RIDE-HAILING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Study of the Ride-Hailing Market

The market for ride hailing is expected to grow from its current value of USD 113 billion in 2020 to USD 230 billion by 2026, showing a CAGR of 8.75% over the forecast period of 2021–2026.

The market suffered greatly during the COVID-19 pandemic due to the worldwide lockdowns that were enacted to stop the virus' spread. However, as economies gradually recover, demand is returning to the market.

Along with rising demand in developed regions like the United States and Europe, ride-hailing service preferences among passengers have expanded recently in developing nations like India, China, Vietnam, etc. To maintain their respective market shares in a highly competitive industry, the businesses have improved the options and expanded their operations to be offered through mobile applications.

By switching petrol vehicles to electric ones, ride-hailing companies hope to eliminate exhaust emissions and lower global vehicle carbon emissions. The conversion of the fleet provides a number of direct environmental advantages as well as repercussions for other markets. It can strengthen the infrastructure for public charging and broaden consumer exposure to EVs.

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