Asia-Pacific (APAC) To Remain Hub of Ride-Hailing Services

1. Asia-Pacific (APAC) To Remain Hub of Ride-Hailing Services 1 © Prescient & Strategic Intelligence Private Limited. All rights reserved

2. Till a little while ago, owning a car was considered an indicator of people’s economic status, and it still is in most of the countries. But with everything, from car and diesel/gasoline to insurance and regular maintenance, costing more now, many are shunning the idea of buying a car themselves and opting for shared mobility.However, people still want the comfort offered by a personal vehicle and, therefore, many avoid the crowded public transport. Thankfully, with smartphones equipped with internet connectivity, people can call cabs right to them, any time they want. P&S Intelligence cites all these advantages while proclaiming that the worldwide ride-hailing market will grow from $50.4 billion in 2018 to $120.2 billion by 2024, at a CAGR of 13.0% between 2019 and 2024. Ride-hailing is the technical name of the transportation services offered by well-known companies such as Uber and Ola. It is where people book a cab via the mobile app of the company, and the driver takes them to their destination at their request. This is different from ride-sharing, where the cab has a fixed route, and it picks up more than one passenger on the way. One of the biggest reasons ride-hailing services are easily available is the government support being offered to service providers. Since this concept has the promise of reducing the number of personal cars on the roads, its successful implementation will not only reduce road traffic and leave more space for pedestrians, but also make the environment cleaner. More the personal cars on roads, more is the diesel/gasoline burnt, and higher is the amount of greenhouse gases discharged into the atmosphere. To receive free sample pages of this report@ https://www.psmarketresearch.com/market- analysis/ride-hailing-market/report-sample With the increasing popularity of the concept, a shift is being witnessed in the commuting pattern. Till a little while ago, most people used these services occasionally, such as for visiting a relative or traveling to and from the railway station or airport. This is also why personal usage of ride-hailing services is higher than for business purposes. Now, the number of daily/weekly commuters using ride-hailing services is rising rapidly. This is because such shared mobility service providers are tying up with corporate houses and business to offer employees convenient commute between the office and home. To cash in on the rising popularity of the concept, automakers are entering into partnerships with ride- hailing companies. For instance, in 2019, HyundaiMotor Company announced its intentions to provide Ola Cabs with electric vehicles (EVs) by 2021, for its operations in India. With EVs, the operational cost for service providers comes down significantly, as electricity is way cheaper than diesel and gasoline. Moreover, governments around the world are actively promoting the usage of EVs to reduce the harmful impact of fossil fuel burning on the environment. Currently, the ride-hailing market is the most productive in Asia-Pacific (APAC), which accounts for a huge middle-class population, much of which still cannot afford a car. Moreover, with air pollution choking regional urban areas, such as Beijing, Delhi/NCR, Mumbai, and Tokyo, governments in their respective countries are strongly promoting shared mobility. The region is already home to well-established ride- hailing companies, including Lyft Inc., Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), and ANI Technologies Private Ltd. (Ola), which are taking steps to not only expand their presence, but also deploy EVs. 2 © Prescient & Strategic Intelligence Private Limited. All rights reserved

3. Thus, with more people becoming aware of the comfort and convenience ride-hailing offers and the important role it can play in cleaning up the environment, the number of people using these services is bound to go up. The research offers market size of the global ride-hailing for the period 2014–2024. Market Segmentation by Vehicle Type Economy Executive Luxury • • • Market Segmentation by Commuting Pattern Daily/Weekly Monthly Occasionally • • • Market Segmentation by End User Personal Business • • Market Segmentation by Geography North America Ride-Hailing Market oBy vehicle type oBy commuting pattern oBy end user oBy country – U.S. and Canada Europe Ride-Hailing Market oBy vehicle type oBy commuting pattern oBy end user oBy country – U.K., France, Spain, Germany, Poland, Italy, Netherlands, Portugal, and Rest of Europe Asia-Pacific (APAC) Ride-Hailing Market oBy vehicle type oBy commuting pattern oBy end user oBy country – China, India, Japan, Australia, Singapore, and Rest of APAC Rest of the World (RoW) Ride-Hailing Market oBy vehicle type oBy commuting pattern oBy end user oBy country – Mexico, Brazil, U.A.E., Russia, and Others • • • • 3 © Prescient & Strategic Intelligence Private Limited. All rights reserved

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