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Lyft Has Tried Major Development In Europe Ride Hailing Market

The  Europe Ride Hailing Market revenue is expected to show an annual growth rate of 15% (CAGR 2020-2024).

  Major leading players in the market consist of Uber Technologies Inc., Lyft Inc., Didi Chuxing, BMW AG, Aptiv PLC, Robert Bosch GmbH, IBM Corporation, Gett Inc., ANI Technologies Private Limited and Tom Tom International.

   Uber has failed to gain popularity and traction in many cities of the continent. Regulators of various European countries have proved to be a roadblock for Uber as their services have been banned in Hungary. Some of the Uber’s services have also been banned in cities of France, Germany, and Netherlands.

     Aptiv PLC –March 2020, a global technology company focused on making mobility safer, greener, and more connected, announced that it has been named to Fast Company's prestigious annual list of the World's Most Innovative Companies for 2020. Aptiv has transformed our business to focus on innovating at the intersection of the most disruptive trends in the automotive industry.

     Lyft has given a free ride on Election Day - a new initiative to ensure every voter has a way to get to the polls on Election Day. The rideshare company will offer free or discounted rides to polling locations and ballot dropboxes on November 3. That not only includes cars, but also bikes and scooters in the cities where they're available. Lyft will give anyone a discounted ride (50% off one ride up to $10) to any polling location or dropbox using the code 2020VOTE. Those in underserved communities won't have to pay anything for their ride, thanks to Lyft's partnership with the organization’s Black Women’s Roundtable, National Federation of the Blind and the Student Veterans of America.

    Sept 2020-Lyft has added a new feature in their app for GTA transit riders. The company added local public transit information in-app so riders can compare more of their transit options and choose the best route. The new transit feature in the Lyft app allows riders to see upcoming departures nearby for four GTA transit agencies including the TTC, GO Transit, UP Express and York Region Transit.

     In covid -19 fleet and travel managers face the challenge of advising their employees on how to travel safely by taxi, ride hailing or car share services. In the UK, three of the leading taxi dispatch software providers – Autocab, Cordic and iCabbi – have created a charter of best practice for taxi firms to follow, as a way to reassure their passengers and drivers. More than 190 taxi firms across the country have already signed up to the charte.

     Robert Bosch- Survey report said- If the 2,500 survey respondents in Germany, France, Italy, and the U.K. had to decide on a new car tomorrow, one in two would opt for a stand-alone combustion engine for their primary car and around one in three for their second car. However, when asked what would be the most prevalently used powertrain in 2030, some 68 percent of those polled see the electrical powertrain in pole position, ahead of hybrids and combustion engines. Survey participants acknowledged the potential of fuel cell-powered cars, with around one in three seeing the fuel cell as the future of mobility.

     Volkswagen and BMW have entered into a partnership with ride hailing service provider “DriveNow” aimed to deploy driverless fleets by 2025 and to expand its shuttle services to a large number of European cities to boost ride hailing services and electrical mobility. E-hailing segment is expected to maintain its dominance during the forecast period owing to the growing acceptance among the tourist customers in the region.

     Market Segmented by Vehicle Types is Two-Wheeler, Three-Wheeler, Four-Wheeler and Others. By Service Types it has E-Hailing, Car Sharing and Rental. By Countries it splits into Germany, France, Italy, United Kingdom and Rest of Europe. By revenue of the taxi and the ride-hailing segment is estimated to reach US$ 17,098m by the year 2020. The revenue is also expected to show an annual growth rate of 14% (CAGR 2020-2024) which will result in the projected market volume of approx. US$28,848 by the year 2024. France is the leading country in the ride hailing services in the region owing to the various initiatives by the service providers to gain riders in the region. However, the Germany market is expected to gain high growth in the ride hailing market over the next six years due to the changes in the government rules policies. Germany government has planned to scrap the rule of returning to a headquarters after every drop-off, which would result in more service players entering into the Germany market resulting in surge in market revenues.

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