Middle East & Africa Ride Hailing Market is to Grow at a CAGR of 16.18%
Rapid urbanization,
tackling traffic congestion, internet penetration and emerging players are
increasing the demand of Middle East and Africa Ride Hailing market.
According
to the TechSci Research report, “Middle East and Africa Ride Hailing Market-By
Region Competition, Opportunity and Forecast, 2019-2029F", the market
is anticipated to grow at a CAGR of 16.18% during the forecast period. Ride
hailing is the term used to describe the process of reserving, controlling, and
paying for a service. A smartphone app that makes use of different
transportation networks is used for ride hailing. The ride hailing service is a
third-party service that connects a rider with a car via a smartphone and an
intelligent platform, allowing them to benefit from riding. When a rider
downloads the ride hailing software on their smartphone, GPS navigation
technology is used to instantaneously locate the pickup location. Once the
rider detects that the local services owner obtains signal on their smartphone,
bookings for ride hailing transportation to the appropriate destination point
can be made.
The
market for Middle East and Africa ride-hailing services is expanding
significantly as a result of the presence of important players in new regions
and rising consumer usage due to convenience and comfort. The desire of
consumers to avoid the high up-front costs of car ownership and maintenance, as
well as the growing amount of traffic and scarcity of parking spots, are what
driving the rise of the Middle East and Africa market. Rising urbanisation and
smart city efforts are propelling the ride hailing market forward, resulting in
higher demand for upgraded solutions with improved connection and performance.
The rise of electric vehicles for more pleasant and environmentally friendly
transportation at a cheaper cost is creating opportunities for the ride hailing
business.
The
emergence of new technology and market players in the market is broadening the
consumer base and facilitating the market growth. The growing affordability of
smartphones and internet penetration is increasing the reliance on digital
solutions across a wide range of industries, including ride-hailing services.
The growing consumer share of millennials and generation Z is shifting overall
consumer statistics away from traditional services and towards ride-hailing,
fuelling Middle East and Africa market growth. The market is expected to grow
due to an increase in demand for luxury car services at affordable prices,
particularly among millennials. Most millennials avoid purchasing cars in order
to save money on ownership, maintenance, fuel, and road tax. The increased use
of public transportation helps to alleviate traffic congestion and is proving
beneficial for environment.
Browse more than22 market data Figures and 4 Tables spread
through 80 Pages
and an in-depth TOC on "Middle East and Africa Ride Hailing Market"
The Middle East market can be segmented
based on Service type, by Vehicle type, by End User, by Propulsion Type and by Country.
By Service type, the market is divided into shared and rental type. The Shared
segment dominates the service type market due to the consumers suitability. By vehicle
type, the market is segmented into two wheeler, three wheeler and passenger car.
Among them, passenger car had the biggest market share in vehicle type category.
The passenger car is used for daily commute; however, two-wheeler shared
mobility is gaining a momentum in shared mobility due to its cost effectiveness.
By end user, the market is segmented into two categories, Institutional and Personal.
Among them, the personal category is having the biggest share due to the
presence of the mobile app for booking for the personal travel. By Propulsion
type, the market is divided into ICE and Electric. In this segment the market
is dominated by ICE because of the presence of the ICE vehicles in the region. Furthermore,
the electric vehicle usage is gaining momentum due to the global sustainability
and emission goals of the Middle East and Africa region.
Some of the major
players operating in the Middle East and Africa Ride Hailing Market include:
- Careem
Networks FZ LLC,
- Telgani
Holding Inc,
- Bolt
Technology OÜ
- Udrive
Rent a Car LLC,
- MNT
Halan
- Swvl,
Inc
- inDriver
Holdings Inc,
- Ekar
Carshare LLC,
- Moove
Vehicle Limited
- Urent,
LLC
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“Many companies
are investing in the ride hailing market due to the growing consumer preference,
increasing internet penetration, and cost effectiveness for daily commute to
their workplace. Moreover, many new emerging players are entering the ride
hailing market due to growing tourism and lack of transportation network. These
factors are further boosting the growth of Middle East and Africa Ride Hailing market, "said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Middle
East & Africa Ride Hailing Market By Service Type (Shared, Rental), By
Vehicle (Two-Wheeler, Three Wheeler, Passenger Car), By End User
(Institutional, Personal), By Propulsion Type (ICE, Electric) By Region
Competition Forecast & Opportunities, 2018- 2028F, has evaluated
the future growth potential of Middle East and Africa Ride Hailing Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Middle East and Africa Ride Hailing Market.
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