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Emerging Markets and Tier 2 & 3 Cities are Redefining Opportunities; MaaS Integration as the Next Milestone
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The market has evolved significantly since its emergence a decade ago. The ride hailing market has gone beyond taxis to be recognized as a platform for efficient mobility services. New opportunities are arising in the emerging markets of Latin America, Africa and Middle East while the developed markets of North America, Asia Pacific, and Europe offer growing opportunities in tier 2 and 3 cities. As the ride hailing market proliferates, the growth avenues for the market is also increasing. Along with market consolidation and increasing the number of vehicles connected to their platforms, ride hailing players are partnering with different industries in order to diversify their offerings. Delivery services, partnerships with the aviation sector, e-scooters, hospitality sector, healthcare, car sharing and car rental operators, are the value added services that have re-defined the ride hailing market. Technology partnerships are also expected to be one of the key drivers for the market since advanced technology platforms improve fleet utilization, demand generation, and vehicle routing techniques – thereby, increasing demand and streamlining supply. Technology providers are also looking to enter the market by providing APIs and white label platforms to taxi companies. Europe has a relatively higher fleet of EV taxis as compared to other regions such as NA and APAC. Share of electric and hybrid taxis cities such as Oslo, Geneva, Berlin, Barcelona, Madrid, Paris, and Stockholm varies between 20% - 50%. Range anxiety and limited charging infrastructure are the key factors in taxi drivers preferring PHEVs over BEVs in the short term; in the long however, this is expected to change. Ride hailing service providers are also diversifying service offered such as repair, maintenance, fleet supply, fuel and charging infrastructure, and advanced technology platforms. By owning parts of the ride hailing value chain, service providers are trying to gain control over the entire ecosystem and remain relevant in a highly competitive market that is moving towards monopoly/ duopoly. Autonomous taxis are another trend that is expected to disrupt the ride hailing market in terms of new business models – no driver costs but high investment in fleet operations and maintenance of the vehicles. As autonomous vehicles are expected to be fleets as compared to privately owned vehicles, ownership of vehicles will be a key aspect in the autonomous taxi business model. OEMs (traditional and start ups) are expected to play an increasingly important role in the autonomous taxi ecosystem. Supporting the ride hailing market, a number of cities and transit agencies are undertaking partnerships with ride hailing service providers in order to provide last and first mile connectivity.
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