We will accelerate the promotion of new energy vehicles and autonomous driving technologies

Overview of the car-hailing industry

Online car booking, short for online booking taxi service, refers to the business activities of building a service platform based on Internet technology, accessing qualified vehicles and drivers, and providing non-cruise booking taxi services by integrating supply and demand information.

Online car hailing refers to taxi services provided through Internet platforms, which are mainly divided into the following categories: Private car hailing: Online car hailing services provided by private car owners, usually their own private cars, to provide taxi services through Internet platforms; Ride-hailing: a ride-hailing service provided by a taxi company, usually a taxi company's vehicle, that provides taxi services via an Internet platform; Express: Provide more economical online car hailing services, usually private cars or taxi company vehicles, through the Internet platform to provide taxi services; Private car: Provide high-end online car-hailing services, usually luxury cars or commercial vehicles, and provide taxi services through the Internet platform; Hitch: A carpooling service provided by private car owners, usually private cars, via an Internet platform; Vehicle rental: The provision of long-term or short-term rental of vehicles, usually commercial or luxury vehicles, through the Internet platform to provide rental services.

China's car-hailing industry has experienced four stages of development. From 2010 to 2013, it was the preliminary pilot period. Didi Dacha completed the A round of financing and began to enter a period of rapid development. 2014-2015, this time for the outbreak period, the industry influx of a large number of players, about the network car regulatory documents and the government have been released; From 2016 to 2017, during the period of standardized integration, the regulations of China's car-hailing industry were gradually improved, and Didi Dache and Uber merged to form the absolute leader of China's car-hailing industry market. In 2018, there has been no transformation and upgrading stage, at this time, the safety issues caused by the network car industry have been national Chinese style, and the industry is facing challenges.

Second, China's online car booking further industrial optimization due to the improvement of policies and regulations

The development trend of China's car-hailing industry policy is standardization and integration, strengthening the supervision and management of car-hailing enterprises, and ensuring the safety and stability of users and the market. In April 2023, The State Council issued the Notice of The State Council on issuing the "14th Five-Year Plan" Market Supervision Modernization Plan [2021] No. 30, which pointed out that: improve the regulatory rules and standards for new forms of transportation such as online car hailing, shared bicycles, car time-sharing rental, and network freight. Guide platform enterprises to improve their service level and attract more operators to operate and start businesses online.

China's car-hailing users are mainly concentrated in young people and urban white-collar groups, and the frequency of its car-hailing users is also increasing. Among Chinese car-hailing users, users aged 18-35 account for the highest proportion, reaching 68.5%. At the same time, urban white-collar workers are also the main group of online car users, accounting for 60.5%. In the future, with the continuous development of the ride-hailing industry and the improvement of service quality, the usage rate and frequency of Chinese ride-hailing users are expected to further increase.

Third, in the post-epidemic era, China's car-hailing industry chain has been further optimized and integrated

The industrial chain consumption of China's online car hailing industry is complex, and the industrial chain is produced from the driver service end to the end user, whose driver end is mainly car enterprises, taxi companies, car ownership companies, private cars; Through these channels, drivers have passenger cars that can use the service and move into the platform through C2C mode, taxi company, B2B mode and other organizational modes; Platform types are divided into aggregation platform and vertical platform. Aggregation platform mainly includes Alipay, wechat, Meituan, Ctrip, Dianping, Amap Didi Travel, etc. Vertical platforms mainly include Dida travel, Huaxiaozhu, Shenzhou special car, etc. Finally, it flows to car-hailing consumers.

With the development of the Internet and the gradual standardization of China's car-hailing industry, the user scale of the car-hailing industry generally shows an upward trend, and the demand for the car-hailing industry also rises. In 2020, China is severely affected by the novel coronavirus epidemic, and its home-based policy directly affects the development of China's car-hailing industry, resulting in the stagnation of the development of the user scale of China's car-hailing industry. With the slowdown of the epidemic situation, the number of car-hailing users in China has rebounded. According to data, the number of car-hailing users in China in 2022 is 437 million. In the post-epidemic era, China's car-hailing industry has gradually rebounded.

Fourth, the global online car industry market scale continues to expand, industry competition intensifies

The size of the global online car market has shown a rapid growth trend in the past few years. According to the data, the global online car market has ushered in explosive growth since 2016. In 2019, the global online car market size is about 74.58 billion US dollars. In 2021, the global car-hailing industry market size began to pick up, in 2022, the global car-hailing industry market size of about 76.67 billion US dollars, has recovered to the pre-epidemic level, 2015-2022 compound growth rate of 21.75%, is expected in 2023, the global car-hailing industry market size of about 82.42 billion US dollars.

