Ride Sharing Market Size was valued at USD 92.27 billion in 2022 and is expected to reach USD 263.21 billion by 2030 and grow at a CAGR of 14% over the forecast period 2023-2030.
Ride sharing is the act of sharing a ride with another passenger, preferably in the same direction. It can be used by numerous travelers on a shared basis. There is usually a middleman that provides an app that allows riders and drivers to find and connect in order to use these ride-share services. A passenger can schedule a shared ride through the use of e-hailing, which is short for electronic hailing, by making a phone call and sending a text message, or by going to the actual location of the service provider and using the internet to access a smartphone application or website. Taxis and cabs are available for passengers to reserve or hire for predetermined trips along routes that the passenger establishes in advance.
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Ride-sharing services typically make use of passenger cars, motorbikes, scooters, minivans, vans, buses and coaches, auto-rickshaws, and other types of vehicles. Ride-sharing is a relatively new concept in the mobility sector that has grown in popularity alongside car-sharing, car-hailing, and carpooling. The ride-sharing system operates by people offering and accepting rides at the driver's convenience. Ride-sharing makes short and lengthy travels easier by providing one-way and two-way rides. Because many people in economically developing countries do not own cars, they rely on car-hailing services.
In 2021, BMW has expanded its car-sharing service to include BMW370 series vehicles for short and long-term rental and delivery.
KEY DRIVERS:
Demand for carpool and bike pool services has increased.
Demand for internet booking platforms has increased.
The rise in the cost of owning a car is expected to propel the market forward.
RESTRAINTS:
Improvement of the public transportation system.
Market expansion is being limited by local transportation services and differing laws across the globe.
OPPORTUNITIES:
Progress on Robo-cabs.
Eco-friendly electric cab services are projected to drive market growth throughout the forecast period.
CHALLENGES:
Cyberattacks pose a significant threat to the market.
Passengers may be put at risk as a result of the advanced features.
The rapid expansion of COVID-19 at the beginning of the year 2020 has caused operational problems in a number of different businesses, notably the automotive industry. The primary pattern that is most severely impacted by the COVID-19 epidemic is carpooling and ridesharing. The Lockdown situation and societal conventions that encourage people to keep their distance were the primary contributors to the stagnation of the ride-sharing sector. Even now, the industry is having a hard time dealing with the customer perspective that they should adopt private automobiles rather than shared vehicles as a result of heightened health concerns and awareness of the spread of the COVID-19 virus. This is causing the market to struggle.
The global market has been divided into P2P car sharing, and Corporate Car Sharing based on the type segment. It is expected that the P2P car-sharing segment would lead the car-sharing market. P2P car sharing is a sort of vehicle sharing in which users share their automobiles with other travelers. A further benefit of the P2P approach is that the owner is present in the vehicle at all times.
Market, By Service Type:
The global market has been divided into E-hailing, Car sharing, Station-based mobility, and Car rental based on the service type segment. During the projected period, the e-hailing segment is expected to be the largest ride-sharing market. E-expanding hailing's popularity can be ascribed to a variety of factors, including the convenience of online reservations, increasing traffic congestion, improved passenger experience, and increased government efforts to raise public awareness about the dangers of air pollution.
Market, By Commute Type:
The global market has been divided into Long Distance, Corporate, and Short Distance based on the commute type segment. Short-distance and corporate commutes are expected to dominate the market. However, because of the increasing tendency of ride-hailing platform providers to delve into these services through their current platforms, the short distance type is expected to lead during the projected period.
By Type:
P2P car sharing
Corporate Car Sharing
By Service Type:
E-hailing
Car sharing
Station-based mobility
Car rental
By Commute Type:
Long Distance
Corporate
Short Distance
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North America was the most successful region, with the United States accounting for approximately 95.0 percent of the regional market share. On the other hand, it is projected that Asia would eventually overtake North America within the period of the forecast. Due to the region's huge number of cities and towns that are undergoing fast urbanization, Asia is a prospective market for ride-sharing services. China and India, the two most populous countries in the world, both call this area of the world their home. China already holds a dominant position in the market for ride-hailing services and is expected to experience explosive growth in ride-sharing over the course of the projection period.
Although India has had healthy expansion over the past few years, the business sector there has not yet made the most of the opportunities presented by the country. There is still some resistance to the idea being implemented in some European nations, like Germany, therefore the content is not yet fully functional. Over the course of the past ten years, developed nations such as the United Kingdom and France have enthusiastically adopted platforms for sharing four-wheelers and bicycles.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Uber Technologies Inc. (U.S.), Ola, Gett (Israel), Taxify (Estonia), Lyft Inc. (U.S.), ANI Technologies Pvt. Ltd. (India), Didi Chuxing Technology Co. (China), GrabTaxi Holdings Pte. Ltd. (Singapore), car2go (Germany), Cabify (Spain), and Careem (UAE) are some of the affluent competitors with significant market share in the Ride Sharing Market.
Taxify (Estonia)-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 92.27 Billion |
| Market Size by 2030 | US$ 202.53 Billion |
| CAGR | CAGR of 14% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Type (P2P car sharing, Corporate Car Sharing) • by Service Type (E-hailing, Car sharing, Station-based mobility, Car rental) • by Commute Type (Long Distance, Corporate, Short Distance) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Uber Technologies Inc. (U.S.), Ola, Gett (Israel), Taxify (Estonia), Lyft Inc. (U.S.), ANI Technologies Pvt. Ltd. (India), Didi Chuxing Technology Co. (China), GrabTaxi Holdings Pte. Ltd. (Singapore), car2go (Germany), Cabify (Spain), and Careem (UAE) |
| Key Drivers | •Demand for carpool and bike pool services has increased. •Demand for internet booking platforms has increased. |
| RESTRAINTS | •Improvement of the public transportation system. •Market expansion is being limited by local transportation services and differing laws across the globe. |
Ans:- The market forecast period is 2021-2028 according to the study report.
Ans;- Ride sharing is the act of sharing a ride with another passenger, preferably in the same direction.
Ans:- Progress on Robo-cabs & Eco-friendly electric cab services are projected are the most promising aspects/opportunities of the market.
Ans:- The e-hailing segment is expected to see the most significant growth.
Ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, government agencies and NGOs, Commercial research & development (R&D) institutions, Trade/Industrial associations, and End-use industries are the stakeholder of this report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Ride Sharing Market Segmentation, By Type
8.1 P2P car sharing
8.2 Corporate Car Sharing
9. Global Ride Sharing Market Segmentation, By Service Type
9.1 E-hailing
9.2 Car sharing
9.3 Station-based mobility
9.4 Car rental
10. Global Ride Sharing Market Segmentation, By Commute Type
10.1 Long Distance
10.2 Corporate
10.3 Short Distance
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Ola,
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Uber Technologies Inc. (U.S.)
12.3 Gett (Israel)
12.4 Taxify (Estonia)
12.5 Lyft Inc. (U.S.)
12.6 ANI Technologies Pvt. Ltd. (India)
12.7 Didi Chuxing Technology Co. (China)
12.8 GrabTaxi Holdings Pte. Ltd. (Singapore)
12.9 car2go (Germany)
12.10 Cabify (Spain)
12.11 Careem (UAE)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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