The Official Blog
The COVID-19 pandemic has hit the transportation sector hard thereby bringing down opportunities for taxi and other ride-hailing businesses for the time being.
Drastic impact of COVID-19 on the market
The global market value of the ride-hailing industry which was previously projected to be 26,153m in 2020 is expected to witness a compound annual growth rate (CAGR) of -43.7% chiefly due to the COVID-19 outbreak and the social distancing measures that follow.
The coronavirus outbreak has taken over the world and public spaces, including schools, libraries, workplaces, hotels, shopping malls and cinema theatres are closed to slow down and ultimately eliminate the pandemic. Unlike the other sectors that are locked down, the ride-hailing industry sees space to flourish while offering public support even during such unpredictable times.