Europe & CIS Ride Hailing Market to Cross $ 37 Billion by 2023
Enhanced passenger comfort,
ease of booking, growing need to curb air pollution levels and rising internet
penetration to drive Europe & CIS ride hailing market through 2023
According to TechSci Research report, “Europe
& CIS Ride Hailing Market
By Vehicle Type, By Internet Connectivity, By Service Type, By Vehicle
Connectivity, By Country, Competition Forecast & Opportunities, 2017-2023”, the region’s ride hailing market is forecast
to reach $ 37.8 billion by 2023. Growing demand for better transportation
services through a reliable and fast mobile platform, and rising penetration of
internet and smartphone users is aiding growth in the ride hailing market in Europe
& CIS. Increasing number of government initiatives aimed at reducing the
volume of private vehicles on the roads amid rising air pollution levels across
the region are anticipated to fuel demand for ride hailing services in the
coming years.
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United Kingdom dominated the
Europe & CIS ride hailing market in 2017 and is expected to maintain its
market dominance during the forecast period as well, on the back of developed
automotive infrastructure in the country. In terms of vehicle type, passenger
car segment accounted for a value share of around 95% in the region’s ride
hailing market in 2017, as more and more people are inclining towards passenger
car sharing due to its cost effectiveness and comfort. Moreover, growing presence of various
multinational companies such as Europcar, Uber, Avis, Sixt and Mytaxi is intensifying
the market competition in Europe & CIS ride hailing market.
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“Demand for ride hailing services is anticipated
to grow at a significant pace in the Europe & CIS nations over the coming
years, on the back of increasing smartphone users and growing internet
penetration across the region. Moreover, consumer preference is shifting
towards ride hailing services from traditional taxis, which in turn is boosting
the demand for ride hailing services across the region.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Europe & CIS 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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