Middle East & Africa Ride Hailing Market Insights Forecasts to 2033
- The Middle East & Africa Ride Hailing Market Size was valued at USD 4,420 Million in 2023.
- The Market Size is Growing at a CAGR of 8.50% from 2023 to 2033.
- The Middle East & Africa Ride Hailing Market Size Expected to Reach USD 9,992 Million by 2033.
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The Middle East & Africa Ride Hailing Market Size is expected to reach USD 9,992 Million by 2033, at a CAGR of 8.50% during the forecast period 2023 to 2033.
Ride-hailing is an on-demand transportation service provided by companies via mobile applications or websites. Customers can book rides through these platforms, which connect them to drivers in real-time. The concept of ride-hailing has grown in popularity due to its ease of use, competitive pricing, and convenience. In recent years, the ride-hailing market has expanded and transformed dramatically. Ride-hailing platforms have transformed the way people commute by providing a convenient and affordable alternative to traditional transportation services. In many Middle Eastern and African cities, ride-hailing services have emerged as a popular and convenient alternative to traditional taxis. The ease of booking using smartphone apps, cashless transactions, and the ability to track rides in real time have all contributed to their widespread adoption. Furthermore, the introduction of various vehicle categories, such as economy, premium, and shared rides, addresses a wide range of consumer preferences. Government regulations and policies have had a significant impact on the Middle Eastern and African ride-hailing markets. Some countries have embraced these services as a solution to transportation issues, while others have put in place regulations to ensure driver and passenger safety and fairness.
This research report categorizes the market for the Middle East & Africa ride-hailing market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Middle East & Africa ride-hailing market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Middle East & Africa ride-hailing market.
Middle East & Africa Ride Hailing Market Report Coverage
|Market Size in 2023:
|USD 4,420 Million
|Forecast Period 2023-2033 CAGR:
|2033 Value Projection:
|USD 9,992 Million
|Historical Data for:
|No. of Pages:
|Tables, Charts & Figures:
|By Service Type, By Vehicle Type, By Location, By Region and COVID-19 Impact Analysis.
|Uber Middle East FZ LLC (Uber), Careem Networks FZ LLC, Bolt Technology OU, Soul Innovations Ltd (inDrive), Didi Global Inc, Kayan Rehla Information Technology Company, KOI Ride, Sixt Ride GmbH & Co. KG, XXRIDE For Electronic Transport Services, Cloud World Trading LLC – Otaxi and Other Key Vendors.
|Pitfalls & Challenges:
|COVID-19 Empact, Challenge, Future, Growth, & Analysis
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The growing urban population and traffic congestion in major cities are driving demand for ride-hailing services in the Middle East and Africa ride-hailing market. In the Middle East and Africa ride-hailing market, the growing use of smartphones and mobile applications has made booking rides quick and easy. Furthermore, cost-effectiveness and the ability to track rides in real-time are key factors attracting customers to ride-hailing platforms, particularly in the Middle East and Africa ride-hailing market. The integration of advanced technologies, such as GPS and real-time navigation, ensures efficient route planning and divides travel time. Ride-hailing is now more accessible and convenient due to strategic partnerships with public transportation services. Integration with existing public transportation systems enables users to seamlessly plan and complete their entire journey, promoting a more holistic approach to urban mobility. Furthermore, ride-hailing services provide a cost-effective transportation solution, especially in areas where economic factors restrict people's ability to own private vehicles. Fuel price fluctuations and the overall cost of car ownership make ride-hailing an appealing and flexible option, particularly for those looking for low-cost, on-demand transportation.
Regulatory challenges and legal uncertainties surrounding ride-hailing services create barriers to market expansion. Concerns about passenger safety and security have prompted questions about the dependability of ride-hailing platforms. Traditional taxi services and transportation regulations in the Middle East & Africa compete with ride-hailing companies, hampering their growth potential. The complexity of regulatory frameworks is one of the major obstacles confronting the Middle Eastern and African ride-hailing market.
