Pune, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Ride-Sharing Market is estimated to reach USD 305.43 Billion by 2029, up from USD 85.8 Billion in 2021, at a compound annual growth rate (CAGR) of 17.2 %, states Maximize Market Research.
Ride-Sharing Market Scope and Research Methodology:
The report presents a comprehensive analysis of the global ride sharing market to the stakeholders who want to invest in the market. The report includes past and current scenarios of the ride sharing market with the forecasted market size. The report covers all the aspects of the market with a thorough study of key players that include market leaders, followers, and new entrants.
The research study is provided by using an in-depth analysis of the market insights, facts, historical data, and industry-validated market statistics. These estimates are based on an appropriate set of assumptions and methodologies. The bottom-up approach has been used to collect the data and analyze the market to figure out the market size by volume and value by mentioned segments. Major key players in the ride sharing market are identified through secondary research and their market revenues are determined through a study of the top manufacturers' annual and financial reports, interviews with company key persons, and industry professionals such as experienced front-line staff, CEOs, and marketing executives. By understanding the scope of the market analyst has segmented the market based on service type, business model, vehicle type, target audience, and region. The growth amongst these segments will help to analyze the industries and provide the users with a valuable market overview and market insights to make strategic decisions for identifying core market applications.
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Global Ride-Sharing Market Overview
Ridesharing is an alternate means of transportation in which many people share a vehicle, to complete a trip. The Ridesharing services have several advantages including easy booking options, low carbon footprints, affordable door-to-door ride services, and no parking issues. The growing popularity of ride-sharing may have a chance to lower the sales of the global automobile. However, ride-sharing is unlikely to account for around one-third of the expected rise in car sales due to urbanization and economic development. China is one of the key markets for ride-sharing. The other major regional market in this field is the United States, where Uber and Lyft are leading key players.
Global Ride-Sharing Market Dynamics
A vehicle's ownership costs include finance, fuel, maintenance, registration/taxes, and maintenance & repair as well as depreciation. The expense of owning a vehicle rises year after year. Fuel prices and maintenance expenses have risen dramatically in recent years and this trend is expected to continue. Maintenance costs, such as part and component replacement and labor fees, have also risen. Furthermore, with the implementation of strict emission standards, automobiles require better, more advanced, and more expensive after-treatment devices. These things add together to raise the overall cost of car ownership. Daily commuters, particularly office commuters, prefer ride-sharing services, which is expected to boost the ride-sharing market's growth during the forecast period.
The primary factor driving the growth of ride-sharing services is a significant increase in the preference for taxi and bike-sharing among regular office commuters. Furthermore, the growth of services given by market leaders such as Uber and Ola as well as the ability to choose convenient pick-up and drop-off locations are pushing customers to use ride-sharing services.
Stringent vehicle registration and license rules make it difficult for an app-based taxi fleet that provides ride-sharing services. This has slowed the adoption of ride-hailing services in some countries and regions.
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Ride-Sharing Market Regional Insights
Asia Pacific is expected to hold the largest ride-sharing market share by 2029. In the Asia Pacific, emerging countries are likely to have significant growth, mainly in urban transportation. India is the leading market in terms of ridesharing usage frequency, ahead of China and the United States. The high population growth rate and rising urbanization have increased the demand for transportation in this region.
North America leads the global ride-sharing market in terms of revenue share because of the high concentration of market vendors in the United States. Furthermore, North America is the world's greatest technology investor and inventor, which supports the region's rapid rise in ride-sharing. Furthermore, the region is an industrial hub that promotes the implementation of the corporate model of ride-sharing in the region.
| Market Size in 2021 | USD 85.8 billion |
| Market Size in 2029 | USD 305.43 billion |
| CAGR | 17.2 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segment Covered | Service Type, Business Model, Vehicle Type, Target Audience, and region. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
Global Ride-Sharing Market Segmentation
By Service Type:
- E-hailing
- Car sharing
- Station-based mobility
- Car rental
By Business Model:
- P2P car sharing
- Corporate Car Sharing
By Vehicle Type:
- Sedan/Hatchback
- UV
- Van
- Buses & Coaches
- Bikes
- Electric Vehicle
By Target Audience:
- Corporate
- Families
- Daily commuters
- Others
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Global Ride-Sharing Market Key Competitors:
- Uber Technologies Inc (US)
- Lyft, Inc (US)
- Wingz, Inc (US)
- Curb Mobility (US)
- GoKid Corporation (US)
- Via Transportation, Inc. (US)
- Hertz Corporation (US)
- AVIS Budget Group (US)
- Hitch Technologies, Inc (US)
- Flywheel (US)
- Ziro (US)
- Alto (US)
- Turo (US)
- BlaBlaCar (France)
- Gett (UK)
- Cabify (Spain)
- Bhuumi Ride (India)
- OLA Cabs (India)
- DiDi Global Inc (China)
- Grab (Singapore)
- Bridj (Australia)
- Bolt Technology OÜ (Estonia)
- GO-JEK (Indonesia)
- Angkas (Philippine)
- SafeBoda (Uganda)
Key questions answered in the Global Ride-Sharing Market are:
- What is the growth rate of the Global Ride-Sharing Market during the forecast period?
- What is the nature of competition in the Global Ride-Sharing industry in developed economies and developing economies?
- Which are the top five key market leaders in the Ride-Sharing Market?
- What will be the future innovation in the Ride-Sharing market in the upcoming six years?
- Which Service Type and Vehicle Type will lead the largest share of the Market?
- What are the growth drivers, restraints, and challenges of the Ride-Sharing industry?
- What will be the CAGR and size of the Ride-Sharing Market for the base year and forecast period?
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Key Offerings:
- Market Share, market size, its growth rates & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Service Type, Business Model, Vehicle Type, Target Audience, and region.
- Competitive Landscape – Top Key players and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Ride-hailing Market - Market size is expected to reach US$ 181.69 Bn. by 2029, at a CAGR of 13.20% during the forecast period. Rising the price of fuel and the high maintenance cost of vehicles propel the growth of this market.
Shared Mobility Market - The market size was valued at US$ 443.81 Bn. in 2021 and the total revenue is expected to grow at 7.67 % during the forecast period. Customers are selecting more cost-effective and attractive modes of transportation over personal driving preferences. These factors are likely to accelerate the growth market over the forecast period.
Autonomous / Self-Driving Cars Market- The market size was at USD 20.5 Million in 2021 and the total revenue is expected to grow at 13.5% of CAGR during the forecast period. The recent technological developments in the sectors of artificial intelligence, machine learning, and other sensors are driving market growth in the forecast period.
Vehicle Tracking Systems Market - The market is expected to reach USD 84.22 billion by 2029. Vehicles That Integrate Real-Time Surveillance services are expected to increase the Vehicle Tracking Systems market growth.
Car DVR Market - The market size was valued at US$ 2889.6 Million in 2021 and the total revenue is expected to grow at 5.10% during the forecast period. The global Car DVR market is forecast to be driven by falling camera prices and advancements in wireless technologies.
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