Ride Sharing Market Size Worth USD 430.25 Billion in 2032 | Emergen Research

Vancouver, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global ride sharing market size was USD 98.80 Billion in 2022 and is expected to register a steady revenue CAGR of 15.9% during the forecast period, according to latest analysis by Emergen Research. Increasing urbanization and smartphone penetration among individuals is primary key factor driving market revenue growth. Ride-sharing is a rapidly evolving sector of the transportation industry that connects drivers and riders through digital platforms and mobile apps to facilitate on-demand transportation services. Sharing a ride has various advantages such as it helps to reduce traffic congestion, parking constraints, and automobile emissions and makes commuting less stressful. In addition, ridesharing is less expensive than taking a taxi because multiple people can share the ride and expense, which is also drive revenue growth of the market.

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Moreover, rising strategic partnerships among  companies is also expected to drive market revenue growth during the forecast period. For instance, on 23 May 2023, Waymo and Uber Technologies Inc. announced a new multi-year strategic partnership to bring the Waymo Driver to more people through the Uber platform, beginning in Phoenix. Waymo and Uber have each revolutionized access to transportation in their own ways. Uber passengers can enjoy the safety and fun of Waymo Driver on both Uber and Uber Eats apps. Riders were also able to hail a Waymo vehicle directly using the Waymo One app. However, interacting with the app itself, such as following Global Positioning System (GPS) navigation and handling fare and payment details, might be distracting, which could restrain market revenue growth. In addition, when drivers are stretched too thin, accidents are more likely to occur, which could also restrain market revenue growth.

Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The global ride sharing market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective ride sharing platforms in the market.
Some major players included in the global ride sharing market report are

• Uber Technologies Inc.
• Lyft, Inc.
• DiDi
• Ola Electric Mobility Pvt Ltd.
• Grab
•  BlaBlaCar
• Gojek Tech
• Careem
• Gett
• Free Now
• Cabify España S.L.U.
• Empowered Transport Ltd.
•  SUOL INNOVATIONS LTD.
•  Wingz
• ANI Technologies Pvt. Ltd.
• WHEELY
• SCOOP TECHNOLOGIES PRIVATE LIMITED
• Shohoz
• Eagle Fleet Services Private Limited
• Tracxn Technologies Limited

Strategic Development

On 23 October 2023, Mars Snacking, a global leader in the treats & and snacks market, announced a new cooperation with Uber and SKITTLES, as well as the launch of a new brand campaign across Uber and Uber Eats. The new partnership provides a tasty new experience for Uber Rides and Eats customers.

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Some Key Highlights From the Report

• The Peer-to-Peer (P2P) car sharing segment accounted for largest revenue share in the global ride sharing market in 2022. This is due to rising demand for P2P car sharing as many organizations offer services at very inexpensive rates to drivers. Majority of P2P car share services provide its users with airport access and allow car owners to travel out of town on a regular basis. In addition, P2P sharing provides users with more transparent pricing and assists in avoiding any additional or unexpected expenses, which is also expected to drive revenue growth of this segment during the forecast period. P2P car-sharing systems provide a wide range of automobiles, allowing customers to choose the vehicles that best suit their needs.
• The Internal Combustion Engine (ICE) vehicle segment is expected to register steadily fast revenue growth rate in the global ride sharing market during the forecast period. This is because ICE vehicles are common type of vehicles on the road, making these available for ride-sharing drivers. ICE vehicles are affordable to purchase or lease, which provide a wide range of options, allowing ride-sharing companies to provide passengers with choices that suit their preferences. In addition, refilling a gas tank is generally quicker than recharging an Electric Vehicle (EV) battery, which as a result minimizes downtime for ride-sharing drivers between trips, hence driving revenue growth of this segment.
• The Asia Pacific market accounted for largest revenue share in the global ride sharing market in 2022. This is attributed to rising adoption of smartphones to access ride-sharing services in countries such as India, China, and others. In addition, rising strategic initiatives taken by companies is also expected to drive market revenue growth of this region during the forecast period. For instance, on 24 May 2023, Uber collaborated with numerous EV manufacturers to expedite the transition to sustainable mobility. Ride-hailing app Uber announced a collaboration with different EV manufacturers and other entities in India to expedite its partners' transition to sustainable mobility.

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Emergen Research has segmented the global ride sharing market on the basis of service type, type, vehicle type, data service, distance, and region:

• Service Type Outlook (Revenue, USD Billion; 2019–2032)
  • E-Hailing
  • Car Sharing
  • Station-based Mobility
  • Car Rental
• Type Outlook (Revenue, USD Billion; 2019–2032)
  • Peer-to-Peer (P2P) Car Sharing
  • Corporate Car Sharing
• Vehicle Type Outlook (Revenue, USD Billion; 2019–2032)
  • Internal Combustion Engine (ICE) Vehicle
  • Electric Vehicle
  • Compressed Natural Gas (CNG)/ Liquefied Petroleum Gas (LPG) Vehicle
  • Micro-Mobility Vehicle
• Data Service Outlook (Revenue, USD Billion; 2019–2032)
  • Navigation
  • Information Service
  • Payment
  • Other Data Service
• Distance Outlook (Revenue, USD Billion; 2019–2032)
  • Short Distance

Long Distance

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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