What is the current situation after the implementation of the new policy for online car-hailing?

——Foreseeing 2022: "Panorama of China's Online Ride-hailing Industry in 2022" (with market size, competition landscape, development prospects, etc.)

Major listed companies in the online ride-hailing industry: Dazhong Transportation (600611), Foreign Service Holdings (600662), Yunnan Tourism (002059), Tianmai Technology (300807), etc.

The core data of this article: the number of online ride-hailing platforms, the number of drivers, the size of vehicles, User scale, etc.

Industry Overview

1. Definition

Online car-hailing is the abbreviation of online taxi booking service. According to the definition of the "Interim Measures for the Management of Online Taxi Reservation Operation Services" issued by the Ministry of Transport, the Ministry of Industry and Information Technology and other seven ministries and commissions on July 27, 2016, online taxi operation services refer to services built based on Internet technology. The platform integrates supply and demand information, uses qualified vehicles and drivers, and provides non-cruising rental taxi service business activities.

2. Industry chain analysis

The online car-hailing industry chain includes upstream vehicle and technical service suppliers, mid-stream online car-hailing service providers and downstream application scenarios. Upstream vehicle suppliers mainly provide online car-hailing platforms with vehicle tools and services required for business development, such as vehicle sales, car rental and trade, etc.; mid-stream online car-hailing service providers are mainly divided into third-party online car-hailing platforms and aggregators The online car-hailing platform distributes orders, plans routes and provides vehicle-related combined services for downstream online taxi-hailing, online express car-hailing, online car-hailing, carpooling/hitchhiking, etc.

Industry development history: The industry is in a stage of rapid development

my country’s online ride-hailing industry emerged in 2010. After more than 20 years of development, the pattern has been adjusted many times. In May 2010, Yidao Yongche was established in Beijing and took the lead in launching "private car" services. Yidao Yongche has also become the originator of China's online car-hailing industry. Subsequently, Kuaidi Dache and Didi Dache were launched one after another. Uber officially entered China in 2014. In February 2015, Didi Dache and Kuaidi Dache announced their merger, and the market completed a preliminary reshuffle. During the start-up period of the industry, national policies were frequently issued to guide the healthy and orderly development of the industry. With the merger of Didi and Kuaidi in February 2015, and Didi Chuxing's acquisition of Uber in August 2016, the online ride-hailing market gradually became dominated by Didi Chuxing. Since 2017, the online ride-hailing industry has entered a period of rapid development, the industry's compliance process has accelerated, various platforms have actively cooperated with supervision, and safety regulations have become an important evaluation factor.

Industry policy background: strongly supported by national policies

In recent years, national policies for the online ride-hailing industry have been frequent. Generally speaking, national policies have an encouraging attitude towards the online ride-hailing industry. At the same time, Ensure the orderly development of the industry by constantly updating specifications and standards. The main policies are as follows:

Industrial development status: market scale continues to expand

1. The number of online ride-hailing platforms continues to grow

According to the Ministry of Transport’s national online ride-hailing According to statistics from the Regulatory Information Interaction Platform, the number of licensed online ride-hailing platforms in China has increased from 214 at the end of 2020 to 267 at the end of March 2022, and the number of online ride-hailing platforms continues to grow.

2. The number of drivers is increasing

From the perspective of the cumulative number of online ride-hailing drivers, the growth trend is also showing from December 2020 to March 2022. As of the end of March 2022, A total of 4.073 million online ride-hailing driver licenses were issued by governments around the country, a month-on-month increase of 0.5%.

3. Expansion of vehicle scale

According to the "Interim Measures for the Management of Online Reservation Taxi Operation Services" issued by the Ministry of Transport and other seven ministries in 2016, vehicles intended to be engaged in online taxi operations Vehicles must meet the corresponding standards and apply for the "Online Booking Taxi Transport Certificate". Only vehicles that obtain the "Online Booking Taxi Transport Certificate" can engage in online car-hailing operations. As of the end of March 2022, a total of 1.634 million vehicle transportation certificates for online ride-hailing vehicles in China had been issued, a month-on-month increase of 0.2%.

4. Expansion of user scale

According to CNNIC data, the scale of China's online car-hailing users continued to expand from 2016 to 2021. By the end of 2021, the scale of China's online car-hailing users has reached 453 million people, an increase of 23.9% compared with 2020.

From the perspective of penetration rate, the penetration rate of online ride-hailing in China fluctuated and increased from 2016 to 2021. By the end of 2021, the penetration rate of online ride-hailing reached 43.90%, an increase of nearly 7% from December 2020.

Industry competition pattern

1. Regional competition: The eastern region develops better

As an emerging product of the Internet era, the online ride-hailing industry is a low-cost public transportation vehicle. *Transportation substitutes, industry development is closely related to regional economic level, residents' consumption level, etc. The eastern region is the cradle of the development of the online ride-hailing industry.

Most of the major companies in the industry are located in economically developed provinces such as Beijing, Shanghai, Jiangsu, Zhejiang, and Guangdong. Among them, Beijing is the most densely distributed, with Didi Chuxing, Shenzhou Private Car, Shouqi Ride-hailing, Dida Chuxing, etc. A leading company.

2. Enterprise competition: industry concentration is high

The main players in my country’s online ride-hailing industry can be divided into three categories, including Xiangdao Travel, Caocao Travel, and Shouqi Ride-hailing Traditional car companies have entered the game, Internet companies such as Hello Travel, Ctrip Cars, and Baidu Maps have entered the game, as well as other players such as Didi Chuxing, Wanshun Taxi, and Shenzhou Private Car.

From a business overview, Didi Chuxing is undoubtedly the leading company in my country's online ride-hailing industry. In addition to its express and private car services, it also has a public AI basic platform. In March 2022, the order volume of Caocao Travel, Xiangdao Travel and Huaxiaozhu Travel increased month-on-month, while other platforms all experienced decreases to varying degrees. Xiangdao Travel and T3 Travel are backed by traditional car companies, have sufficient self-owned transportation capacity, and mainly use B2C models, so their order compliance rates are relatively high. Overall, with the exception of Didi Chuxing, which ranks first in the industry, the other platforms are basically equally competitive. The market concentration of my country's online ride-hailing industry is relatively high.

Industry development prospects and trend predictions

1. Development trends: integration of upstream and downstream industrial chains, diversification of business models, and digitalization of industry development

Online appointments in my country The automobile industry is in a stage of rapid development. The integration of the upstream and downstream of the industrial chain, the diversification of business models, and the digitization and specialization of industry development are the main trends in current development.

2. Development prospects: With policy support, the development prospects are improving

According to the "2021 Travel Industry Market Insights" report released by Wilson Automotive Intelligent Decision, China's online ride-hailing industry in 2025 The market size is expected to reach 434.1 billion yuan, and the compound growth rate of China’s online ride-hailing market from 2022 to 2025 is approximately 10%. As the scale of the industry grows and market competition becomes more intense, the growth rate of China's online ride-hailing industry may decline from 2026 to 2027, but it will still maintain a growth trend. The expected growth rate is between 5% and 7%. The market size is expected to reach 487.8 billion yuan by 2027.

The above data refers to the "In-depth Research Report on Business Model Innovation and Investment Opportunities in China's Ride-hailing Industry" by the Qianzhan Industry Research Institute.