Pune, India, Dec. 20, 2021 (GLOBE NEWSWIRE) -- According to the report by Fortune Business Insights, the global Ride Sharing market size is expected to reach USD 242.73 billion by 2028, exhibiting a CAGR of 16.3% during the forecast period. 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, mentioned in a report, titled “Ride Sharing Market, 2021-2028.” the market size stood at USD 76.48 billion in 2020.
COVID-19 Impact:
Weakened Cab Services During Coronavirus
The automotive and travel industry has witnessed a steep downfall in the number of consumers and commuters due to the novel coronavirus. The new policies and norms imposed by the government to support social distancing and hygiene protocols will pose a new challenge for the market. The panic and fear among people regarding the spread of infection during traveling can further thwart the development of the market amid the COVID-19 pandemic. The avoidance of cab services during the pandemic will directly affect and create new obstacles for the expansion of the market.
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| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2021 to 2028 CAGR | 2% |
| 2026 Value Projection | USD 212.60 billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 182.12 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 200 |
| Segments covered | Type, Commute Type, Application and Region |
| Growth Drivers | Increasing Penetration of Internet and Smartphones to Boost the Market Growth |
| Rising Demand for Micro mobility to Drive the Market Growth |
Market Segments:
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.
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Surge in Micro-mobility to Boost Growth
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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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.
Competitive Landscape:
With significant market participants such as Uber Technologies Inc., Lyft, Inc., Didi Chuxing Technology Co., Bolt Technology OÜ, Gett, and GrabTaxi Holdings Pte. Ltd., the industry is extremely competitive and fragmented. To acquire traction in the industry, these market competitors used new product releases and expansion.
List of the Companies Operating in the 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 Type:
- 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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