The most interesting players in the ride-hailing market
The latest analyst estimates are that the ride-hailing companies completed 28 billion rides in 2019 with 27% annual growth. In this article, I’ve listed the latest moves of the biggest car manufacturers and some other major players in this field.
28 billion rides in 2019 vs 22 billion 2018
According to ABI Research, the ride-hailing companies completed 28 billion rides in 2019 resulting in 27% annual growth. The market has grown rapidly — there were 22 bn rides in 2018 and 16 bn rides in 2017
The biggest number of rides were provided by:
- Didi Chuxing: 7 billion rides in 2017
- Uber: 4 billion rides in 2017
- Ola cabs: 1 billion rides in 2017
- Grab: reached a total of 1 billion rides in 2017
- Go-jek: 900 million rides in 2017
- Lyft: 375 million rides in 2017
Over 70% of the rides in Asia — only 5% in Western Europe
According to ABI Research, the biggest ride-hailing markets are China, India, the USA, and Indonesia. As a result of expensive and inconvenient private car ownership, over 70% of the global ride-hailing trips were in Asia in 2017. In contrast, due to stricter government regulation, only 5% of the trips were in Europe.
Uber has the largest global coverage even though it has exited from several markets: Uber China business sold to Didi Chuxing in 2016, Uber Russia business merged with Yandex in 2018, and SouthEast Asia business sold to Grab in 2018. Uber received shares of the acquiring companies in each of these transactions but has denied all inquiries about any wider consolidation activities.
Several Unicorns with Billions of Funding
List of the ride-hailing companies that have raised at least $1 billion funding. There are several others that have raised hundreds of millions not listed here.
- Uber: a total of $24,2Bn raised; went public in IPO in 2019 with $82Bn valuation
- Didi Chuxing: a total of $20,6Bn raised; the latest ones being $4Bn in 2017 and $0,5Bn in 2018 with $56Bn; possibly IPO in near future.
- Lyft: a total of $4,9Bn raised; went public in IPO in 2019 with $24Bn valuation.
- Grab: total of $6,1Bn raised; latest $2Bn in 2018 with $11Bn valuation.
- Go-Jek: a total of $2,1Bn raised; the latest $1,5Bn in 2018 with $5Bn valuation.
- Ola Cabs: total of $3,3Bn raised; latest $1,1Bn in 2018 with $4Bn valuation.
- Dida Chuxing: a total of $100M raised, currently aiming at raising $300M in 2020 pre-IPO.
Internationally operating ride-hailing companies
Some interesting ride-hailing companies operating in several countries (listed by the country of origin).
- Brazil: EasyTaxi, 99Taxis
- China: Didi Chuxing, Dida Chuxing
- Estonia: Taxify
- Germany: MyTaxi
- India: Ola Cabs
- Indonesia: Go-Jek
- Israel: Gett
- Kenya: Mondo ride
- Norway: Haxi
- Russia: InDriver, Yandex.Taxi
- Singapore: Grab
- Spain: Cabify
- United Arab Emirates: Careem
- USA: Lyft, Uber, Waymo
Car manufacturers moving to ride-hailing
The car industry expects a disruption due to shared, automated, electric vehicles and has started to invest in partnerships with ride-hailing companies or establishing their own operations. I have gathered a list of some of the most interesting initiatives in the following:
- BMW and ReachNow in USA
- BMW and DriveNow in Europe
- Daimler and Geely creating a new joint venture in China
- Daimler and BMW merging ride-hailing units
- Daimler and MyTaxi
- Daimler and ViaVan
- Daimler and Car2Go (merged with BMW’s DriveNow)
- Daimler and Bosch autonomous ride-hailing in San Jose (CA)
- Fiat Chrysler with Waymo
- Ford autonomous ride-hailing in Miami (FL)
- GM & Honda with Cruise
- GM used to be in close partnership with Lyft before focusing in Cruise (and Lyft partnering with Waymo)
- Hyundai and Kia with Grab
- Nissan and DeNa
- Tesla Network
- Toyota with Uber
- Toyota with Grab in SouthEast Asia
- Volkswagen and Didi
- Volkswagen and Gett
- Volkswagen and Moia
Technology companies in ride-hailing
In addition to car manufacturers, many pure technology companies are also investing heavily in ride-hailing:
The references are included as links in the text above. The market size and estimates are from ABI Research. I have listed additional interesting references on my own article “Ride-hailing replacing car ownership”.