Car E-Hailing Market: Current Analysis and Forecast (2023-2030)
$3999 – $6999
Emphasis on Car Type (Mini Car, Sedan, Premium Car, and SUVs); Distance (Shor Distance, and Long Distance); and Region/Country
Car E-hailing Market was valued at USD 68.95 billion in 2022 & is expected to grow at a CAGR of 7.20% from 2023-2030. With smartphones becoming more affordable and reachable to a bigger population, more people are able to get entry to e-hailing apps with ease. These apps provide seamless booking and fee processes, actual-time monitoring, and person-friendly interfaces, enhancing the overall convenience and reliability of car e-hailing offerings. Moreover, smartphones provide superior functions which include GPS navigation, permitting drivers to efficiently select up and drop off passengers, leading to improved customer satisfaction. Additionally, the widespread use of smartphones allows car e-hailing companies to collect information and offer personalized offerings, improving the overall user experience. Mobile apps make it easy for users to book rides, track their drivers, and make cashless payments. As smartphone penetration continues to increase globally, the market for e-hailing services expands as well. For instance, in 2022, according to the report published by SellCell, the total number of smartphones sold in the year 2009 was 172.38 million reached 1510.3 million in 2021, and is expected to reach 1676.1 million in 2027. Therefore, the growing demand for smartphones propels the demand for the car e-hailing market in the coming years.
Some of the major players operating in the market include Ola Electric Mobility Pvt. Ltd., Lyft Inc., Didi Global Inc, Cabify España S.L.U., Uber Technologies, Inc., Gett, Grab, Curb Mobility, BlaBla Car, Careem. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst car types, the micro-segment dominated the market in 2022”
Based on car type, the market is divided into micro cars, sedans, premium cars, and SUVs. The microcar segment dominated the market in 2022 and is expected to show the same trend in the forecast period. Micro cars are properly-suited for navigating via congested urban areas with limited parking spaces. Their compact size permits for less difficult maneuverability and parking, making them best for short-distance journeys in densely populated areas where brief pick-ups and drop-offs are essential. Due to the smaller length of micro cars, vehicle e-hailing service carriers can operate a better variety of vehicles within a given fleet length, leading to increased sales potential. additionally, the lower initial investment required to purchase and keep microcars can make it less difficult for new entrants to establish e-hailing services, thereby contributing to their dominance.
“Amongst distance, the short-distance segment is currently the leading the market in 2022”
Based on distance, the market is segmented into short-distance and long-distance. The short distance is currently the leading segment and is expected to dominate the segment in the forecast period. The major factor for the growth of the segment as it gives comfort and time efficiency for customers who are searching for quick transportation within their immediate location. For example, individuals commuting to work or running errands regularly opt for e-hailing services for short journeys in place of relying on public transportation or the use of their personal vehicles. Moreover, e-hailing services provide a price-effective alternative to taxi services for shorter distances. users can save money by buying only the space traveled, as opposed to a flat charge for a whole ride. Additionally, e-hailing structures have leveraged advanced algorithms and AI technologies to optimize their services for shorter rides. They ensure brief response times, efficient direction-making plans, and seamless matching of passengers and drivers in near proximity. This has made e-hailing services notably efficient for short journeys, contributing to their dominance in this market segment.
“Asia Pacific expedites highest CAGR for the car e-hailing market in 2022”
The Asia Pacific region would exhibit the highest CAGR during 2023-2030 owing to the growing demand for electric vehicles, the emergence of digitalization in countries such as India and China, and the increasing government support for startups to boost the economy and reduce the carbon footprint. The Asia Pacific region has seen consistent growth in the automotive industry, with increasing electric car sales and production. This leads to a higher demand for car e-hailing service providers. Moreover, the Asia-Pacific region, especially countries such as Japan, South Korea, and China, has a long history of technological innovation. These countries are investing heavily in research and development, which has led to the development of economical electric vehicles and supports startups by providing suitable funds and loans at very low interest rates further supporting the growth of the car e-hailing market. Consequently, ride-sharing services offer very reasonable prices to move from one place to another with the best quality cars, feeling consumers to owing a vehicle at a fraction of the cost, which drives the consumer psychologically to adopt car e-hailing services.
Car E-hailing Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1. Research Process of the Market|
|2.2. Research Methodology of the Car E-hailing Market|
|2.3. Respondent Profile|
|5. GLOBAL CAR E-HAILING MARKET COVID-19 IMPACT|
|6. GLOBAL CAR E-HAILING MARKET REVENUE, 2020-2030F|
|7.1. Mini Car|
|7.3. Premium Car|
|8.1. Short Distance|
|8.2. Long Distance|
|9.1. North America|
|9.1.4. Rest of North America|
|9.2.6.Rest of Europe|
|9.3.5.Rest of APAC|
|9.4. Rest of the World|
|10.1. Market Drivers|
|10.2. Market Challenges|
|10.3. Impact Analysis|
|11. CAR E-HAILING MARKET OPPORTUNITIES|
|12. CAR E-HAILING MARKET TRENDS|
|13.1. Demand Side Analysis|
|13.2. Supply Side Analysis|
|14. VALUE CHAIN ANALYSIS|
|15. PRICING ANALYSIS|
|16. STRATEGIC INSIGHTS|
|17.1. Competitive Landscape|
|17.1.1. Porters Fiver Forces Analysis|
|18.1. Ola Electric Mobility Pvt. Ltd.|
|18.2. Lyft Inc.|
|18.3. Didi Global Inc|
|18.4. Cabify España S.L.U.|
|18.5. Uber Technologies, Inc.|
|18.8. Curb Mobility|
|18.9. BlaBla Car|
Research Methodology for the Car E-hailing Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global car e-hailing market were the three major steps undertaken to create and analyze the adoption of car e-hailing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global car e-hailing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the car e-hailing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the car e-hailing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as car type, and distance. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the car e-hailing market. Further, we conducted factor analysis using dependent and independent variables such as car type, and distance of the car e-hailing market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the car e-hailing market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global car e-hailing market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the car e-hailing market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global car e-hailing market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global car e-hailing market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the car type, and distance in the global car e-hailing market.
The main objective of the Global Car E-Hailing Market Study
The current & future market trends of the global car e-hailing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the car e-hailing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the car type and distance
- Define and analysis of the regulatory framework for the car e-hailing industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the car e-hailing market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the car e-hailing market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry