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Ride Hailing Services Strategic Business Report 2024-2030

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Dublin, Sept. 19, 2024 (GLOBE NEWSWIRE) — The “Ride Hailing Services – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

The global market for Ride Hailing Services was estimated at US$65.1 Billion in 2023 and is projected to reach US$121.4 Billion by 2030, growing at a CAGR of 9.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

The growth in the Ride Hailing Services market is driven by several factors, including the increasing urbanization and the need for efficient and flexible transportation solutions in congested cities. Technological advancements such as AI, ML, and autonomous vehicles are enhancing service efficiency and customer experience, propelling market growth. The growing emphasis on sustainability is driving the integration of electric vehicles into ride hailing fleets, appealing to environmentally conscious consumers.

Additionally, the expansion of digital payment systems and the increasing penetration of smartphones are broadening the accessibility and convenience of ride hailing services. The rising demand for multi-modal transportation options and the potential for new revenue streams through partnerships with public transport systems are also significant growth drivers in the ride hailing market.

How Are Ride Hailing Services Redefining Urban Mobility?

Ride hailing services have transformed urban transportation by providing an on-demand and convenient alternative to traditional taxis and public transport. Companies such as Uber, Lyft, Didi, and Grab have disrupted the conventional taxi industry by leveraging smartphone apps, GPS technology, and cashless payment systems to connect passengers with nearby drivers.

This model offers a seamless experience for users, characterized by transparency in pricing, route optimization, and enhanced safety features like driver ratings and trip tracking. Ride hailing services have also introduced various ride options, from economy to luxury, and even carpooling services, catering to a wide range of customer preferences. As urban populations grow and congestion intensifies, these services are becoming integral to modern urban mobility, offering flexible and scalable transportation solutions.

What Technological Innovations Are Shaping the Future of Ride Hailing?

Technological advancements are at the heart of the evolution of ride hailing services, driving improvements in efficiency, safety, and user experience. Artificial Intelligence (AI) and Machine Learning (ML) are being used to optimize routing, predict demand, and dynamically adjust pricing to balance supply and demand. The integration of advanced algorithms and data analytics enables real-time decision-making, improving driver allocation and reducing wait times for passengers.

Additionally, the development of autonomous vehicles presents a potential paradigm shift for the ride hailing industry. Companies like Waymo and Uber are investing heavily in self-driving technology, which could significantly reduce operational costs and improve service reliability. The incorporation of electric vehicles (EVs) into ride hailing fleets is another significant trend, driven by the growing emphasis on sustainability and reducing carbon emissions in urban areas.

What Challenges and Opportunities Exist in the Ride Hailing Market?

Despite the rapid growth, the ride hailing market faces several challenges, including regulatory hurdles, intense competition, and concerns over driver working conditions. Regulatory frameworks vary significantly across countries and cities, with some regions imposing stringent requirements on ride hailing companies, such as licensing, insurance, and data sharing. This regulatory uncertainty can impact market expansion and profitability. Additionally, the market is highly competitive, with companies engaged in price wars and offering various incentives to attract both drivers and customers, which can strain profit margins.

However, the market also presents numerous opportunities. The integration of multi-modal transportation options, such as bike-sharing, e-scooters, and public transit within ride hailing apps, is opening new revenue streams and enhancing user convenience. Moreover, the rising adoption of digital payments and the increasing use of smartphones are expanding the potential customer base for ride hailing services.

Key Insights:

  • Market Growth: Understand the significant growth trajectory of the E-hailing Services segment, which is expected to reach US$62.0 Billion by 2030 with a CAGR of a 9.6%. The Car Sharing Services segment is also set to grow at 8.8% CAGR over the analysis period.
  • Regional Analysis: Gain insights into the U.S. market, estimated at $17.7 Billion in 2023, and China, forecasted to grow at an impressive 8.5% CAGR to reach $18.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

  • Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
  • In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
  • Company Profiles: Coverage of major players such as Angkas, Autofleet, Avancar, and more.
  • Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Attributes:

Report Attribute Details
No. of Pages 183
Forecast Period 2023 – 2030
Estimated Market Value (USD) in 2023 $65.1 Billion
Forecasted Market Value (USD) by 2030 $121.4 Billion
Compound Annual Growth Rate 9.3%
Regions Covered Global

Key Topics Covered:

MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Ride Hailing Services – Global Key Competitors Percentage Market Share in 2024 (E)
  • Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
  • Global Economic Update

