• 出版社/出版日：Mordor Intelligence / 2021年2月20日
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The ride-hailing market is estimated to register a CAGR of about 15% during the forecast period (2021-2026). The ride-hailing trend has emerged in a futuristic landscape of shared mobility, catering to the consumer’s need for quick, convenient, and cost-effective transportation. In the future, blockchain may be integrated with ride-hailing technology to ensure more significant screening measures of drivers and higher security standards for drivers. This has become a vital need, mainly to ensure the safety of female users of ride-hailing.
– The increasing adoption of services in different industrial sectors is driving the market. Ride-hailing service providers have entered the mainstream business in recent times, and the companies are focusing on other industrial sectors, such as food delivery, healthcare, freight business, and many other sectors. Uber is currently contributing to the healthcare industry by offering safe and secure scheduled rides to the patients and caregivers with the Health Insurance Portability and Accountability Act (HIPPA) compliance.
– Also, another instance of healthcare and ride-hailing collaboration is the partnership of Blue Cross and Blue Shield and Lyft to offer rides in remote communities, thereby preventing missing health checkups due to lack of effective transportation. Further, in January 2020, Uber sold its food delivery business in India to Zomato in a USD 350 million all-stock deal. India remains an exceptionally important market to Uber, and the company will continue to invest in growing its local rides business.
– Increasing the adoption of electrification in ride-hailing vehicles is expected to drive the market. Companies are adopting green initiatives to lower vehicular emissions by gradually adopting electric vehicles. According to the International Council on Clean Transportation, Didi Chuxing is leading the cutting age revolution of eco-friendly measures acquiring around 260,000 electric vehicles recently, which equals 1.3% of its total vehicles. Further, Ola has 0.6% electric vehicle share and Grab, Lyft, and Uber with less than 0.2% electric vehicles of the entire fleet. The rise in the increasing demand for electric vehicles is anticipated to hike in the near future.
– Further, Lyft’s Express Drive Rental Car Sharing Program allows contracted drivers in San Diego, Los Angeles, and San Francisco to rent an electric car, currently, those manufactured by GM, for a short term basis. This is part of Lyft’s recently announced effort to provide 1 billion automated electric car rides by 2025. Also, Uber launched an electric car initiative in Portland, Oregon, to reach its goal of electrifying more than 10 percent of its fleet by 2020.
– However, the current Covid-19 pandemic has significantly slowed down the market growth. In California, the demand for ride-hailing has drastically lower down about 60% versus last year in 2019. Uber decided in May 2020, to sack around 6,500 employees globally. Also, Ola announced to layoff 1/3rd of the workforce after business shrank by 95%.
– Further, Didi Chuxing has taken a series of measures to safeguard its drivers and customers in China against the disease, including installing protective plastic sheets in its cars to separate drivers from passengers. In May 2020, Didi Chuxing announced its expansion of its in-app “Health Guard” program to its Latin American markets, using artificial intelligence (AI) to verify whether its drivers are wearing face masks in an effort to curb the spread of the coronavirus pandemic. This significantly helps the Didi to generate revenue taking this significant precaution.
Key Market Trends
Motorcycle to Witness Significant Growth
– A motorcycle ride-hailing is a licensed form of transport available in various nations. The motorcycle carries one passenger, who rides pillion behind the motorcycle operator. According to the Energy and Resources Institute (TERI), there are about more than 20 million motorcycle taxis globally, in which 2 million in Brazil, 1 million in Nigeria, and 0.2 million in Bangkok, including both conventional and app-based service providers. With the revenue generation through motorcycle ride-hailing, the internet economy revenue parallelly increases in this sector.
– In many cities across Africa, motorcycle taxis are as common as the yellow cabs in New York. That includes Lagos, Nigeria, where ride-hail startup Gokada in May 2019 raised a USD 5.3 million Series A round to grow its two-wheel transit business. Gokada has trained and on-boarded more than 1,000 motorcycles and their pilots on its app that connects commuters to moto-taxis and the company’s signature green, DOT– approved helmets.
– Asia-Pacific region promises a significant growth of the market, increasing traffic congestion and low taxi fare, when compared to other modes of transportation, are the major factors driving the growth of the motorcycle/bike taxi service in the Asia-Pacific market.
– Malaysian Government said that bike hailing would be an important component in providing a comprehensive public transport system, as a medium for first- and last-mile connectivity. In January 2020, motorcycle hailing service Dego Ride begins operations as the company looks to expand coverage. Dego Ride announced to widen coverage as it is in the process of vetting over 4,000 rider applications. This significantly caters to the market growth.
