South America Ride Hailing Market to Grow at 11% CAGR until 2023

Growing traffic congestion, increasing urbanization, rising air pollution levels and favorable government policies to drive South America ride hailing market by 2023 

According to TechSci Research report, “South America Ride Hailing Market By Vehicle Type, By Internet Connectivity, By Service Type, By Vehicle Connectivity, By Country, Competition Forecast & Opportunities, 2017-2023”, the ride hailing market in South America is forecast to grow at a CAGR of 11.5% during 2018 – 2023. Growing urbanization, expanding fleet of automobiles and increasing penetration of smartphones and internet are among the key factors expected to aid the market growth during the forecast period. Increasing traffic congestion and ride hailing benefits such as ease of booking and enhanced comfort are also anticipated to boost demand for ride hailing services in South America in the coming years. 

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“South America Ride Hailing Market”

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Brazil dominated the region’s ride hailing market in 2017 and is expected to maintain its market dominance during the forecast period, on the back of growing internet penetration across the country. Passenger car segment accounts for the largest share in the region’s ride hailing market, as it is quite cost effective, safe and comfortable for users.  Uber Technologies Inc., Lyft Inc. and Didi Chuxing are among the key players operating in South America ride hailing market.  

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“Rising popularity of carpooling / sharing in South America can be majorly attributed to lower traveling expenses for the users. Moreover, carpooling also results in making the ride eco-friendly as it lowers the number of vehicles plying on the roads, thereby lowering the emissions of greenhouse gases. Moreover, ease of booking with the introduction of 4G technology coupled with investments by major players in South America ride hailing market would fuel market growth over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“South America Ride Hailing Market By Vehicle Type, By Internet Connectivity, By Service Type, By Vehicle Connectivity, By Country, Competition Forecast & Opportunities, 2017-2023” has analyzed the potential of ride hailing market across the region, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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