- In 2023, the e-hailing segment accounted for the largest revenue share over the forecast period.
Based on service type, the Middle East & Africa Ride Hailing market is segmented into service types e-hailing, car sharing, car rental, and station-based mobility. Among these, the e-hailing segment has the largest revenue share over the forecast period. The e-hailing segment is expected to experience significantly high revenue growth over the forecast period as a result of technological innovations for digital payments, rider safety, and comfort. Growing internet penetration, rapid smartphone adoption, and rising vehicle ownership costs are expected to drive up demand for e-hailing services. Furthermore, digitization of transportation services will result in personalized transportation. Customers will have easy access to transportation availability, convenience, control, connectivity, and cost-effectiveness. Furthermore, the segmental revenue growth is expected to be driven by advances in connected and automated vehicles that reduce CO2 emissions.
- In 2023, the cars segment is witnessing the largest growth over the forecast period.
Based on vehicle type, the Middle East & Africa ride-hailing market is segmented into motorcycles and cars. Among these, the cars segment is witnessing the largest growth over the forecast period. The market's growth is attributed to the increasing penetration of transport network companies (TNCs) such as Uber, local services, as well as the growing preference for four-wheeler vehicles among customers. Furthermore, the population's growing need for greater safety and comfort is expected to drive up demand for four-wheeler vehicles. Furthermore, rising demand for four-wheelers, which allow customers to travel in any weather, is expected to drive the segmental revenue growth over the forecast period.
- In 2023, the urban segment is witnessing the largest growth over the forecast period.
Based on location, the Middle East & Africa ride-hailing market is segmented into urban, and rural. Among these, the urban segment is witnessing the largest growth over the forecast period. As disposable income rises, so does the desire to travel from one location to another. The increasing presence of airports and railway stations in urban areas is expected to increase demand for ride-hailing services, as people prefer to take taxis to get to their destinations. Furthermore, increased internet penetration and the widespread availability of smartphones in cities have led to increased adoption of ride-hailing services. Furthermore, the growing importance of safe and affordable modes of transportation is expected to drive revenue growth in the segment over the forecast period.
- Saudi Arabia is projected to have the largest share of the Middle East & Africa ride-hailing market over the forecast period.
Based on region, Saudi Arabia is projected to have the largest share of the Middle East & Africa ride-hailing market over the forecast period. Saudi Arabia’s economic prosperity, combined with an expanding population and urbanization, has increased the demand for convenient transportation options. Uber and local players Careem have a strong presence, providing both Economy and Premium ride options. The regulatory environment has evolved to support ride-hailing services, and the government recognizes their importance in addressing transportation issues. The Saudi market is distinguished by a preference for larger vehicles, including SUVs, and the incorporation of a variety of services, such as food delivery.
The report offers the appropriate analysis of the key organizations/companies involved within the Middle East & Africa ride-hailing market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Uber Middle East FZ LLC (Uber)
- Careem Networks FZ LLC
- Bolt Technology OU
- Soul Innovations Ltd (inDrive)
- Didi Global Inc
- Kayan Rehla Information Technology Company
- KOI Ride
- Sixt Ride GmbH & Co. KG
- XXRIDE For Electronic Transport Services
- Cloud World Trading LLC – Otaxi
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In September 2023, The UAE-based everything app and Careem signed a deal with Kuwait's retail grocery chain, Sultan, to further improve transportation services for customers in the country. Careem will provide a 30% discount to locals, residents, and visitors traveling to and from any Sultan branch in Kuwait.
This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Middle East & Africa ride-hailing market-based on the below-mentioned segments:
Middle East & Africa Ride Hailing Market, By Service Type
- Car Sharing
- Car Rental
- Station-based Mobility
Middle East & Africa Ride Hailing Market, By Vehicle Type
Middle East & Africa Ride Hailing Market, By Location
Middle East & Africa Ride Hailing Market, By Region
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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