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.
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Hailing Market"
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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.
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