PUBLISHER: TechSci Research | PRODUCT CODE: 1342689
PUBLISHER: TechSci Research | PRODUCT CODE: 1342689
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Middle East & Africa Ride Hailing Market is anticipated to grow with the rapid CAGR in the upcoming years. The ride hailing market is growing because of the rising vehicle congestion on the roads, rapid urbanization, consumer preference for daily commute and cost effectiveness. Also, the increase in development of the infrastructure and increasing tourism is further boosting the Middle East & Africa Ride Hailing market. Furthermore, the emergence of new players and rising adoption of electric vehicles tend to boost up the Middle east and Africa ride hailing market.
The demand for ride hailing services is increasing in the Middle East and Africa region as internet penetration and urbanization rise. Ride hailing activities are expanding as more consumers prefer to travel by car sharing and renting. Consumers use ride hailing for daily mobility because it is more efficient and eliminates the need for private car ownership and maintenance costs. Furthermore, with the rapid advancement of technology, the car-pooling and e-hailing platform provides drivers and consumers with information such as passenger pick-up and drop-off locations, payment options, and travel routes. Furthermore, due to congested cities and lack of parking spaces, consumers are opting for ride hailing services in the Middle East and Africa region.
Due to the economic benefits of EVs in fleet vehicles, such as reduced overall running costs of own fleet, nearly infinite usage of the motors, and efficiency of its usage, there will be a growing trend for EVs in fleet vehicles. With lower carbon emissions from the electric vehicles, the environment pollution will reduce and contribute towards the sustainability goal from the usage electric vehicle in the ride hailing services, which inturn boost up the Middle East and Africa ride hailing market. . For example, Moove wants to build Mena's largest EV ride-hailing fleet. Moove is raising $30 million to expand operations and accelerate electrification in order to assist cities in the region in meeting net zero targets, beginning in the UAE.
One of the main factors increasing the ride hailing service in the Middle East and Africa is the emergence of new players in the market and investments done by the existing players on expanding their operations in the region. Saudi Arabia's Public Investment Fund (PIF) invested $35 million in the UAE's online car trader SellAnyCar.com, while rental platforms Invygo, Telgani, and marketplace Seez and Syarah also raised funds. UAE-Yango, an international ride-hailing app, was launched in Dubai in September 2022. InDriver was the first outsider to enter ride hailing service in Suez, Egypt, in September 2020. Uber decided in 2018 to invest another $100 million in Egypt over the next five years to expand all its services in the country. Since January 2017, Udrive has had 150,000 trips and over 100,000 hours of usage in Dubai. With investments and new emerging players, the ride hailing market is expected to robustly grow in the Middle East and Africa region.
In many countries, the operation of app-based mobility services is not regulated by a legal authority. As a result, their operation is not defined or regulated by the government. Separate licenses and registration are required for taxi services. This makes app-based taxi services challenging to provide because many app-based companies do not own the vehicles. For example, in Saudi Arabia, a rule imposed in 2021 limited the pool of drivers by requiring them to be Saudi citizens and personally own their vehicle. The National Transport and Safety Authority (NTSA) temporarily barred SWVL from Kenyan roads after the governmental agency discovered that the mass transport business was not be properly licensed to operate in the nation.
The Middle East & Africa Ride Hailing Market is segmented by service type, by vehicle type, by end user, by propulsion type and by region. Based on service type, the market is segmented into Shared and Rental. Based on Vehicle type, the market is segmented into Two-Wheeler, Three-Wheeler, and Passenger Car. Based on end user type, the market is segmented into Institutional and Personal. Based on propulsion type, the market is divided into ICE and Electric.
Careem Networks FZ LLC, Telgani Holding Inc., Bolt Technology OU, Udrive Rent a Car LLC, MNT Halan, Swvl, Inc., inDriver Holdings Inc, Ekar Carshare LLC, Moove Vehicle Limited and Urent, LLC. are the key players developing advanced ride hailing service structure to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
In this report, Middle East & Africa Ride Hailing Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in Middle East & Africa Ride Hailing Market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: