Ride Hailing Market Report 2024 (Global Edition)

Global Ride Hailing Market Report 2024 Market Size Split by Service Type (E-hailing , Car Rental  , Car Sharing  , Station-based Mobility), by End-User (Institutional , Personal), by Vehicle Typ...

Ride Hailing Market Report Description

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Competitive Landscape of the Ride-Hailing Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge products, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Ride-Hailing Industry News 

In March 2023, Rapido introduced a subscription model to a taxi and car driver's partner to replace the old structure of the travel committee, but Indrive offers a 10-12 % commission level to Indian motors and major players. We provide less than half of Uber, OLA 25, and % Committee. 

(Source:   indiatimes.com/tech/startups/increasing-competition-new-models-in-cab-hailing-space-a-boost-for-drivers/articleshow/108404022.cms?from=mdr)

Top Companies Market Share in Ride Hailing Industry: (In no particular order of Rank)

• Yandex.Taxi LLC
• Didi Chuxing Technology Co.
• Be Group JSC
• Uber Technologies Inc.
• ZuumViet
• Lyft Inc.
• FastGo Vietnam JSC
• Grab Holdings Inc.
• ANI Technologies Pvt. Ltd.
• Free now (Daimler)
• BlaBla Car
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Ride-Hailing

Which Region will dominate the Ride-Hailing Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America, particularly the United States, has been a hotbed of technological innovation in the ride-hailing sector, with companies like Uber and Lyft pioneering the development of user-friendly mobile apps and dynamic pricing algorithms. Regulatory challenges have been a significant driver of innovation and adaptation in the North American ride-hailing market, with companies navigating a patchwork of regulations at the federal, state, and municipal levels.

Which Region is Expanding at the Fastest CAGR?

The Europe region is witnessing an increase, Europe has a complex regulatory landscape governing transportation services. Still, many countries have embraced ride-hailing as a means to promote competition, innovation, and consumer choice while ensuring compliance with regulatory standards. Dense urban populations and limited parking infrastructure in cities like London, Paris, and Berlin have fueled demand for ride-hailing services as a convenient alternative to private car ownership.

The current report Scope analyzes Ride Hailing Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Ride Hailing Market

According to Cognitive Market Research, the global Ride Hailing Market size was estimated at USD 191548.25 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 76619.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031. North America, particularly the United States, has been a hotbed of technological innovation in the ride-hailing sector, with companies like Uber and Lyft pioneering the development of user-friendly mobile apps and dynamic pricing algorithms. Regulatory challenges have been a significant driver of innovation and adaptation in the North American ride-hailing market, with companies navigating a patchwork of regulations at the federal, state, and municipal levels.

• According to Cognitive Market Research, the USA had a major share in the Ride-Hailing Market, with a market size of USD 60452.63 million in 2024, and is projected to grow at a CAGR of 7.0% during the forecast period. A shift away from car ownership, increasing interest in shared transportation options, and a growing emphasis on sustainability have driven demand for ride-hailing services in cities across North America. 
• The Canadian ride-hailing Market had a market share of USD 9194.32 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Canada's rise of alternative transportation options, such as bike-sharing, electric scooters, and micro-mobility solutions, has influenced consumer preferences and shaped the competitive landscape of the ride-hailing market.
• The Mexico Ride Hailing Market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 6972.36 million in 2024.

 

Europe Ride Hailing Market

According to Cognitive Market Research, with a market value of USD 191548.25 million in 2024, and projected to expand at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 57468.48 million. Europe has a complex regulatory landscape governing transportation services. Still, many countries have embraced ride-hailing as a means to promote competition, innovation, and consumer choice while ensuring compliance with regulatory standards. Dense urban populations and limited parking infrastructure in cities like London, Paris, and Berlin have fueled demand for ride-hailing services as a convenient alternative to private car ownership.

• The United Kingdom Ride-Hailing Market had a market share of USD 9654.03 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. In the UK, increasing awareness of environmental issues and initiatives to reduce carbon emissions have driven interest in shared mobility solutions, including ride-hailing, particularly in environmentally conscious European cities.

