Ride Sharing Market Size to Reach a USD 340.5 Billion by 2032 | CAGR: 14.4% | DataHorizzon Research

Fort Collins, Colorado, Sept. 14, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Ride Sharing Market Size, Growth, Share, Statistics Analysis Report, By Commute Type (Intracity Ride And Intercity Ride), By Vehicle Type (Motorcycles, Cars, And Others), By Service Type (Web Based And App Based), By Region, And Segment Forecasts, 2023-2032." 

According to DataHorizzon Research, The ride sharing market size was valued at USD 89.2 Billion in 2022 and is anticipated to reach USD 340.5 Billion by 2032 with a CAGR of 14.4%. Many people have turned to ride-sharing as a reliable and convenient way to move around the city. Ride sharing has become a popular option that reduces traffic congestion in cities. Its benefits include saving money on car ownership, positively impacting the environment, and getting around town more efficiently.

The trend towards ride-sharing is expected to continue growing as more people become aware of these advantages. Government policies promote ride-sharing services, making it easier for passengers to pre-define their routes and book a ride-sharing service.

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Report Snapshot:

Segmentation Overview

The ride sharing market has been segmented as commute type, service vehicle type, age, and region. Intracity rides is a significant player in ride-sharing, particularly for short-distance commutes. This preference among consumers results in lowered costs for fuel and time per customer. The app-based service type dominates the market share, with exclusive offers only available on the app, such as discounts and benefits not found on website bookings. Leading companies like Uber and Ola offer increasing services, and the ability to choose pick-up and drop-off locations makes ride-sharing more convenient for consumers.

Asia Pacific region is experiencing a rapid increase in the demand for ride-sharing services. These services are gaining popularity due to their easy access and cost-effectiveness, especially for individuals who cannot afford to own and maintain a car. This saves time and helps to tackle issues such as traffic congestion, and air pollution.

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Key Developments in the ride sharing market:

• Uber has collaborated with the Indian Navy to become their only mobility partner, providing transportation services for the official travel and commuting needs of naval officers, staff, and their families nationwide.

• Ola Electric, the leading EV manufacturer in India, has invested in StoreDot, an Israeli company that pioneers extreme fast charging (XFC) battery technology.

Ride Sharing Market Report Highlights:

• The ride sharing market size is expected to reach a CAGR of 4.2% by 2032. Ride sharing is a convenient and eco-friendly way to travel. It saves money, reduces traffic, and helps the environment. Government policies promote it, making it easier to book and pre-define routes. Its popularity is expected to continue growing.

• Intracity rides dominate short-distance ride-sharing, with exclusive app offers like discounts and preferred services. Uber and Ola lead the industry, offering convenient pick-up and drop-off locations.

• Major players in the ride sharing market research report include Uber Technologies, Grab Holdings Inc., DiDi Global, Lyft Inc., Getaround, Ola, Turo, Bolt, Cabify, BlaBlaCar, Comuto SA, and Zimride.
  

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Ride Sharing Market Report Segmentation:

Ride Sharing Market, By Commute Type (2023-2032)

• Intracity ride
• Intercity ride

Ride Sharing Market, By Vehicle Type (2023-2032)

• Motorcycles
• Cars
• Others

Ride Sharing Market, By Service Type (2023-2032)

• Web Based
• App Based

Ride Sharing Market, By Age (2023-2032)

• 15 years to 30 years
• 30 years to 45 years
• 45 years and above

Ride Sharing Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa 

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