– Moreover, in Vietnam, the usage of motorbike taxis is extremely in the current time period due to a lack of public transport. In some cities, these vehicles act as access vehicles connecting core areas with the main street. Motorcycles for more than two decades are widely used modes of transportation by the Vietnamese people. As of 2019, out of 96 million population in Vietnam, nearly about 49 million owned motorbikes. Over the past three years, the country has registered nearly 3 million motorbike sales each year, owing to the growing affordability, due to the improvement of their average monthly income.
– During 2017-2019, Vietnam witnessed significant growth in the ride-hailing market, as many domestic startups and ASEAN regional companies have entered the country. For instance, recently, in 2018, Go-Jek launched its motorbike ride-hailing services in Vietnam, and another ride-hailing app from Mpos Vietnam Technology called FastGo launched its ride-hailing service in the same year. Similarly, other companies, like Aber, Be Group, Vato, and Xelo, have been offering ride-hailing services, from motorcycles through app booking.
North America Accounts for Significant Share
– North America propels to cater to a significant share in the market. According to Accenture, nearly two-thirds (63%) of the US car owners who use ride-hailing services say that they would consider giving up their vehicles over the next decade in favor of ride-hailing. Based on a survey of more than 1,000 US consumers, Accenture found that consumer satisfaction with ride-hailing companies is extreme, at 92%, and that the vast majority (93%) of the respondents expect to maintain or increase their spending on ride-hailing services this year.
– Ride-hailing usage has increased across most demographic groups, but adoption figures continue to vary by age, educational attainment, and income level. For example, roughly half of Americans ages 18 to 29 (51%) say they have used a ride-hailing service, compared with 24% of those ages 50 and older. Those whose annual household income is USD 75,000 or more are roughly twice as likely as those earning less than USD30,000 to have used these services.
– Further, Uber is the standard-bearer in the cab-hailing app industry. In the United States, 21.3% of the Android devices have Uber installed in them. Lyft is one of the biggest competitors that Uber has in the United States, with coverage in 60 cities across the country and overall in more than 300 markets across the United States and Canada. Since safety is of the utmost priority for the users of transport apps, Lyft makes sure that all its drivers possess a valid license and have gone through DMV, background, and criminal checks.
– Further, due to the Covid-19 pandemic, the ride-hailing business has suffered a near-total collapse as large parts of the United States. Nearly two-thirds of Uber’s revenue is generated in the United States and Canada, and with such pandemic, Uber announced the news of layoffs in the countries.
– But as parts of the US economy start to re-open facing the Covid-19 pandemic, demand for ride-hailing services is expected to get a significant boost, following weeks of upheaval in the core businesses of Lyft and Uber due to lockdowns. Americans are also expected to turn to ride-hailing as a significant source of income, which in turn is expected to create a supply glut that will help companies such as Lyft and Uber to curb driver incentives and other costs.
The market is consolidated in nature as the players in the respective region have their high market share comparing to the overall region. UBER and Lyft have a prominent share in the North America region, whereas, in China, Didi Chuxing Technology Co. contributes to the high market share. Moreover, overall Didi, Uber, Lyft, and Grab have prominent market share globally. Recent developments in the market are –
– April 2020 – Shouqi Limousine and Chauffeur cooperated with Alibaba Cloud, leveraging innovation advantages to build a new industry ecosystem of 5G Internet of Vehicle. A pilot project between Shouqi Limousine and Chauffeur and Alibaba Cloud has been initiated for exploring 5G, edge computing for online ride-hailing mobile services. By leading the new era of intelligent transportation, the project will jointly explore the application and expansion of edge computing in transportation under 5G and together promote the development and upgrade of the public transport industry.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview (Assessment of Covid-19 Impact)
4.2 Market Drivers
4.2.1 Increasing Adoption of Services in Different Industrial Sectors
4.2.2 Increasing Adoption of Electrification in Ride Hailing Vehicles
4.3 Market Restraints
4.3.1 Resistance From Traditional Transport Services
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Vehicle Type
5.2.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Eurpoe
5.2.3 Asia Pacific
22.214.171.124 Rest of Asia Pacific
5.2.4 Latin America
5.2.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Didi Chuxing Technology Co.
6.1.2 Uber Technologies Inc.
6.1.3 Lyft Inc.
6.1.4 Grab Holdings Inc.
6.1.5 Daimler AG
6.1.6 BlaBla Car
6.1.7 Ola Cabs
6.1.8 FastGo Vietnam JSC
6.1.10 Be Group JSC
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS