Press Release

Asia Pacific Ride Hailing Market to Surpass $ 50 Billion by 2023

Growing population, increasing smartphone user base, favorable government policies and rising air pollution concerns to drive Asia-Pacific ride hailing market through 2023

According to TechSci Research report, Asia-Pacific Ride Hailing Market By Vehicle Type, By Internet Connectivity, By Service Type, By Vehicle Connectivity, By Country, Competition Forecast & Opportunities, 2017-2023, the ride hailing market in Asia-Pacific is projected to reach $ 53.7 billion by 2023. Key factors expected to drive the market are growing urbanization and shifting trend from traditional taxis to ride hailing services in the region. Moreover, growing population, increasing traffic congestion and rising air pollution levels owing to the rising fleet of automobiles is anticipated to fuel the demand for ride hailing services across Asia-Pacific in the coming years.

Browse 77 market data Figures and Tables spread through 84 Pages and an in-depth TOC on  "Asia-Pacific Ride Hailing Market"

With a value share of more than 95% in 2017, passenger car segment dominated the ride hailing market across the Asia-Pacific region. The segment is anticipated to maintain its market dominance in the coming years as well, backed by its cost effectiveness and passenger comfort. Several big players such as Uber and Didi are increasing their product portfolio by investing in ride hailing services, which in turn is likely to drive growth in the region’s ride hailing market. Uber Technologies Inc., Didi Chuxing and Lyft Inc. are the leading players operating in the Asia-Pacific ride hailing market.

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“Collaborations between OEMs and ride hailing service providers are increasing across the region, in addition to shifting consumer preference towards car pool and ride sharing services. Moreover, rising government initiatives aimed at increasing awareness regarding the harmful effects of air pollution levels and development of semi-autonomous and autonomous vehicles would fuel the market demand for ride hailing services. Consequently, Asia-Pacific ride hailing market is projected to exhibit double-digit growth in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Asia-Pacific Ride Hailing Market By Vehicle Type, By Internet Connectivity, By Service Type, By Vehicle Connectivity, By Country, Competition Forecast & Opportunities, 2017-2023 has analyzed the potential of ride hailing market across the region, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.


About TechSci Research

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