The ride-hailing industry has decades’ long history though substantially supported by recent technology advancements, increasing use of smartphones and urbanisation. Since the start of e-hailing, pioneered by Uber, various ride-hailing companies such as Lyft, Didi Chuxing and Ola entered the market and started disrupting the transportation industry.
The market is now getting more tractions as it provides ease of access and increased comfort level. The young generation is the frequent users of e-hailing services as it is the largest group of smartphones users.
Traditional taxi market is getting largely affected by the ride-hailing services as it has penetrated very fast in the market especially in urban regions. Ride-hailing services are becoming a preferred method as it can be easily accessed with reduced fares. Moreover, rather than travelling in old models of traditional taxis, ride-hailing companies offer rides in well conditioned and with low fares. However, in less urbanised and less developed regions, old forms of transportation still take into account for a significant share.
Another factor which will play a significant role in driving the market is autonomous vehicles technology. Autonomous driving vehicles will largely use for the ride-hailing services. Uber and Lyft have already started testing autonomous vehicles technology and offering rides to individuals. Commodity Inside expects that various OEMs will enter in ride-hailing market by using their own autonomous vehicles fleets.
This article is based on our latest market research report “Global Ride Hailing Market 2018-2025”.
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