Report : Asia Pacific Ride-Hailing Service Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Service Type (E-hailing, Car Sharing, Car Rental, and Station-based Mobility), Vehicle Type (Two-Wheeler, Three-Wheeler, Four-Wheeler, and Others), Location (Urban and Rural), and End-User (Institutional and Personal)
Four-Wheeler Segment to dominate Asia Pacific Ride-Hailing Service Market during 2020–2028
According to a new market research study on “Asia Pacific Ride-Hailing Service Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Service Type, Vehicle Type, Location, and End-User,” is expected to reach US$ 41,621.06 million by 2028 from US$ 19,086.10 million in 2021. The market is estimated to grow at a CAGR of 11.8% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific ride-hailing service market along with the drivers and restraints pertaining to the market growth. Appearance of autonomous ride sharing, surge in trend of mobility-as-a-service, and growing trend of on-demand transportation services are the major factor driving the growth of the Asia Pacific ride-hailing service market. However, inconsistent transport policies of different countries and resistance from traditional transport services hinder the growth of Asia Pacific ride-hailing service market.
In Asia Pacific, India is the worst-hit country by the COVID-19 outbreak. Asia Pacific experienced a notable decline in several economic activities as the government authorities imposed strict lockdowns, travel bans, and business shutdown. Many countries in Asia are in a developing state. Owing to layoffs and salary cuts, buying capacity of majority of consumers was affected drastically. Expenditure on nonessentials was avoided as much as possible. This has resulted in weak demand for ride-hailing services in the region. The COVID-19 pandemic has not only disrupted the overall economy and automobile market in Asia Pacific but has also changed the buyers’ attitude toward the sector. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies of the region, including China, India, South Korea, and Vietnam and this market has experienced a downward industrial growth during the first two quarter of 2020. China dominates the global manufacturing sector with significantly unparalleled, large numbers of manufacturing units, and it is considered to have the largest production sector globally. The COVID-19 emergence and imposition of lockdown across the country have substantially disrupted its manufacturing sector, thereby restricting the ride-hailing industry. Further, India is also considered to have a substantial number of manufacturing facilities, and a large and noteworthy ride-hailing industry. It is presently the worst hit country in Asia Pacific. Since the emergence of the COVID-19 virus, the country has undergone several lockdown phases, which has adversely affected ride-hailing services. Difficulties in gathering necessary funding would further impact the market growth. However, China’s transition toward a high-tech market, flexibility in the Japanese manufacturing sector, and adequate government support and business strategies in India are among the key factors that would contribute to a rapid recover of Asia Pacific from the tremors of the pandemic.
The Asia Pacific ride-hailing service market is segmented on the basis of service type, vehicle type, location, end-user, and country. Based on service type, the market is segmented into E-hailing, car sharing, car rental, and station-based mobility. In 2020, E-hailing segment held the largest share in the market, and car sharing is expected to be the fastest growing segment during the forecast period. Based on vehicle type, the market is segmented into two-wheeler, three-wheeler, four-wheeler, and others. In 2020, four-wheeler segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on location, the market is bifurcated into urban and rural. In 2020, urban segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on end-user, the market is bifurcated into institutional and personal. In 2020, institutional segment held the largest share in the market, and personal is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. In 2020, China held the largest share in the market, and India is expected to be the fastest growing country during the forecast period.
Daimler AG; Delphi Technologies Plc.; Uber Technologies Inc.; Didi Global Inc.; Gett; ANI Technologies Pvt. Ltd.; and Grab Holdings Inc. are among the leading companies in the Asia Pacific ride-hailing service market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, StarRides, a premium ride-hailing service operated by Daimler Mobility AG and Geely Technology Group, is accessible in six Chinese cities. The service first officially launched in Hangzhou, China, in December 2019. StarRides currently has offices in Hangzhou, Guangzhou, Chengdu, Xi'An, Beijing, and Shanghai, covering the majority of China's major business hubs and popular travel destinations.
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