The Insight Partners released a research study titled “Ride-Hailing Service Market Forecast to 2028," which forecasts the value of the U.S. market to reach $98.7 million by 2028. 

According to a news release citing the study, the future value was based upon the 2021 year-end market value of $48.9 million. The release noted that The Insight Partners, which is based in New York, issued its report, examining the impact of the global pandemic as well as the various types of ride-hailing in use today. In the press release, it was noted that the study examined segments of the sector, including service type, vehicle type, location as well as end user, as well as locations that included North America, Asia, Europe the Middle East and Latin America. 

“The global ride-hailing service market growth is driven by the emergence of autonomous ride sharing, rise in trend of on-demand transportation services and development of autonomous vehicles,” Insight Partners said in its news release.

The news release noted that the value of the e-hailing segment alone was $27.6 million in 2020, according to the study, and smartphone mobile subscriptions were expected to hit 6.4 billion by the end of 2021. 

In its report, The Insight Partners ride-hailing service growth is driven by commuters for these transportation options. Moreover, the report also noted that the cost of vehicles and fuel as well as growth in tourism and the increase in mobile apps are adding to market growth. 

The Insight Partners report also noted that businesses also are adding to the growth, with many companies making ride-hailing a requirement in their transportation policy. For companies instituting the policy, increases in employee attendance have been seen, saving money in lost productivity along the way. The report also concluded as the market grows, it minimizes traffic congestion in urban areas where ride-hailing is prevalent.