Ride-hailing Market Is Poised To Drive Accelerated Expansion In Coming Years: P&s Intelligence

By Author: Rahul Gautam
Total Articles: 5
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The arrival of shared mobility companies, such as Uber, Ola, and Meru Cabs, has definitely made life easier for the urban resident. People no longer need to own a vehicle and spend ridiculous amounts on their maintenance every year; they can simply download the mobile app of the company and call a cab wherever they are, to go wherever they want. Travelers are usually charged on the type of vehicle rented and duration or distance of the trip.

The convenience these services offer people is a key reason cited by P&S Intelligence for the growth of the ride-hailing market to $120.2 billion by 2024 from $50.4 billion in 2018, at a 13.0% CAGR between 2019 and 2024. Apart from buying a vehicle, even maintaining it is becoming costly with the increasing prices of fuel, insurance premiums, registration and licensing services, and parking services. Therefore, many people, especially the youth in cities, are shifting their focus from owning one to renting one.

Now, despite the fact that ride-hailing services can help curb air pollution to some extent by reducing the number of vehicles on the roads, most of the cars deployed ...
... by companies are still driven by diesel or petrol (gasoline). Thus,