MARKET TRENDS & DRIVERS

  • Rising Demand for Convenient and Affordable Transportation Propels Market Growth
  • Increasing Urbanization and Traffic Congestion Expands Addressable Market Opportunity
  • Technological Advancements in GPS and Mobile Applications Strengthen Market Position
  • Growing Focus on Sustainable and Eco-Friendly Mobility Solutions Drives Adoption of Ride Hailing Services
  • Surge in Demand for Cashless and Digital Payment Options Generates New Opportunities
  • Development of Electric and Autonomous Ride Hailing Vehicles Sustains Market Growth
  • Expanding Applications in Corporate and Business Travel Throws Spotlight on Market Potential
  • Rising Adoption of Ride Hailing Services Among Millennials and Gen Z Propels Market Growth
  • Surge in Demand for On-Demand and Shared Mobility Expands Market Horizons
  • Growing Awareness of the Benefits of Ride Hailing in Reducing Private Vehicle Ownership Drives Market Adoption
  • Innovations in Ride Hailing Platforms and Driver Safety Measures Generate New Market Opportunities

FOCUS ON SELECT PLAYERS (Total 19 Featured)

  • Angkas
  • Autofleet
  • Avancar
  • CabStartup
  • FREE NOW
  • Higer Bus Company Limited
  • inDriver
  • Liftago
  • Onde
  • RideGuru

For more information about this report visit https://www.researchandmarkets.com/r/8nbl0x

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

            



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Uber and Baidu partner to launch autonomous ride-hailing in global markets

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Uber Technologies Inc. and Baidu Inc. have announced a multi-year strategic partnership to deploy autonomous vehicles (AVs) across selected global markets outside the United States and mainland China.

The agreement will see Baidu’s Apollo Go driverless vehicles integrated into the Uber platform, with initial operations expected to begin in Asia and the Middle East later this year.

The partnership aims to enhance ride-hailing services by expanding the availability of autonomous mobility solutions through Uber’s platform.

The collaboration is designed to increase the supply of affordable and reliable rides by supplementing existing transport networks with advanced driverless technology.

Under the terms of the agreement, users requesting eligible Uber trips may be offered the option to travel in a fully autonomous Apollo Go vehicle.

READ MORE: UK DfT fast-tracks self-driving pilots

This marks a significant step in the commercial deployment of AVs beyond pilot programmes and limited urban trials.

Apollo Go currently operates more than 1,000 fully autonomous vehicles and has established a presence in 15 cities worldwide, including Dubai and Abu Dhabi.

As of May 2025, Baidu reports that Apollo Go has provided over 11 million autonomous rides to the public, making it the most widely used driverless ride-hailing service globally by volume.

Co-founder, chairman, and CEO of Baidu, Robin Li, said: “We are committed to bringing the benefit of autonomous driving technology to more people in more markets, and this partnership with Uber represents a major milestone in deploying our technology on a global scale.

“We look forward to working with Uber to deliver safe and efficient autonomous mobility solutions to riders around the world.”

Achievements and innovations in connected autonomous vehicles will be recognised and celebrated at the fourth annual CiTTi Awards on 25 November 2025 at De Vere Grand Connaught Rooms in London. Visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector!



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Kakao Mobility pursues Waymo, Baidu partnerships for driverless taxis

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A Kakao Mobility self-driving car is being tested in the Pangyo area of Seongnam, Gyeonggi. [KAKAO MOBILITY]

 
Kakao Mobility, Korea’s top ride-hailing platform operator, is reportedly in talks with global autonomous vehicle leaders to launch a self-driving taxi service in Korea.
 
Kakao Mobility is pursuing partnerships with the U.S.-based Waymo and China’s Baidu to bring autonomous taxis, also known as robotaxis, to the domestic market through its Kakao T platform, which currently holds over 90 percent of Korea’s taxi-hailing market, according to industry sources and the Ministry of Land, Infrastructure and Transport on Friday.
 
 
If these collaborations are finalized and relevant regulatory frameworks are established, Korean users may be able to summon Waymo or Baidu robotaxis via Kakao Mobility’s platform.
 
The two companies are recognized as leaders in autonomous driving technology. In a March report by global market research firm Guidehouse, Waymo ranked first and Baidu second in autonomous vehicle technology.
 
“Both companies already operate fully autonomous taxi services — without safety drivers — in urban centers in the United States and China,” an industry official said. “They are widely considered front-runners in autonomous driving with a significant technological lead over competitors.”
 
Should these robotaxis be introduced to Korea, they would undergo adjustments to meet the country’s road conditions and traffic systems before being deployed for public service.  
 

A Waymo robotaxi seen on a road in San Francisco, California on Oct. 11, 2024 [YONHAP]

 
Kakao Mobility hopes the vehicles will help accelerate the accumulation of real-world driving data and spur domestic development in the autonomous vehicle sector.
 
“Rapid progress in autonomous technology requires continuous learning through on-road data,” one automotive expert explained. “Waymo and Baidu have proven the safety of their vehicles in real traffic environments and continue to collect valuable driving data.”
 
However, even if agreements are reached, significant legal and logistical hurdles remain. Under current Korean law, fully driverless vehicles are not permitted on public roads. Operational areas for autonomous vehicles are also limited.
 
Expanding to the level of widespread robotaxi deployment seen in parts of the United States and China will take time and require cooperation with Korea’s taxi industry.
 
“We are in discussions with several leading domestic and international companies regarding service collaborations,” said Kakao Mobility. “However, as talks are ongoing, no specific details or finalized agreements can be disclosed at this time.”
 

Baidu’s robotaxi RT6, currently in operation in Wuhan, China and other areas, is seen in this photo provided by the company. [BAIDU]

 

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY YUN JUNG-MIN [[email protected]]





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Bolt launches Family Profile in Nigeria to simplify shared rides – Innovation Village

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Ride-hailing company Bolt has unveiled a new Family Profile feature in Nigeria, aimed at transforming how families and small support networks coordinate transportation. This new addition enables a single user to manage and pay for rides on behalf of up to nine other people—all within one Bolt account. The move marks a significant shift toward inclusive mobility solutions in a market characterized by communal living and informal ride coordination.

While Bolt is not the first to launch such a feature—Uber pioneered the concept in the ride-hailing space—the platform is strategically adapting the idea to meet Nigeria’s unique mobility dynamics, where multi-generational households are common and transportation responsibilities are often shared among family members.

With the new Family Profile, users can add multiple individuals to a shared account, set monthly ride budgets, and receive real-time notifications about trips. This eliminates the need for constant coordination over phone calls or text messages, which, according to Bolt’s internal data, previously characterized around 2–6% of all rides in Nigeria. These trips often required the payer to relay driver details, track trip progress manually, and resolve post-ride payment concerns—an inefficient and often frustrating process.

Now, riders under the Family Profile can independently request trips through their own Bolt app, while the primary account holder retains complete financial oversight and visibility into ride histories and expenditures. The launch of this feature is part of Bolt’s broader strategy to localize its services and address real-world challenges faced by Nigerian users. For families with elderly members or relatives who may not be tech-savvy, the Family Profile offers a convenient way to ensure safe and reliable transportation without requiring them to navigate the app independently.

“At Bolt, we want to make ride-hailing work for the way people actually move,” said Osi Oguah, Country Manager for Bolt Nigeria. “Family Profile is a simple but powerful way to support others—whether it’s aging parents, adult children, or household staff—without the stress of managing every trip manually. It’s about offering control, visibility, and convenience in one seamless experience.”

The Family Profile maintains Bolt’s strict safety protocols. All added members must be at least 18 years old and possess verified Bolt accounts. The company has clarified that rides cannot be booked for unaccompanied minors, citing legal and safety reasons. However, the feature remains ideal for scheduling transportation for older adults or coordinating rides for family members with limited digital literacy.

This update builds on Bolt’s existing in-app safety features such as trip verification codes, live location sharing, real-time ride monitoring, and emergency assistance options—tools designed to reassure users in an increasingly safety-conscious market.

Bolt’s launch of the Family Profile also comes shortly after reporting a 42% drop in offline (untracked) rides over the past three months, a sign that users are increasingly turning to digital tools for secure and transparent transportation. By integrating family-focused features, Bolt reinforces its ambition to lead the ride-hailing industry in both safety and user empowerment.

The rollout of Family Profile is not just a feature upgrade; it’s a strategic evolution of Bolt’s services, grounded in the everyday realities of Nigerian households. As mobility continues to digitize across the country, innovations like this are likely to play a crucial role in shaping how families move together—safely, efficiently, and with greater peace of mind.



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