The On-Demand Ride Services market is projected to grow at a CAGR of 6.25% during the forecast period, reaching a total market size of US$175.680 billion in 2024. Growing global travel and tourism industry is one of the major drivers of on-demand ride services market. Rising adoption of smart connected devices and lower cost of these services are also boosting the growth of on-demand ride services market. However, factors such as lack of regulation, fluctuating fares, and inadequate insurance coverage are hindering the growth of on-demand ride services market. Geographically, North America and Europe regional markets accounted for significant market shares in 2018.
Growing global travel and tourism industry
High cost of ownership of cars
Lack of regulation
India-based ride-hailing platform OLA is planning to invest over $5 million to launch ‘self-drive’ service to diversify its portfolio of transportation solutions.
Enterprise Holdings has recently announced its plans to launch a car subscription service.
The major players profiled in the On-Demand Ride Services market include Enterprise Holdings, Uber, Lyft, Avis Budget Group, Europcar, Sixt, Gett, Hailo, and Grab Holdings Inc.
The On-Demand Ride Services Market has been analyzed through the following segments:
By Business Model
Middle East and Africa