Fifth, with the slowdown of the epidemic situation, China's online ride-hailing industry has gradually regained vitality

With the popularity of smart phones and mobile Internet, people's way of travel has changed, and online car booking has emerged as a new way of travel. China's urbanization process is accelerating, urban traffic congestion and travel problems are becoming increasingly prominent, and online car booking as a flexible and convenient way to travel has been favored by more and more people. The Chinese government actively promotes the integrated development of the Internet and the real economy, supports and regulates the development of the e-hailing industry, and provides a policy environment to support the rapid development of the e-hailing industry. The development of new energy vehicles and autonomous driving technology has brought new opportunities and challenges to the ride-hailing industry, and promoted the transformation and upgrading of the ride-hailing industry. According to the data, after experiencing the epidemic in 2020, China's online car has gradually recovered its vitality in the past two years, and the market size of China's online car industry will be about 256.2 billion yuan in 2022, with a compound growth rate of 31.79% from 2015 to 2022. In the future, with the development of new energy vehicles and autonomous driving technology, China's ride-hailing industry is expected to further improve the quality of service and user experience, and achieve higher quality development.

The size of China's car-hailing market can be divided into special express cars and carpooling services. According to the data, special express cars occupy most of the market share. According to the data, in 2022, the size of China's special express cars is 249.064 billion yuan, and the size of the carpooling services market is 7.136 billion yuan. It shows that the main application scenario of China's online car booking users is in the urban area, while there are fewer applications outside the urban area and peer carpooling. It is expected that the market size of China's online car booking express will rise to 277.561 billion yuan in 2023, and the market size of online car sharing will rise to 7.639 billion yuan.

According to the data, China's online car models are mainly divided into taxi, professional and non-professional cars, of which professional and non-professional cars occupy the majority of the market share, in 2022, professional and non-professional cars accounted for about 84.79%, the proportion of leasing is about 15.21%, the main reason is that taxis in addition to online orders can also directly solicit passengers. Professional and non-professional cars can only receive orders through the platform delivery mode.

The market share of China's ride-hailing industry is mainly concentrated in first - and second-tier cities, but with the acceleration of urbanization and the rapid development of the ride-hailing industry, the market share of third-tier and below cities is also gradually increasing. According to the data, the regional distribution of China's online car market shows a unicorn trend, and Eastern China accounts for the most, accounting for about 36.56%. In the future, the market competition in China's ride-hailing industry will be more intense, and enterprises need to continuously improve service quality and user experience in order to obtain a larger share and better development in the market.

With the gradual increase of online car-hailing users, the market demand is relatively strong, leading to more and more players entering the market. According to the data, the number of enterprises in China's online car-hailing industry shows an increasing trend year by year, and the market competition is relatively fierce. Chinese ride-hailing companies need to focus on improving service quality, strengthening brand building, promoting the application of new energy vehicles and autonomous driving technology, strengthening data security and privacy protection, and actively responding to policy requirements in order to gain greater advantages and better development in the market competition.

Sixth, the market competition of China's online car hailing industry is relatively fierce, and there are many players in the industry

With the rapid development of China's online car hailing market, a number of excellent online car hailing platforms have emerged. In 2022, the top ten online car hailing brands in China are Didi Travel, T3 travel, Cao Cao Travel, Shouqi car hailing, Xiangdao travel, Shenzhou private car, Ruqi travel, Meituan Taxi, Dida travel and Wanshun car hailing. According to the statistics of the car-hailing industry, since July 2021, a number of car-hailing platforms such as Cao Cao Travel, T3 travel, Ruqi travel, and public travel have obtained a new round of financing. Among them, the financing amount of Cao Cao travel and T3 travel two platforms exceeded 10 billion yuan. At present, China's network car industry concentration is relatively high, mainly to Cao Cao travel, Didi travel and so on as the main market.

Vii. Future development trend of China's car-hailing industry

Application of new energy vehicles and autonomous driving technology: With the continuous development of new energy vehicles and autonomous driving technology, online ride-hailing companies will accelerate the promotion of new energy vehicles and autonomous driving technology, improve travel efficiency and environmental performance, and also reduce the operating costs of enterprises; The development of diversified service models: online ride-hailing companies will gradually expand their service scope and launch diversified service models, including taxi, private car, hitch car, chartered car, etc., to meet the different travel needs of users; Application of artificial intelligence technology: car-hailing companies will accelerate the promotion of artificial intelligence technology to improve the intelligent level of travel services, including intelligent scheduling, intelligent matching, intelligent navigation, etc., to improve users' travel experience and service quality; The intensification of industry competition: with the continuous development of the online car industry, industry competition will be further intensified, enterprises need to continuously improve the quality of service and user experience in order to obtain a larger share in the market and better development; Changes in the policy environment: Changes in the policy environment will have an important impact on the development of the ride-hailing industry, and enterprises need to actively respond to policy requirements, comply with relevant laws and regulations, and strengthen self-discipline and standardized management. In general, in the future, China's car-hailing industry will accelerate the promotion of new energy vehicles and autonomous driving technology, expand diversified service models, accelerate the promotion of artificial intelligence technology, and face more intense industry competition and policy environment changes. Enterprises need to continuously improve the quality of service and user experience, and actively respond to policy requirements in order to obtain greater advantages and better development in the market.