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)
Market Introduction
The ride-hailing service market in Asia Pacific is further segmented into China, India, Japan, Australia, and South Korea. The region constitutes world’s Top 2 most populated countries—India and China. It is also characterized by significant developments in infrastructure and increase in purchasing power of the individuals in the region. Further, the rising number of individuals migrating toward popular cities for better employment opportunities is also anticipated to propel the demand for ride-hailing services in big cities in the region. Subsequently, owing to the fact that 60% of world population is resident in the region, the ride hailing market is large in the region and is growing with high rate. The growing use of smartphones, development of wireless infrastructure backed by the presence of 4G services and with the advancements in information and communication technology (ICT), traditional services have been upgraded to provide a wide variety of real-time and demand-responsive trips. Service providers such as Uber, Ola, Grab, and Rapido, amongst others, have provided a smartphone-based platform to link riders with community drivers. Further, the per capita income in most of Asia Pacific countries is lower than in Western countries, Asia Pacific countries has a much lower number of vehicles per 1,000 people. Hence, convenience of commuting in congested traffic and reduced fares have been the primary drivers of ride-hailing service market's growth, which is expected to continue in the coming years. Further, factors such as an increase in the daily commute to work in urban areas and a strong propensity to save fuel by providing a ride to commuters and colleagues travelling the same route are expected to fuel the 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.
Market Overview and Dynamics
The ride-hailing service market in Asia Pacific is expected to grow US$ 19,086.10 million in 2021 to US$ 41,621.06 million by 2028; it is estimated to grow at a CAGR of 11.8% from 2021 to 2028. Taxis, passenger vehicles, and charter cars are examples of on-demand services, which provide real-time feedback, vehicle tracking, and rating for service experience providing to end clients. Ride-hailing services ensure that clients can reliably identify vehicles and track their journeys while also providing safety to the occupants, which is projected to boost market expansion significantly. Abundant availability of cars and comparison of fare with correspondents facilitated by many mobile applications further drive the growth of the market. For instance, Migo, a Seattle-based search engine for on-demand ride services, launched a smartphone application in August 2017 that allowed users to compare the locations and rates of nearby taxis, car-sharing, and ride-hailing providers on a single platform. Furthermore, artificial intelligence (AI) is used to efficiently coordinate and operate on-demand transportation systems. It provides passengers with traffic-related information in order to improve driver cooperation. As a result, the market has a more favorable outlook. Increased tourism activities throughout the world, an increase in the working-class population, a rising trend of road trips, and modernization in the automobile sector are all expected to fuel ride-hailing service market expansion.
Key Market Segments
In terms of service type, the E-hailing segment accounted for the largest share of the Asia Pacific ride-hailing service market in 2020. In terms of vehicle type, the four-wheeler segment accounted for the largest share of the Asia Pacific ride-hailing service market in 2020. In terms of location, the urban segment accounted for the largest share of the Asia Pacific ride-hailing service market in 2020. In term of end-user, institutional segment held a larger market share of the ride-hailing service market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the ride-hailing service market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Daimler AG; Delphi Technologies Plc.; Uber Technologies Inc.; Didi Global Inc.; Gett; ANI Technologies Pvt. Ltd.; and Grab Holdings Inc. among others.
Reasons to buy report
- To understand the Asia Pacific ride-hailing service market landscape and identify market segments that are most likely to guarantee a strong return
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- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Asia Pacific ride-hailing service market
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Asia Pacific Ride-Hailing Service Market Segmentation
Asia Pacific Ride-Hailing Service Market – By Service Type
- E-hailing
- Car Sharing
- Car Rental
- Station-based Mobility
Asia Pacific Ride-Hailing Service Market – By Vehicle Type
Asia Pacific Ride-Hailing Service Market – By Location
- Urban
- Rural
Asia Pacific Ride-Hailing Service Market – By End-User
- Institutional
- Personal
Asia Pacific Ride-Hailing Service Market – By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
Asia Pacific Ride-Hailing Service Market – Companies Mentioned
- Daimler AG
- Delphi Technologies Plc.
- Uber Technologies Inc.
- Didi Global Inc.
- Gett
- ANI Technologies Pvt. Ltd.