• The France Ride-Hailing Market is projected to grow at a CAGR of 6.7% during the forecast period, reaching a market size of USD 5286.63 million in 2024.
• According to Cognitive Market Research, the German ride-hailing Market was valued at USD 11377.97 million in 2024 and is projected to grow at a CAGR of 7.7% during the forecast period. Ride-hailing companies in Europe have increasingly integrated their services with public transit networks, offering users seamless multi-modal transportation options and enhancing the overall mobility ecosystem.
• The Italy Ride-Hailing Market is projected to grow at a CAGR of 6.9% during the forecast period, reaching a market size of USD 4941.94 million in 2024.
• The Russian ride-hailing Market is projected to grow at a CAGR of 6.5% during the forecast period, reaching a market size of USD 8906.99 million in 2024.
• The Spain Ride Hailing Market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 4712.09 million in 2024.
• The Luxembourg Ride-Hailing Market is projected to grow at a CAGR of 7.6% during the forecast period, reaching a market size of USD 1781.40 million in 2024.
• The Portugal Ride Hailing Market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 1206.75 million in 2024.
• The Greece Ride-Hailing Market is projected to grow at a CAGR of 7.8%  during the forecast period, reaching a market size of USD 689.57 million in 2024.
• The rest of the European ride-hailing Market is projected to grow at a CAGR of 6.2% during the forecast period, reaching a market size of USD 8906.99 million in 2024.

 

Asia Pacific Ride Hailing Market

According to Cognitive Market Research, the global Ride Hailing Market size was estimated at USD 191548.25 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 44056.10 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031. Rapid urbanization in countries like China, India, and Southeast Asian nations has led to increased demand for convenient and efficient transportation solutions, driving the growth of the ride-hailing market. The widespread adoption of smartphones and mobile internet connectivity in the Asia Pacific region has facilitated the proliferation of ride-hailing services, making it easy for users to access and use these platforms.

• According to Cognitive Market Research, the China Ride-Hailing Market was valued at USD 19825.24 million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. While regulatory challenges exist, many countries in Asia Pacific have embraced ride-hailing as a means to address transportation gaps and promote economic growth, leading to relatively favorable regulatory environments in some markets.
• The Japan Ride Hailing Market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 6079.74 million in 2024.
• The India Ride-Hailing Market had a market share of USD 5286.73 million in 2024 and is projected to grow at a CAGR of 12.8% during the forecast period. With a large proportion of young and tech-savvy populations, millennials and Generation Z have a natural affinity for ride-hailing services, further driving market growth in the region.
• The South Korean Ride-Hailing Market is projected to grow at a CAGR of 10.1% during the forecast period, reaching a market size of USD 4405.61 million in 2024.
• The Australian Ride-Hailing Market is projected to grow at a CAGR of 10.7% during the forecast period, reaching a market size of USD 2290.92 million in 2024.
• The Southeast Asia Ride-Hailing Market is projected to grow at a CAGR of 12% during the forecast period, reaching a market size of USD 3039.87 million in 2024.
• The Rest of the Asia Pacific Ride Hailing Market is projected to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 3127.98 million in 2024.

South America Ride Hailing Market

According to Cognitive Market Research, the global Ride Hailing Market size was estimated at USD 191548.25 Million, out of which the Latin America market of more than 5% of the global revenue with a market size of USD 9577.41 million in 2024. It will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031. Safety and security concerns associated with traditional taxi services have driven demand for ride-hailing services as a safer and more reliable alternative, particularly in cities with high crime rates. Rapid urbanization and traffic congestion in cities like São Paulo, Mexico City, and Bogotá have fueled demand for ride-hailing services as a means to navigate congested roadways more efficiently.

• According to Cognitive Market Research, the Brazil Ride Hailing Market size was valued at USD 4099.13 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. Increasing smartphone penetration and mobile internet usage in Latin America have facilitated the widespread adoption of ride-hailing services, particularly among tech-savvy urban populations.
• The Argentina Ride Hailing Market had a market share of USD 1609.01 million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. 4. Economic factors such as rising disposable incomes, expanding middle classes, and a growing gig economy have contributed to the growth of the ride-hailing market in Latin America, where flexible employment opportunities appeal to many.
• The Colombia Ride Hailing Market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 852.39 million in 2024.
• The Peru Ride-Hailing Market is projected to grow at a CAGR of 8.6 % during the forecast period, reaching a market size of USD 785.35 million in 2024.
• The Chile Ride Hailing Market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 689.57 million in 2024.
• The Rest of the Latin American Ride Hailing Market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 1541.96 million in 2024.

 

Middle East and Africa Ride Hailing Market

According to Cognitive Market Research, the global Ride Hailing Market size was estimated at USD 191548.25 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 3830.97 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031. Rapid urbanization and population growth in African cities have led to increased congestion and demand for reliable transportation solutions, driving the adoption of ride-hailing services as a convenient alternative. With a large proportion of young and digitally-native populations, there is significant demand for tech-enabled services like ride-hailing among African millennials and Generation Z.

