Ride Sharing Global Market Report 2023: Increasing Penetration of Smart Devices Drives Growth

Dublin, May 26, 2023 (GLOBE NEWSWIRE) -- The "Ride Sharing Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global ride sharing market is expected to grow from $95.09 billion in 2022 to $113.05 billion in 2023 at a compound annual growth rate (CAGR) of 18.89%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ride sharing market is expected to reach $231.62 billion in 2027 at a CAGR of 19.64%.

Major players in the ride sharing market are ANI Technologies Pvt. Ltd., BlaBlaCar, Cabify Espana S.L.U, Careem, Gett, GrabTaxi Holdings Pte.Ltd., Lyft Inc., Uber Technologies Inc., Didi Chuxing, car2go, Aptiv PLC, OLA, TOMTOM International BV, DAIMLER, Bolt Technology OU, Zimride and Denso Corporation.

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Ride sharing refers to the practice of two or more people traveling to and from their places of employment or attendance at postsecondary institutions in a single motor vehicle. Carpooling and vanpooling are also covered in ride sharing practices.

The major types of ride sharing are car sharing, e-hailing, car rental, and station-based mobility. Car sharing refers to the process of hiring an automobile from a private owner for a brief period of time through a P2P car rental firm. Several types of membership are included in ride sharing, such as fixed ridesharing, corporate ridesharing, and dynamic ridesharing. The target audiences of ride-sharing services are corporations, families, daily commuters, and other groups. Several types of business models are involved, such as P2P, B2B, and B2C. Ride sharing is used in a variety of applications for Android, iOS, and other platforms.

Technological innovations are a key trend gaining popularity in the ride sharing market. One innovative approach that has gained enormous appeal with the development of new technology is ridesharing. Connecting with local carpools is now simpler than ever thanks to apps like Scoop, and established industry players as Uber and Lyft have also made prominent forays into the carpooling sector. These platforms have attracted a sizable and expanding following by highlighting benefits to end users, such as significant cost savings compared to the costs of solo driving.

They have also shown how crucial ridesharing is as a fundamental tenet of managing transportation demand in the twenty-first century. For instance, in November 2022, Uber Technologies Inc., a US-based technology company, launched technology-led safety features and also added capabilities to existing features.

Reminders to fasten seatbelts, an updated safety kit, anomaly detection while riding, and SOS integration with the local police are just a few of the safety features. During rides, Uber includes a technology that may identify "extended stops" and provide assistance. The business has now developed this technology to recognize situations where a journey takes an unexpected detour or abruptly concludes before reaching the rider's intended destination.

In January 2022, Uber Technologies Inc., a US-based technology company, acquired Car Next Door for an undisclosed amount. With this acquisition, Uber intends to provide Australians with an economical and convenient alternative to private automobile ownership, as it would provide users with a dependable choice for journeys that are less suitable for ride-sharing, including running errands at the store or taking a day trip. Car Next Door is an Australia-based company that facilitates peer-to-peer car rental services.

North America was the largest region in the ride sharing market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the ride sharing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The increasing penetration of smart devices is expected to propel the growth of the ride-sharing market going forward. Smart devices refer to objects made intelligent with advanced computing, including AI and machine learning, and network to form the Internet of Things (IoT). Smart devices are used to keep an eye on drivers for rideshare companies.

Smart devices transfer the user's identity from vehicle to vehicle in the not-too-distant future when self-driving automobiles are shared by several users, allowing for quick personalization. For instance, according to a survey conducted by Oberlo, a Germany-based operator of a drop-shipping platform, 57.4 million households in the US are using smart home devices in 2022, 6.7% more than in 2021, when 53.8 million households were using smart home devices. Therefore, the increasing penetration of smart devices is subsequently propelling the ride-sharing market.

The ride sharing market includes revenues earned by entities by providing services such as real-time tracking of drivers, real-time ride tracking sharing, multiple drop-off locations, and multiple payment options. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Attributes:

Key Topics Covered:

1. Executive Summary

2. Ride Sharing Market Characteristics

3. Ride Sharing Market Trends And Strategies

4. Ride Sharing Market - Macro Economic Scenario
4.1. COVID-19 Impact On Ride Sharing Market
4.2. Ukraine-Russia War Impact On Ride Sharing Market
4.3. Impact Of High Inflation On Ride Sharing Market

5. Ride Sharing Market Size And Growth
5.1. Global Ride Sharing Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Ride Sharing Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Ride Sharing Market Segmentation
6.1. Global Ride Sharing Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Car Sharing
• E-Hailing
• Car Rental
• Station-Based Mobility

6.2. Global Ride Sharing Market, Segmentation By Membership type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Fixed Ridesharing
• Corporate Ridesharing
• Dynamic Ridesharing

6.3. Global Ride Sharing Market, Segmentation By Target Audience, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Corporate
• Families
• Daily Commuters
• Other Target Audiences

6.4. Global Ride Sharing Market, Segmentation By Business Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• P2P
• B2B
• B2C

6.5. Global Ride Sharing Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Android
• IOS
• Other Applications

7. Ride Sharing Market Regional And Country Analysis
7.1. Global Ride Sharing Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Ride Sharing Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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• Global Ride Sharing Market