Report : Europe 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) "
Car Sharing is Expected to be the Fastest Growing Segment During the Forecast Period 2021–2028
According to a new market research study on “Europe 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$ 20,627.85 million by 2028 from US$ 10,048.33 million in 2021. The market is estimated to grow at a CAGR of 10.8% from 2021 to 2028. The report provides trends prevailing in the Europe ride-hailing service market along with the drivers and restraints pertaining to the market growth. Rise in cost of vehicle ownership, upsurge in trend of on-demand transportation services, and growing trend of mobility-as-a-service are the major factor driving the growth of the Europe ride-hailing service market. However, altering transport policies of different countries and resistance from traditional transport services hinder the growth of Europe ride-hailing service market.
Russia, France, Italy, Germany, and the UK are some of the worst hit countries in Europe, considering the count of COVID-19 cases. The region witnessed a significant decline in revenue from several industries as the government authorities imposed stringent containment measures. Owing to travel restrictions, movement of people from one place to another was reduced drastically. In 2020, the ride-hailing services across the Europe region were majorly affected by the COVID-19 pandemic due to travel ban, flight cancelations, and quarantine measures. Furthermore, several regulatory mandates, such as vehicle sanitization techniques after each ride, compartmentalization, and other preventative steps, have increased ride-hailing companies' per-ride rates, thereby impacting the growth of the ride-hailing service market to some extent. With commuters' preference for ride-hailing over public transportation to maintain social distance and high vaccination rates in Europe, the market is expected to begin full recovery in the third quarter of 2021.
The Europe 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 the Germany, France, Italy, the UK, Russia, and Rest of Europe. In 2020, Germany held the largest share in the market, and the UK 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 TukTuk Ride are among the leading companies in the Europe 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, Gett formed a strategic partnership with Ola cabs, one of the world’s largest mobility platforms. Gett's corporate platform will be expanded to include on-demand private-hire across London, as well as additional services like black taxis and pre-booked black cars, all through Gett's SaaS platform for business travellers.
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