• According to Cognitive Market Research, the GCC Countries' Ride-Hailing Market was valued at USD 1639.65 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. In many African countries, the ride-hailing market coexists with informal transportation networks, providing opportunities for formalization and regulation while addressing safety and reliability concerns.
• The Egypt Ride-Hailing Market is projected to grow at a CAGR of 9.0% during the forecast period, reaching a market size of USD 402.25 million in 2024.
• The South Africa Ride Hailing Market is projected to witness growth at a CAGR of 9.7% during the forecast period with a market size of USD 605.29 million in 2024. Investments in infrastructure development, particularly in urban transportation systems and digital connectivity, are driving the expansion of the ride-hailing market in Africa, albeit at a slower pace compared to other regions.
• The Turkey Ride-Hailing Market is projected to grow at a CAGR of 8.2% during the forecast period, reaching a market size of USD 329.46 million in 2024.
• The Nigeria Ride Hailing Market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 402.25 million in 2024.
• The Rest of the MEA Ride-Hailing Market is projected to grow at a CAGR of 7.7% during the forecast period, reaching a market size of USD 452.05 million in 2024.

Ride Hailing Market Analysis

Ride-Hailing Service Type Segment Analysis

According to Cognitive Market Research, Rental cars provide travelers with the flexibility to explore destinations at their own pace, deviate from fixed itineraries, and access remote or off-the-beaten-path locations not served by public transportation or e-hailing services. Renting a car allows travelers to choose the type of vehicle that best suits their needs, whether it's a compact car for city driving, a spacious SUV for family vacations, or a luxury vehicle for special occasions.

E-hailing is the fastest-growing category over the forecast period. E-hailing services offer unparalleled convenience, allowing users to summon a ride with the tap of a button and access transportation services 24/7 without the need for reservations or waiting in line. For short-distance trips or occasional use, e-hailing services can be more cost-effective than renting a car, as users only pay for the distance traveled and time spent in the vehicle

• E-hailing 
• Car Rental  
• Car Sharing  
• Station-based Mobility.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Ride Hailing Industry. Request a Free Sample PDF!

Ride-Hailing End-User Segment Analysis

According to Cognitive Market Research, Institutional ride-hailing services offer unparalleled convenience, allowing users to request a ride with the tap of a button through user-friendly mobile apps. This convenience is particularly beneficial for spontaneous trips or when public transportation is not readily available. Ride-hailing services can be cost-effective, especially for short to medium distances or when traveling alone or with a small group. The transparent pricing structure and fare estimation features provided by these platforms help users plan their transportation expenses more effectively.

Personal is the fastest-growing category over the forecast period. Personal ride-hailing services offer a higher level of privacy and personalization compared to institutional services. Users can establish long-term relationships with drivers or chauffeurs who become familiar with their preferences and provide tailored transportation experiences. Personal ride-hailing services often prioritize professionalism and customer service, with trained drivers or chauffeurs who are well-groomed, punctual, and knowledgeable about local routes and attractions.

• Institutional 
• Personal

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Ride Hailing market report 2024 Edition by contacting our team.

Ride Hailing Vehicle Type Segment Analysis

According to Cognitive Market Research, Two-Wheeler Ride-Hailing holds a prominent market share. In densely populated urban areas with heavy traffic congestion, two-wheeler ride-hailing services offer a nimble and efficient alternative to traditional four-wheeled vehicles. They can navigate through traffic more easily, reducing commuters' travel time. Two-wheeler and ride-hailing services are particularly well-suited for providing last-mile connectivity in urban environments, bridging the gap between public transportation hubs and final destinations. This makes them popular choices for short-distance trips within cities.

Three-wheeler Ride-Hailing is the fastest-growing category over the forecast period. Three-wheeler ride-hailing services are more affordable than traditional car-based ride-hailing options, making them accessible to a wider range of users, including students, low-income individuals, and those looking to save on transportation costs.

• Two-wheeler  
• Three-wheeler  
• Four-wheeler  
• Others 

Ride Hailing Location Segment Analysis

According to Cognitive Market Research, Rural hold a prominent market share. Drivers with strong knowledge of rural areas, including remote villages, farms, and countryside roads, are highly valued. They can navigate challenging terrain and provide efficient transportation services to residents and visitors. 

Urban is the fastest-growing category over the forecast period. In urban areas, drivers who are familiar with city streets, traffic patterns, and popular destinations are in demand. They can navigate through congested urban environments and optimize routes to minimize travel time for passengers.

• Urban
• Rural 

Ride Hailing Payment Segment Analysis

According to Cognitive Market Research, Cash holds a prominent market share, driven by Cash payment allows passengers who do not have access to credit or debit cards or prefer not to use them to still avail of ride-hailing services. This widens the customer base and ensures that the service is accessible to a larger population. Some passengers prefer cash payment due to its simplicity and familiarity. They can pay the driver directly without the need for additional steps or online transactions.

Online is the fastest-growing category over the forecast period. Online payment eliminates the need for passengers to carry cash or worry about making exact changes. With a few taps on their smartphone, passengers can securely complete transactions using their preferred payment method, whether it's a credit card, debit card, mobile wallet, or digital payment platform.

• Cash
• Online

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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