- Grab Holdings Inc.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Ride-Hailing Service Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Asia Pacific Ride-Hailing Service Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Trend of On-Demand Transportation Services
5.1.2 Uplifting in Cost of Vehicle Ownership
5.2 Market Restraints
5.2.1 Inconsistent Transport Policies of Different Countries and Resistance from Traditional Transport Services
5.3 Market Opportunities
5.3.1 Appearance of Autonomous Ride Sharing
5.4 Future Trends
5.4.1 Surge in Trend of Mobility-as-a-Service
5.5 Impact Analysis of Drivers and Restraints
6. Asia Pacific Ride-Hailing Service Market Analysis
6.1 Ride-Hailing Service Market Overview
6.2 Asia Pacific Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
7. Asia Pacific Ride-Hailing Service Market Analysis – By Service Type
7.1 Overview
7.2 Asia Pacific: Ride-Hailing Service Market- By Service Type
7.3 E-hailing
7.3.1 Overview
7.3.2 E-hailing: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Car Sharing
7.4.1 Overview
7.4.2 Car Sharing: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Car Rental
7.5.1 Overview
7.5.2 Car Rental: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Station-based Mobility
7.6.1 Overview
7.6.2 Station-based Mobility: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
8. Asia Pacific Ride-Hailing Service Market – By Vehicle Type
8.1 Overview
8.2 Asia Pacific: Ride-Hailing Service Market- By Vehicle Type
8.3 Two-Wheeler
8.3.1 Overview
8.3.2 Two-Wheeler: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Three-Wheeler
8.4.1 Overview
8.4.2 Three-Wheeler: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Four-Wheeler
8.5.1 Overview
8.5.2 Four-Wheeler: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
9. Asia Pacific Ride-Hailing Service Market – By Location
9.1 Overview
9.2 Asia Pacific: Ride-Hailing Service Market- By Location
9.3 Urban
9.3.1 Overview
9.3.2 Urban: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Rural
9.4.1 Overview
9.4.2 Rural: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
10. Asia Pacific Ride-Hailing Service Market – By End-User
10.1 Overview
10.2 Asia Pacific: Ride-Hailing Service Market- By End-User
10.3 Institutional
10.3.1 Overview
10.3.2 Institutional: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Personal
10.4.1 Overview
10.4.2 Personal: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
11. Asia Pacific Ride-Hailing Service Market – Country Analysis
11.1 Overview
11.1.1 Asia Pacific: Ride-Hailing Service Market- By Key Country
11.1.1.1 Australia: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 Australia: Ride-Hailing Service Market- By Service Type
11.1.1.1.2 Australia: Ride-Hailing Service Market- By Vehicle Type
11.1.1.1.3 Australia: Ride-Hailing Service Market- By Location
11.1.1.1.4 Australia: Ride-Hailing Service Market- By End-User
11.1.1.2 China: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 China: Ride-Hailing Service Market- By Service Type
11.1.1.2.2 China: Ride-Hailing Service Market- By Vehicle Type
11.1.1.2.3 China: Ride-Hailing Service Market- By Location
11.1.1.2.4 China: Ride-Hailing Service Market- By End-User
11.1.1.3 India: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 India: Ride-Hailing Service Market- By Service Type
11.1.1.3.2 India: Ride-Hailing Service Market- By Vehicle Type
11.1.1.3.3 India: Ride-Hailing Service Market- By Location
11.1.1.3.4 India: Ride-Hailing Service Market- By End-User
11.1.1.4 Japan: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.4.1 Japan: Ride-Hailing Service Market- By Service Type
11.1.1.4.2 Japan: Ride-Hailing Service Market- By Vehicle Type
11.1.1.4.3 Japan: Ride-Hailing Service Market- By Location
11.1.1.4.4 Japan: Ride-Hailing Service Market- By End-User
11.1.1.5 South Korea: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.5.1 South Korea: Ride-Hailing Service Market- By Service Type
11.1.1.5.2 South Korea: Ride-Hailing Service Market- By Vehicle Type
11.1.1.5.3 South Korea: Ride-Hailing Service Market- By Location
11.1.1.5.4 South Korea: Ride-Hailing Service Market- By End-User
11.1.1.6 Rest of Asia Pacific: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.6.1 Rest of Asia Pacific: Ride-Hailing Service Market- By Service Type
11.1.1.6.2 Rest of Asia Pacific: Ride-Hailing Service Market- By Vehicle Type
11.1.1.6.3 Rest of Asia Pacific: Ride-Hailing Service Market- By Location
11.1.1.6.4 Rest of Asia Pacific: Ride-Hailing Service Market- By End-User
12. Impact of COVID-19 Pandemic on Asia Pacific Ride-Hailing Service Market
12.1 Overview
13. Asia Pacific Ride-Hailing Service Market-Industry Landscape
13.1 Overview
13.2 Market Initiative
14. Company Profiles
14.1 ANI Technologies Pvt. Ltd.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Daimler AG
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Delphi Technologies Plc
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 DiDi Global Inc.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Gett
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Grab Holdings Inc.
