DUBLIN, February 14, 2022 /PRNewswire/ — The report “Global Ride Hailing Service Market Outlook 2028: Global Opportunity and Demand Analysis, Market Forecast, 2019-2028” has been added to from ResearchAndMarkets.com offer.
The global public transport services market is expected to grow at a CAGR of 16.6% over the period 2019-2028. According to research published by Insure Insights on the global public transport services market, theRide Call service is also known as a transport network company, app-taxi, e-taxi or mobility service provider, it is a company that, through websites and mobile applications, connects passengers with drivers of rental vehicles that do not look like taxis. Advancements in navigation and GPS technologies and increasing disposable income of the public have boosted the market.
Top Driver: The skyrocketing preference for carpooling and bike pooling around the world. Led the market.
Growing preference for carpooling and shared cycling and growing urban population in developing economies are the major factors driving the market. Interest rates reduced by banks and lenders for car ownership have had a positive impact on the market. Technological advancements and application development have improved passenger safety and comfort, which has further boosted the market.
E-hailing Achieved the Highest Segmental Growth in the Global Transit Services Market
Based on the offer, the market is segmented into e-hailing, car sharing and rental. The E-hailing segment led segmental growth. The strong growth is attributed to the user-friendliness and convenience of these services. E-hailings have made getting around new towns relatively easier as they offer trained drivers using reliable maps for navigation. The algorithms linked to the application make it possible to estimate the price to facilitate the journey, as they reduce the chances of being deceived by a driver. Technological advances in VTC rental by mobile application will further boost the market
However, the rental segment is expected to grow at a faster rate during the forecast period owing to the increased awareness of standalone rental services in developing economies such as China and India because it offers more comfort,
North America led the growth of the regional market with the presence of most companies in the region
Based on region, the market is segmented into North America, Europe, Asia Pacific and SAMEA. North America experienced the strongest regional growth due to the presence of most businesses in the region. The growing preference for public transport in cities like New York, Chicago, San Francisco, etc and the increase in population as well as the demand for accessible modes of transportation has further favored regional growth. the Asia Pacific the area is expected to grow with faster growth due to increased transit service in cities like beijing, Shanghaiand Tokyo, delhi, Bombay etc Economic growth and the growing need for employment opportunities have further fostered the growth of the regional market.
Strategic collaborations, mergers and acquisitions are the main strategies of competitors
Players in the global public transport services market are fragmented. Product launches, collaborations, mergers and acquisitions are strategies used by competitors. Major competitors in the global public transport services market include Uber, Lyft Inc., Via, Juno, Xoox, Wheely, ViaVan, My Taxi, Gett, and Yandex. .Taxi
Uber: Uber is one of the main competitors in the global market for public transport services; In June 2020, Uber announced the acquisition of Postmates for $2.65 billion. The acquisition has strengthened Ubers’ business in the meal delivery service.
Lyft, Inc.: Lyft, Inc. is a popular competitor in the global transit service market. In October 2018, Lyft, Inc. announced the acquisition of Blue Vision Labs. The acquisition was made by Lyft, Inc. to bolster its self-driving business.
Top Reasons to Buy This Report
1. It provides a map of technology development over time to understand the growth rate of the industry.
2. The report offers a dynamic method for various factors driving or restraining market growth.
3. It renders an accurate analysis to change the competitive dynamics.
4. It builds a seven-year estimate based on expected market growth.
Main topics covered:
Chapter 1 Overview and Scope
Chapter 2 Our Research Practice
Chapter 3 Executive Summary
3.1 Market Overview
3.2 Regional overview
3.3 Summary of segments
Chapter 4 Covid-19 Impact Analysis
4.2 Prevalence analysis
4.3 Impact Analysis of Key Drivers
Chapter 5 Global Transit Services Market Forces
5.1 What are the market drivers
5.2 Porter’s Five Forces Analysis
5.2.1 Authority of suppliers
5.2.2 Threats from new entrants
5.2.3 Power of the buyer
5.2.4 Threat of Substitute Product
5.2.5 Degree of competition
Chapter 6 Global Public Transport Services Market-Instant Industry
6.1.1 Global Public Transportation Service Market Value, 2019- 2028, (USD Billion)
6.2 Market Overview
6.2.1 Driver Analysis
6.2.2 Analysis of constraints/challenges
6.2.3 Opportunity analysis
6.3 Supply Chain/Value Chain Analysis
6.4 SWOT Analysis of the Market
Chapter 7 Global Transit Services Market Analysis, By Type
7.2 Key Findings for Transit Services Market – By Offer
7.2.1 Public transport services market – E-hailing
7.2.2 Public Transport Services Market – Car Sharing
7.2.3 Public Transport Services Market – Rental
Chapter 8 Transit Services Market Analysis by Regions
8.1 Key Findings for Transit Services Market – By Region
8.2.1 Global Transit Services Market Analysis, By Supply, 2019 – 2028
8.3 Public Transport Services Market – North America
8.3.2 United States
8.3.5 North America Market, By Offer
8.4 Public Transport Services Market – Europe
8.4.6 Rest of Europe
8.4.7 European market, by offer
8.5 Public Transport Services Market – Asia Pacific
8.5.5 Rest of APAC
8.5.6 Asia Pacific Market, By Supply
8.6 Public transport services market – SAMEA
8.6.2 Middle East & Africa (SOUL)
8.6.3 South America
8.6.4 Rest of the world
8.6.5 South America, Middle East and the African market, offering
Chapter 9 Market Competition Analysis
9.1 Market Share/Positioning Analysis
9.1.1 Market Positioning of Major Vendors, 2019
9.1.2 Key Strategies Adopted by Major Players
9.1.3 Recent developments
Chapter 10 Company Profiles – Overview
10.1.1 Business fundamentals
10.1.2 Financial Overviews
10.1.3 Product Portfolio
10.1.4 Recent Developments
10.2 Lyft Inc.
10.8 My cab
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