Report : Middle East and Africa 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)
Urban Segment to dominate Middle East & Africa Ride-Hailing Service Market during 2020–2028
According to a new market research study on “Middle East & Africa 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$ 7,415.76 million by 2028 from US$ 4,052.97 million in 2021. The market is estimated to grow at a CAGR of 9.0% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa ride-hailing service market along with the drivers and restraints pertaining to the market growth. Burgeoning trend of mobility-as-a-service, beginning of autonomous ride sharing, and raising cost of vehicle ownership are the major factor driving the growth of the Middle East & Africa ride-hailing service market. However, modified transport policies of different countries and resistance from traditional transport services hinder the growth of Middle East & Africa ride-hailing service market.
Middle East & Africa (MEA) comprises of South Africa, the UAE, Saudi Arabia, and other countries. South Africa recorded the highest number of COVID-19 cases in the Middle East & Africa region and is followed by Saudi Arabia and the UAE. The government and healthcare authorities have enforced social distancing norms and restrictions that have limited the use of ride-hailing services for daily commutes. People have been forced to follow social distancing measures as a result of the increased risk of contamination associated with public transportation during the lockdown. Customers are becoming more interested in personal vehicles, which is impacting the ride-hailing service industry in 2020. Regardless of previous projections for steady growth of the ride-hailing service market in the MEA due to escalating development of commercial and residential buildings, corporate offices, and travel and tourism industry to enhance the implementation of mobility-as-a-service, the imposition of travel restrictions and social distancing norms in Saudi Arabia and the UAE are limiting the ride-hailing service market growth to a certain extent. However, after the pandemic, ride-hailing service market will very certainly surge.
The Middle East & Africa 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 South Africa, Saudi Arabia, the UAE, and Rest of MEA. In 2020, Saudi Arabia held the largest share in the market, and the UAE is expected to be the fastest growing country during the forecast period.
Daimler AG; Delphi Technologies Plc.; Uber Technologies Inc.; Didi Global Inc.; and Gett are among the leading companies in the Middle East & Africa 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, DiDi Global Inc. has begun the process of registering drivers in Cape Town, South Africa, and will begin providing ride-hailing services to residents in the country's second largest city.
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