Dublin, Sept. 30, 2020 (GLOBE NEWSWIRE) -- The "Ride Sharing Market - By Vehicle Type, By Data Service, and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global Ride Sharing market is predicted to amass revenue gains totaling approximately 261.71 (USD Billion) by 2026 and is set to record a CAGR of about 18.96% over the period from 2020 to 2026.
The report offers assessment and analysis of the Ride Sharing market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Introduction
A convergence of myriad factors such as introduction of new technologies facilitating real-time ride matching across the automotive sector along with changing attitudes of the people towards car ownership will help the ride-sharing activities gain prominence as a key commuting mode over the coming years.
On-line ride sharing business, a kind of smart mobility, is also gaining traction and this will further offer impetus to the expansion of ride sharing market over the ensuing years. Today, nearly 70.1% of ridesharing sector is still unexplored globally. Citing an instance, Uber, a U.S. based firm offering ride-sharing services, contributed only 28.8% of the U.S. ride-sharing market in first half of 2017.
Apart from this, a surge in the number of managed lanes offering car-pooling incentives along with rapid emergence of car-sharing economy are set to provide new growth avenues for the ride sharing market over the years to come. With the onset of technological advancements such as IoT, Big data analytics, and AI, the ride sharing industry growth is likely to gain momentum over the foreseeable future.
Furthermore, ride sharing service has massive economic potential and can contribute to huge savings along with a massive reduction in green-house emissions. Ride-sharing can also help in reducing traffic jams and road collisions to a large-extent.
Market Growth Dynamics
An upsurge in the investments in the online ride matching platforms in the countries like the U.S. for enhancing consumer experience along with rise in the tax benefits offered to employees availing ride-sharing facility in the country like the U.S. will further prompt the market growth.
Furthermore, growing highlight of various governments on infrastructural investment aiding ridesharing activities and huge focus of original equipment manufacturers on flexible vehicle design to attract large number of commuters will create a profitable growth map for the ridesharing market during the forecast timespan. Apparently, offering of ridesharing services at reduced costs will push the industry growth over the years ahead. Growing need for increasing the passenger intake in vehicles and reducing vehicle footprints will create huge growth prospects for the ridesharing market in the coming decade.
In addition to this, thriving is also going to create huge impact on the expansion of ride sharing market. For the record, the shared mobility business in China, the U.S., and Europe was about USD 53.5 billion in 2016. This has translated into huge growth prospects for the ride sharing market in the recent years. As per the authentic reports, in 2017, China and the U.S. were the countries majorly contributing towards global shared mobility market.
This, in turn, will prop up the growth of ride sharing market over the ensuing years. Apparently, the e-hailing participants accounted over 80.1% towards the shared mobility market share in both these countries during 2017. The shared mobility market is anticipated to register a quantum growth over the forecast timeline, thereby further incrementing the growth of ride sharing industry by leaps & bounds within the next couple of years.
Asia Pacific To Lead Overall Market Growth By 2026
The regional market growth during the period from 2020 to 2026 is attributed to increased demand for ridesharing services in the countries like India and China. Additionally, a surge in the population and growing trend among the working population in these countries to avail car-sharing & car -pooling services to save time will boost the regional market trends. The huge presence of reputed ridesharing firms in countries like India, Indonesia, Singapore, and China will further contribute to the market earnings of the region.
Key players profiled in the report include DiDi, Herts, GoJek, Lyft, Gett, Uber, Lime, Grab, Ola, SoCar, and BlaBlaCar.
The global ride sharing market is segmented as follows:
By Service Type
- E-Hailing
- Car Sharing
- Car Rental
- Station-Based Mobility
By Vehicle Type
- Internal Combustion Engine Vehicle
- CNG/LPG Vehicle
- Electric Vehicle
- Micro Mobility Vehicle
By Data Service
- Information Service
- Navigation
- Payment Service
- Others
For more information about this report visit https://www.researchandmarkets.com/r/f7qxei
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