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Uber Technologies Inc.
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Ride-Hailing Service Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. Asia Pacific: Ride-Hailing Service Market- By Key Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Ride-Hailing Service Market- By Service Type –Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Ride-Hailing Service Market- By Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Ride-Hailing Service Market- By Location –Revenue and Forecast to 2028 (US$ Million)
Table 6. Australia: Ride-Hailing Service Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Ride-Hailing Service Market- By Service Type –Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Ride-Hailing Service Market- By Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 9. China: Ride-Hailing Service Market- By Location –Revenue and Forecast to 2028 (US$ Million)
Table 10. China: Ride-Hailing Service Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Ride-Hailing Service Market- By Service Type –Revenue and Forecast to 2028 (US$ Million)
Table 12. India: Ride-Hailing Service Market- By Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 13. India: Ride-Hailing Service Market- By Location –Revenue and Forecast to 2028 (US$ Million)
Table 14. India: Ride-Hailing Service Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 15. Japan: Ride-Hailing Service Market- By Service Type –Revenue and Forecast to 2028 (US$ Million)
Table 16. Japan: Ride-Hailing Service Market- By Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 17. Japan: Ride-Hailing Service Market- By Location –Revenue and Forecast to 2028 (US$ Million)
Table 18. Japan: Ride-Hailing Service Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 19. South Korea: Ride-Hailing Service Market- By Service Type –Revenue and Forecast to 2028 (US$ Million)
Table 20. South Korea: Ride-Hailing Service Market- By Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 21. South Korea: Ride-Hailing Service Market- By Location –Revenue and Forecast to 2028 (US$ Million)
Table 22. South Korea: Ride-Hailing Service Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of Asia Pacific: Ride-Hailing Service Market- By Service Type –Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of Asia Pacific: Ride-Hailing Service Market- By Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of Asia Pacific: Ride-Hailing Service Market- By Location –Revenue and Forecast to 2028 (US$ Million)
Table 26. Rest of Asia Pacific: Ride-Hailing Service Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 27. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Ride-Hailing Service Market Segmentation
Figure 2. Asia Pacific Ride-Hailing Service Market Segmentation – By Country
Figure 3. Asia Pacific Ride-Hailing Service Market Overview
Figure 4. E-Hailing Segment is Growing with Highest CAGR in 2020
Figure 5. Four-Wheeler Held the Largest Market Share in 2020
Figure 6. Asia Pacific Ride-Hailing Service Market, By Country
Figure 7. Asia Pacific (APAC) – PEST Analysis
Figure 8. Asia Pacific Ride-Hailing Service Market– Ecosystem Analysis
Figure 9. Expert Opinions
Figure 10. Asia Pacific Ride-Hailing Service Market: Impact Analysis of Drivers and Restraints
Figure 11. Asia Pacific Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Asia Pacific: Ride-Hailing Service Market Revenue Share, By Service Type (2020 and 2028)
Figure 13. E-hailing: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Car Sharing: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Car Rental: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Station-based Mobility: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Asia Pacific: Ride-Hailing Service Market Revenue Share, By Vehicle Type (2020 and 2028)
Figure 18. Two-Wheeler: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Three-Wheeler: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Four-Wheeler: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Others: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Asia Pacific: Ride-Hailing Service Market Revenue Share, By Location (2020 and 2028)
Figure 23. Urban: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Rural: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Asia Pacific: Ride-Hailing Service Market Revenue Share, By End-User (2020 and 2028)
Figure 26. Institutional: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Personal: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Geographic Overview of Asia Pacific Ride-Hailing Service Market
Figure 29. Asia Pacific: Ride-Hailing Service Market Revenue Share, By Key Country (2020 and 2028)
Figure 30. Australia: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. China: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. India: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Japan: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. South Korea: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Rest of Asia Pacific: Ride-Hailing Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
- Daimler AG
- Delphi Technologies Plc.
- Uber Technologies Inc.
- Didi Global Inc.
- Gett
- ANI Technologies Pvt. Ltd.
- Grab Holdings Inc.
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- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the ride-hailing service market, as well as those hindering it
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