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The estimated revenue from ride-hailing in 2021 will be US$260,159 million. Market size is projected to reach US$385,942 million by 2025 with a revenue growth rate of 10.4% annually (CAGR [***] . By 2025, user penetration is expected to increase from 19.6 percent in 2021 to 20.8 percent.
In a nutshell, these statistics show that urban transportation patterns are changing. With traffic getting worse and parking spots becoming scarcer, more and more car owners are choosing on-demand taxi services for more convenient commuting. Even some entrepreneurs are also interested to learn about developing a car rental app like Turo. Given these facts, it's reasonable to believe that the future of the ride-hailing and car rental sector is positive and promising. Therefore, the time is now if you're looking for uber like app development.
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