Ride-Hailing Market COVID-19 Impact
Analysis By Segmentations, Key Company
Profiles & Demand
The need for economically efficient mobility options across the globe is growing rapidly.
Even though vehicles have become cheaper than they were a few years ago, several people
still cannot afford private vehicles. Owing a private vehicle anyway demands high investment,
including fuel cost, vehicles cost, maintenance charge, parking expense, and insurance cost.
Because of such factors, enterprises are coming up with new mobility solutions that can help
people commute easily and at low cost. One of such solutions is ride-hailing, which enable
people to enjoy facilities of a private vehicle without actually owning one.
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When a person avails ride-hailing services, he/she only needs to pay for the distance traveled
and all the other additional costs, including the cost of the fuel, parking charges, or vehicle
maintenance expenses are taken care of by service providers. Therefore, a person can
commute easily, even on a daily basis, with any kind of hassles, which is resulting in the
growth of the global ride-hailing market across the globe. In addition to all this, people these
days are becoming reluctant for buying a vehicle as they are harming the environment, and in
such situation, services like ride-hailing, can make significant difference.
The global ride-hailing market revenue is predicted to generate revenue of $120.2 billion by
2024, increasing from $50.4 in 2018, and is expected to register a 13.0% CAGR during the
forecast period (2019–2024). On the basis of vehicle type, the market is divided into luxury,
economy, and executive, among which, the economy division held the largest share of the
market in the past. This is due to the fact that the number of cars under this category is more
than luxury and executive cars. When commut