Ride Sharing Market

Ride Sharing Market Size (2023-2028):

The Global Ride Sharing Market was worth US$ 96.9 billion in 2022 and is anticipated to reach a valuation of US$ 226.01 billion by 2028 and is predicted to register a CAGR of 15.42% during 2023-2028.

The Ride Sharing Market size is predicted to grow over the coming years with the rapid increase in road traffic and demand for cushty riding experience. It allows passengers to attach with the drivers and book their rides easily with the assistance of mobile applications or online sites. There are several advantages associated with ride-sharing like convenient booking options, affordable door-to-door rides, no parking troubles, and reduced carbon footprints. Additionally, the increased variability in cab booking charges thanks to the presence of an outsized number of service providers may be a major factor, accelerating the global ride-sharing market growth. Several companies within the market are providing different offers, discounts, and facilities to scale back the expenses of daily passengers. As an example, companies, like OLA and Uber, provide monthly pass facilities to users, where consumers can use ride pooling at lower rates than paying for their rides every day.

The necessity to scale back urban traffic jams and the need for a cost-effective commute with better comfort are the key factors driving the expansion of this industry. Increasing penetration of smart devices, like smartphones, tablets, et al. is projected to drive the market boom. Within the ride-sharing business model, smart personal devices hold the foremost significance because of the platforms on which the apps are installed.

Market Drivers:

As ride-sharing is an internet-enabled service, internet connectivity is an essential requirement for availing these services in any part of the planet. The users are required to download an app on their smartphone and use data services to access the app and additional navigation and knowledge services associated with it. Internet connectivity is additionally needed for navigation, telematics, and V2V communication. Consistent with the International Telecommunication Union, approximately 81% of the population in developed countries uses the web. On the opposite hand, 40% of people in developing countries have access to the Internet, and these numbers are increasing rapidly. Therefore, the increasing penetration of the internet and smartphones acts as the primary growth driver of the global ride-sharing market.

Market Restraints:

The increasing number of ride-sharing services like Uber, Ola, and Lyft has disrupted the marketplace for traditional taxi operators. Many of them have lost operations and revenue that was generated from conventional businesses. Traditional taxi operators have formed cartels to protest against app-based ride-sharing service providers in many places.

In many countries, the operations of app-based mobility services aren't regulated by a legal authority. Hence, their process isn't defined and controlled by the government. Taxi services are required to get separate licenses and registration. This makes it difficult for app-based taxi services to work as many app-based companies don't own vehicles.

Market Recent Developments:

• London's transportation regulator won't renew Uber's license to work within the city, threatening the ride-hail giant's future in one of its biggest markets.

• Google is launching a ride-sharing app, skirting the legal minefields of Uber

• OLA announced it plans to launch within the UK. This comes just six months after the Softbank-backed firm ventured into Australia in its first overseas move.

RIDE SHARING MARKET REPORT COVERAGE:

Market Segmentation:

Ride Sharing Market - By Service Type:

• E-hailing 
• Car sharing 
• Car rental 
• Station-based mobility 

E-hailing segment is predicted to grow with a notable CAGR In the coming years, due to the increasing use of online ride-sharing applications. 

Ride Sharing Market - By Car Sharing Type:

• P2P Car sharing 
• Corporate Car Sharing 

P2P car sharing has registered a prominent share in the global ride-sharing market with the increasing use of cabs for personal and professional tasks among consumers. Corporate car sharing is also slowly gaining ground around the globe.

Ride Sharing Market - By Vehicle Type:

• ICE (internal combustion engine) vehicle 
• CNG/LPG vehicle 
• Electric vehicle 
• Micro mobility vehicle (Bike/Bicycle, Scooter, Others) 

Micro-mobility describes a spread of vehicles that will accommodate just one or two people. Shared micro-mobility presents a sensible option for anyone seeking to navigate a city quickly and without the issues of mass transit. With congestion rising in many cities, there's a growing need for door-to-door mobility options that don't contribute to traffic.

Ride Sharing Market - By Data Service:

• Information service 
• Navigation 
• Payment service 
• Other 

Market Reginal Analysis:

The Global Ride Sharing Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

North America's ride-sharing market is probably going to occupy a big market share within the global business. The demand within the U.S. leads to a highly consolidated way of ride-hailing giants like Uber and Lyft in the area, contributing a majority of this market share. Agreements between several corporations and ride-sharing companies to scale back traffic jams and control pollution have also been the prominent driving factors of this market in this region.

Europe's ride-sharing market is additionally not yet fully operational with countries like Germany still displaying a reluctance to adopt the concept. Developed countries like the U.K. and France have enthusiastically adopted four-wheeler and bike-sharing platforms over the last few years.

The Asia Pacific ride-sharing market is projected to watch the very best growth within the region over the anticipated period. The countries like Japan, China, and South Korea are at the forefront of this growth during this region. The factors of reducing pollution and parking problems have propelled the governments of countries like China to adopt the concept of ride-sharing. The regional market is additionally expected to observe spectacular growth in India, which is characterized by an elevated concentration of middle-class population that is not capable of maintaining their own vehicles.

Market Key Players:

1. Uber (US)
2. Lyft (US)
3. DiDi (China)
4. Grab (Singapore)
5. Gett (Israel)
6. Ola (India)
7. BlaBlaCar (France)
8. Lime (US)
9. Herts (US)