Ride Hailing Growth to Slow Significantly
July 18, 2019—In 2019, the global revenues of ride-hailing companies increased by 19.6 percent to reach $183.7 billion but are now expected to only grow by 11.6 percent in 2023.
According to Statista forecasts, in 2020, the mark of one billion users will be passed, and the penetration rate will amount to 15.4 percent. In line with the above-mentioned slowing growth, the growth rates of user numbers are also expected to decline: In 2019, the growth rate amounts to 16.1 percent, whereas in 2023, it will only be 8.3 percent.
The U.S. has a penetration of 20.1 percent in 2019.
If you compare the projected revenue developments in Europe and the U.S. with those in Asia, it becomes clear that, over the coming years, revenue growth will decline in the Asian market as well (2019: 22.7 percent; 2023: 12.8 percent), while still remaining above the European (10.4 percent) and the U.S. (8.7 percent) level.