Report : South 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)
Institutional Segment to dominate South America Ride-Hailing Service Market during 2020–2028
According to a new market research study on “South 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$ 5,322.36 million by 2028 from US$ 3,098.35 million in 2021. The market is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The report provides trends prevailing in the South America ride-hailing service market along with the drivers and restraints pertaining to the market growth. Boost in trend of mobility-as-a-service, occurrence of autonomous ride sharing, and scaling cost of vehicle ownership are the major factor driving the growth of the South America ride-hailing service market. However, irregular transport policies of different countries and resistance from traditional transport services hinder the growth of South America ride-hailing service market.
In South America, Brazil has witnessed the highest number of COVID-19 cases, followed by Ecuador, Peru, Chile, and Argentina. Governments are imposing travel restrictions, lockdowns, and trade bans to contain the infection spread. Thus, the SARS-CoV-2 pandemic has been severely affecting the ride-hailing service market growth in this region. . In 2020, the ride-hailing service across the South America region were majorly affected by the COVID-19 pandemic due to travel ban, flight cancelations, and quarantine measures. However, in 2021, with uplifting of lockdown and vaccination processes, the ride-hailing services have started again due to growing manufacturing & construction activities, and opening of most corporate offices, retail shops & shopping malls has helped in positively driving the demand of ride hailing service market in South America region.
The South 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 Brazil, Argentina, and Rest of SAM. In 2020, Brazil held the largest share in the market, and Argentina is expected to be the fastest growing country during the forecast period.
Daimler AG; Delphi Technologies Plc.; Uber Technologies Inc.; and Didi Global Inc. are among the leading companies in the South 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, Uber Technologies Inc.'s rental service has become accessible in 39 locations, with the majority of users preferring it to visit friends and family, conduct business meetings, and conduct formal work. Other examples include shopping, food shopping, and visiting a place of worship, as well as house relocation and flat searching.
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