Ride-hailing
is a passenger transportation service in which the passengers are
connected with the vehicle drivers and owners through a smartphone-based
app. Ride-hailing services are the same as hiring a taxi, the
difference being, in ride-hailing, a vehicle is hired through a
smartphone-based app.
Increase in traffic congestion, lack of
proper public transportation mode, longer time required for public
transportation services, and faster service offered by the ride-hailing
service providing companies are attracting passengers and travelers
toward on-demand services. Hailing a ride is the same as owning a
vehicle for a specific time period. Lower number of vehicles per 1000
people, especially across developing nations and regions such as Asia
Pacific and Latin America, is fueling the demand for ride-hailing
services. Increased fuel prices, rise in vehicle maintenance, and
implementation of more stringent emission norms effectively makes
ride-hailing less expensive as compared to the cost of owning a vehicle.
Increased number of on-road vehicles have
raised global pollution levels drastically, which has led to increase
in global temperature and hampered the health of humans and nature.
Therefore, governing bodies of several nations are primarily focused on
the elimination of major sources of pollution, which in turn is expected
to result in implementation of stringent emission norms and incentives
for alternative fuel and transportation services. Ride-hailing services
have proven to be effective in reducing the number of vehicle ownership,
which in turn is expected to lead to significant decline in pollution
levels. Consequently, governing bodies are promoting ride-hailing
services across the globe.
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In the U.S. several governing bodies have
established separate road lanes for High Occupancy Vehicles (HOV),
which in turn is fueling the demand for ride-hailing services across the
U.S. Discounts offered by manufacturers and dealers on vehicles being
utilized for ride-hailing services, increase in per capita income,
developing road infrastructure, and increase in number of daily
commuters are propelling the global ride-hailing market.
The global ride-hailing market can be
segmented based on vehicle type, commuting distance, autonomy level, and
region. In terms of vehicle type, the global ride-hailing market can be
classified into four segments. Sedan and hatchbacks are widely being
employed for ride-hailing services. Compactness of sedans and
hatchbacks, higher efficiency, and exemption from road toll taxes across
several countries are fueling the demand for sedans and hatchbacks for
ride-hailing services. Demand for SUVs among consumers is rising,
especially in North America and Asia Pacific, which is anticipated to
boost the SUV segment of the ride-hailing market during the forecast
period.
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