Hamburg, 17.07.2019 – These are exciting times for the Ride Hailing segment: Moia finally got the permission to expand its fleet in Hamburg to 500 vehicles. In London, another big player, the Indian ride-sharing company Ola, is entering the market, and MyTaxy finalized its rebranding, changing its name to Free Now. Analyses carried out by Statista show that the industry will experience further growth over the next five years; this growth, however, will level off.

In 2019, the global revenues of ride-hailing companies increased by 19.6% to reach $183.7 billion but are now expected to only grow by 11.6% in 2023.

In 2020, more than one billion people will be using ride hailing

According to Statista forecasts, in 2020, the mark of one billion users will be passed, and the penetration rate will amount to 15.4%. 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%, whereas in 2023, it will only be 8.3%.

The average revenue per user (ARPU) is estimated to amount to $184.28 in 2019, and it is expected to grow as well, amounting to $208.14 in 2023.

When it comes to revenues, China is the world's No. 1

When comparing revenues across the globe, China is currently in the lead with $53.5 billion, followed by the U.S. ($49,6 billion) and India ($30.4 billion). In terms of market volume, the UK is the most profitable market in Europe ($6.0 billion), whereas Germany currently generates $1.4 billion.

When it comes to user penetration, Singapore is ahead with 34.2%, followed by Qatar (33.4%) and China (32.2%). The U.S. has a penetration of only 20.1% in 2019. In European terms, the UK is once again in the leading position (19.7%); Germany's user penetration currently amounts to 6.4%.

The biggest potential lies in Asia

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%; 2023: 12.8%), while still remaining above the European (10.4%) and the U.S. (8.7%) level. In contrast, the penetration rates of the U.S. (28.8%) and Asia (25.1%) will be well above the European value (16.2%) in 2023.

While the ARPU in the U.S. will remain on a high level and virtually stagnate by 2023 (a growth of 3.2% to $774.07 by 2023), Asia (a growth of 19.3% to $161.64 by 2023) and Europe (a growth of 13.2% to $235.12 by 2023) will see their growth continue.

The Statista Mobility Market Outlook

The Mobility Market Outlook is one of Statista's expert tools and shows current market figures and forecasts regarding vehicle and mobility services markets across the globe. It focuses mainly on key figures like average prices as well as revenues and sales including the respective forecasts.

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Statista is one of the biggest statistics portals in the world, integrating onto a single platform more than 1,000,000 statistics on 80,000 topics from 22,500 sources. Over 1,500,000 registered users interact with Statista on a regular basis. With offices in Hamburg, New York, Paris, London and Singapore, Statista currently employs more than 650 team members.