Ride-hailing Market: Anticipated To Experience Extraordinary Growth During Forecast Period 2018 - 2026
Ride-hailing is a passenger transportation service in which the passengers are connected with the vehicle drivers and owners through a smartphone-based app. Ride-hailing services are the same as hiring a taxi, the difference being, in ride-hailing, a vehicle is hired through a smartphone-based app. Increase in traffic congestion, lack of proper public transportation mode, longer time required for public transportation services, and faster service offered by the ride-hailing service providing companies are attracting passengers and travelers toward on-demand services. Hailing a ride is the same as owning a vehicle for a specific time period. Lower number of vehicles per 1000 people, especially across developing nations and regions such as Asia Pacific and Latin America, is fueling the demand for ride-hailing services. Increased fuel prices, rise in vehicle maintenance, and implementation of more stringent emission norms effectively makes ride-hailing less expensive as compared to th...