inc.
- Xanh SM (GSM)
- Cabify
- Grab Holdings Inc.
- PT Gojek Indonesia
- Shohoz
- Via Transportation
- Namma Yatri
- Park24 Co., Ltd
- TH International Limited
- Trans-Cab Services Pte Ltd
- Car2Gocxc
- Singlife
- Ryde Group Ltd
- Nissan Motor Co., Ltd
- Carzonrent India Pvt. Ltd
- Savaari
- BluSmart Mobility
- Pony.ai
- WeRide
- Baidu, Inc
- Xanh SM
- GO Inc.
- Kakao Mobility Co., Ltd
- TMAP Mobility
- Addison Lee
- Yandex Taxi
- Blacklane GmbH
- Wheely Ltd
- Drivr
- Heetch
- ItTaxi
- Liftago
- Eberd
- Hopp
- Hovrd
- Wingz
- Waymo
- Yelowsoft
- RideON Canadad
- URide
- Kangaride
- 99
- Yango
- Zipcar
- Curb
- Easy Taxi
- Directo
- BluSmart
- Tapsi
- Drife
- Udrive
- SimpliRide
- Drop
- Twytch
- Yookoo Rides
- HerRyde
- Bosscab
- Careem
For more information about this report visit https://www.researchandmarkets.com/r/3tvc0j
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