Pune, India, March 10, 2022 (GLOBE NEWSWIRE) -- Ride Sharing market size is projected to reach USD 242.73 Billion in 2028, at a CAGR of 16.3%. The global Ride Sharing market size was USD 76.48 billion in 2020. The lack of proper public transport systems in the developing nations is expected to entice key players to invest heavily in those regions, thus aiding market growth. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Industry Developments:
May 2021: Bolt Technology OÜ launched a car-sharing service in Estonia. The company also announced its plans to invest EUR 20 million in launching Bolt Drive.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 16.3% |
| 2028 Value Projection | USD 242.73 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 76.48 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Type, Commute Type, Application Type, and Region |
| Growth Drivers | Surge in Micro-mobility to Boost Growth |
| Rising Development of Electric Cars to Aid Expansion in North America |
Market Growth Drivers:
The growing demand for micro-mobility consisting of light vehicles such as mopeds, bikes, scooters, and longboards will have a tremendous impact on market growth. The growing knowledge about shared micro-mobility among commuters will simultaneously generate market revenue owing to the necessity for hassle-free ride options. Moreover, the growing traffic congestions in metro cities have led to numerous problems for daily commuters, besides offering vast opportunities for ride sharing.
For instance, Volkswagen Group has started the promotion of micro-mobility with the introduction of Cityskater and Streetmate electric scooters in Geneva as a part of their electric mobility plan. Similarly, Daimler and BMW have collaborated to offer scooters on rent in more than 6 cities in Europe. Also, the growing carbon emissions have created major concerns regarding environmental change, which will consequently increase the requirement for sharing rides and boost ride sharing market growth in the forthcoming years.
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Market Segmentation:
Based on the commute type, the market is segmented into corporate, long-distance, and intercity.
The intercity segment is expected to hold the largest ride sharing market share. The intercity rides are between two cities. The commute comprises of a single-way tour from one city to another.
Based on the application type, the market is segmented into Android, iOS, and others. The android segment accounted for the highest share in 2020. The ride-sharing apps are developed using cloud computing in mobiles.
Geographically, the market is divided into North America, Asia Pacific, Europe, and the rest of the world.
Regional Insights:
The market in North America stood at USD 35.02 billion in 2020 and is expected to grow rapidly during the forecast period owing to the enormous demand for electric cars in countries such as Canada, the US, and Mexico. The increasing technological advancement in ride services will create vast scope for the market. For instance, Lyft, an American ride sharing company, became the first to introduce green mode, which provides electric car ride share to its customers. The ‘Green City Initiative’ will help to reduce the use of fossil fuels.
Europe is expected to witness a substantial growth rate during the forecast period due to the flourishing automotive industry in the region. Also, the rising partnerships between service providers and the government to promote ride sharing services will aid the expansion of the market in Europe.
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The Report Lists the Key Companies in the Global Market
- Uber Technologies Inc. (California, U.S.)
- Didi Chuxing Technology Co. (Beijing, China)
- Gett (Tel Aviv, Israel)
- ANI Technologies Pvt. Ltd. (Bengaluru, India)
- GrabTaxi Holdings Pte. Ltd. (Singapore)
- Bolt Technology OÜ (Tallinn, Estonia)
- Careem (Dubai, UAE)
- Maxi Mobility S.L. (Madrid, Spain)
- car2go NA, LLC (Stuttgart, Germany)
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Global Ride Sharing Market Segmentation:
By Type:
- E-Hailing
- Station Based
By Commute Type:
- Long Distance
- Corporate
- Inter City
By Application:
- iOS
- Android
- Others
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Ride Sharing Market
5. Global Ride Sharing Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. E-Hailing
5.2.2. Station-Based
5.3. Market Analysis, Insights and Forecast – By Commute Type
5.3.1. Intercity
5.3.2. Long Distance
5.3.3. Corporate
5.4. Market Analysis, Insights and Forecast – By Application Type
5.4.1. iOS
5.4.2. Android
5.4.3. Others
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Rest of The World
6. North America Ride Sharing Market Analysis, Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. E-Hailing
6.2.2. Station-Based
6.3. Market Analysis, Insights and Forecast – By Commute Type
6.3.1. Intercity
6.3.2. Long Distance
6.3.3. Corporate
6.4. Market Analysis, Insights and Forecast – By Application Type
6.4.1. iOS
6.4.2. Android
6.4.3. Others
6.5. Market Analysis, Insights and Forecast – By Country
7. Europe Ride Sharing Market Analysis, Insights and Forecast, 2017-
8. Asia Pacific Ride Sharing Market Analysis, Insights and Forecast, 2017-2028
9. Rest of The World Ride Sharing Market Analysis, Insights and Forecast, 2017-2028
10. Competitive Analysis
10.1. Key Industry Developments
10.2. Global Market Position Analysis (2020)
10.3. Competition Dashboard
10.4. Comparative Analysis – Major Players
10.5. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
Continued…
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