Report : North America 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)
E-hailing Segment to dominate North America Ride-Hailing Service Market during 2020–2028
According to a new market research study on “North America 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$ 23,758.07 million by 2028 from US$ 12,637.04 million in 2021. The market is estimated to grow at a CAGR of 9.4% from 2021 to 2028. The report provides trends prevailing in the North America ride-hailing service market along with the drivers and restraints pertaining to the market growth. Increase in trend of on-demand transportation services, surge in cost of vehicle ownership, and advent of autonomous ride sharing are the major factor driving the growth of the North America ride-hailing service market. However, changing transport policies of different countries and resistance from traditional transport services hinder the growth of North America ride-hailing service market.
The North American market had suffered considerable economic losses in the first two quarters of 2020, owing to high count of COVID-19 cases, especially in the US. The economic growth was slowed, which directly impacted the ride-hailing service across the region. North America is one of the leading regions in terms of new technology development and adoption, owing to favorable government policies that encourage innovation and improve infrastructure capabilities. As a result, any impact on the industrial sector's expansion hinders the region's economic growth. Due of the COVID-19 outbreak, the United States is currently the world's worst-affected country. Owing to the impact of COVID-19 pandemic, the lower cross-border activities and implications of social distancing regulation for supporting the slow-down of the virus spread, the ride-hailing industry is being impacted negatively. However, increasing cost of ownership supported the market growth in the year 2021 and expected to continue in forecasted period. For instance, according to American Automobile Association (AAA), the average cost of owning and operating a new car grew by US$ 279 from 2019 to US$ 9,561 in 2020.
The North America 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 US, Canada, and Mexico. In 2020, the US held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.
Daimler AG; Delphi Technologies Plc.; Uber Technologies Inc.; Gett; Lyft, Inc.; and zTrip are among the leading companies in the North America 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, zTrip, North America’s largest taxicab company, is entering the Baltimore market. zTrip will replace the iconic Yellow Cab Company. Other enhancements include access through the zTrip app, ADA-accessible wheelchair vehicles, in-vehicle cameras, driver telematics systems, and improved customer response times.
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