Chicago, April 06, 2023 (GLOBE NEWSWIRE) -- Ride-Sharing Market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated USD 85.8 billion in 2021 to USD 185.1 billion by 2026, according to a new report by MarketsandMarkets™.
Browse and in-depth TOC on "Ride-Sharing Market"
194 – Tables
51 – Figures
221 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 198699113
| Report Attributes | Details |
| Market size value in 2021: | USD 85.8 billion |
| Projected to reach 2026: | USD 185.1 billion |
| CAGR: | 16.6% |
| Base Year Considered: | 2020 |
| Forecast Period: | 2021-2026 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Pacific, North America, Europe, and RoW |
| Segments Covered: | By Service Type, Car Sharing Market, By Type, Vehicle Type, Micro-Mobility Market, By Vehicle Type, Data Service, Distance, and Region |
| Companies Covered: | Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore) |
The Increase in urbanization, internet and smartphone penetration and increase in cost of vehicle ownership are the major factors driving the growth of the ride sharing market.
Due to the increasing focus on the development of innovative battery technologies, high demand for vehicle electronic functions and features, and stringent emission standards, the demand for EV test equipment, software, and repair data is rising.
Increase in cost of vehicle ownership
The ownership of a vehicle is cumulative of multiple factors such as finance, fuel, maintenance, registration/taxes, and maintenance & repair, along with depreciation. With each year, the cost of vehicle ownership increases. Though, according to American Automobile Association (AAA), depreciation contributes to ~43% of the ownership cost, the other costs, such as maintenance cost and fuel cost, contribute ~25% together. Fuel prices and maintenance costs have increased multifold in the past few years, and the same trend is estimated to continue without any decline. As cities are getting increasingly cramped with people and cars, owning an automobile has become more of a liability than an asset. According to AAA, the average cost to own and operate a new car increased by USD 279 in 2020, as compared with 2019, to reach USD 9,561.
As the millennial generation has little-to-no interest in owning a car, the rate of car ownership among people aged between 18 and 35 has declined over the years. Other reasons for the decline in car ownership are poor connectivity by public transportation in key cities and the increasing trend of online shopping, among others.
Though the trend of car ownership has grown during the pandemic, it is expected to return to the pre-pandemic trend after 2021. Hence, ride sharing service providers can capitalize on these demographics as the new tech-savvy generation constitutes one of the largest user bases of these services.
The e-hailing segment by type is expected to hold the largest market share in 2021
The growing demand for e-hailing services can be attributed to ease of booking, increasing traffic congestion, passenger comfort, and rising government initiatives to increase awareness among people regarding air pollution are propelling the demand for ride-sharing, predominantly e-hailing. Also, the increasing partnership between domestic and international service providers, such as Uber and Didi in China, will likely help the e-hailing market grow.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id= 198699113
North America is estimated to be the second-largest regional Ride-Sharing Market
North America is dominated by counties such as US and Canada. The North American Ride-Sharing Market is growing because of the increasing collaborations between OEMs and ride-sharing service providers across the region, surging internet penetration, increasing millennials preference for these services, and developing semi-autonomous and autonomous vehicles. Some other factors that would positively impact the market are rising concerns over air pollution levels and growing investments by several major players in the market. The major organizations in the region, such as the US Department of Transportation Research and Innovative Technology Administration (RITA), are focusing on R&D in the field of smart public transportation. With the increasing population, the dependence on public transit is very high in North America, resulting in a huge requirement for an effective ride-sharing management system. North America has the presence of many major ride-sharing players, such as Uber, Lyft, Waze, Bird, Lime, and Avis.
Key Market Players
The Ride-Sharing Market is dominated by established players Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=198699113
Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting
Browse Related Reports:
Robotaxi Market - Global Forecast to 2030
Stacker Crane Market - Forecast to 2027
Electric Commercial Vehicle Market - Global Forecast 2030
EV Test Equipment Market - Global Forecast to 2027
