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The Ride-hailing market is expected to experience substantial growth on a global scale.
According to projections, the revenue in this market is expected to reach US$167.60bn by the year 2024.
Furthermore, the annual growth rate (CAGR 2024-2029) of 4.89% is expected to result in a projected market volume of US$212.80bn by 2029 worldwide.
In terms of user numbers, the Ride-hailing market is expected to see a significant increase, with the number of users projected to reach 2.31bn users by 2029.
The user penetration rate is projected to be 23.1% in 2024, while it is expected to reach 28.6% by 2029.
The average revenue per user (ARPU) is estimated to be around US$93.59.
The Ride-hailing market is an online-only market.
Lastly, China is expected to generate the most revenue in the Ride-hailing market, with a projected revenue of US$60bn in 2024, making it the leading country in global comparison.
In the United States, ride-hailing companies have faced increased scrutiny and regulation from local governments, leading to market consolidation and higher prices.

Definition:

The Ride-hailing market encompasses on-demand transportation services facilitated through mobile apps or online platforms. This market covers both private vehicle rides and taxi services, all booked exclusively online. It includes Transportation Network Companies (TNCs), such as Uber and Lyft, traditional taxis booked via apps, such as Free Now or Cabify, and ride-pooling services, such as Moia and Via. This market excludes peer-to-peer ride-sharing, focusing on professionally operated transport services booked digitally for efficient and convenient urban mobility. Rides of traditional taxi services hailed on the street or booked via telephone are not included in this market.

Additional Information:

The main performance indicators of the Ride-hailing market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the mentioned market. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Platforms that let users book rides offered by drivers using their private vehicles (e.g., Uber)
Taxi companies that offer their services through an app (e.g., Free Now)
Platforms that offer shared rides (ride-pooling) with other passengers (e.g., Moia, Via)

Traditional taxi rides booked offline with taxi companies (via street-hailing or by telephone)

The Ride-hailing market is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in the Ride-hailing market are increasingly seeking convenience, affordability, and flexibility. They value the ease of booking a ride through a mobile app, the ability to track their ride in real-time, and the option to choose from a variety of vehicle types. Additionally, customers are placing a greater emphasis on safety and reliability, leading to increased demand for ride-hailing services that prioritize these factors.

Trends in the market: One of the key trends in the Ride-hailing market is the rise of electric and autonomous vehicles. As environmental concerns grow and technology advances, ride-hailing companies are increasingly incorporating electric and autonomous vehicles into their fleets. This trend not only aligns with customer preferences for sustainability but also reduces operational costs for ride-hailing companies. Another trend in the market is the expansion of ride-hailing services into new cities and regions. Ride-hailing companies are constantly seeking to enter untapped markets, both domestically and internationally, to capitalize on the growing demand for convenient transportation options. This expansion is often accompanied by partnerships or collaborations with local transportation authorities, allowing ride-hailing companies to navigate regulatory challenges and establish a presence in new markets.

Local special circumstances: In different countries and regions, there are unique local circumstances that influence the development of the Ride-hailing market. For example, in densely populated urban areas, where public transportation may be overcrowded or unreliable, ride-hailing services offer a convenient alternative for commuters. In contrast, in areas with limited public transportation infrastructure, ride-hailing services can fill a transportation gap and provide access to mobility for individuals who do not own a car. Furthermore, regulatory frameworks and government policies play a significant role in shaping the Ride-hailing market. Some countries have embraced ride-hailing services and implemented favorable regulations, while others have imposed restrictions or faced legal challenges. These local circumstances can impact the availability and competitiveness of ride-hailing services in different markets.

Underlying macroeconomic factors: The Ride-hailing market is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and increasing urbanization contribute to the expansion of the ride-hailing industry. As more individuals move to cities and experience higher levels of income, they are more likely to utilize ride-hailing services as a convenient and affordable transportation option. Additionally, technological advancements and the widespread adoption of smartphones have played a significant role in the growth of the Ride-hailing market. The ease of accessing ride-hailing apps and the ability to seamlessly book and pay for rides have made ride-hailing services increasingly popular among consumers. In conclusion, the Ride-hailing market is driven by evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The industry continues to evolve and innovate to meet the changing needs of customers and adapt to local market conditions.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings and revenues of ride-hailing services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.