New York, United States, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Ridesharing platforms help connect drivers and passengers at a set price. Customers can use the service's mobile app to arrange a ride to pick them up at a predetermined time and location. To request a ride through the app, one must first enter their desired location, choose a pickup spot, and wait for the driver to arrive. Ridesharing apps use GPS to allow users to connect with drivers and other riders safely and anonymously. After arriving, the customer can decide whether to complete the ride and pay at that time.
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Increasing Internet and Smartphone Penetration Drives the Global Market
According to Straits Research, “The global ride sharing market size was valued at USD 106.28 billion in 2022. It is projected to reach USD 564.20 billion by 2031, growing at a CAGR of 20.38% during the forecast period (2023–2031).” Increases in smartphone and smartwatch adoption and internet data usage have opened up numerous new markets for ride-sharing services around the world and fueled their rapid growth. Utilizing ride-hailing services requires access to the internet. To access ride information and navigation, users must first download the relevant app to their mobile device, which requires access to the internet. V2V communications, navigation, and telematics all require internet connectivity. Many safety features, such as the driver's name, number, picture, vehicle number, route tracing data, and records of previous trips, are available via smartphone applications.
The Emergence of Autonomous Ride-Sharing Creates Tremendous Opportunities
Completely autonomous vehicles lack the necessary technology just yet. Currently, many OEMs have functional prototypes out in the field for testing. Several companies are racing to be the first to sell a driverless car. The list goes on and on, but some examples are Lyft, Ford, Uber, Honda, Toyota, and Tesla. Waymo, the autonomous vehicle division of Alphabet (Google's parent company), has begun testing trip fares with its early riders in Phoenix. The company is officially launching its ride-sharing service this year. In light of these considerations, the next 6-7 years will see the ride-sharing market driven by the development of autonomous vehicles.
Regional Analysis
North America is the most significant shareholder in the global ride sharing market and is expected to grow during the forecast period. Due to technological development and leadership in innovation, North America holds the largest revenue share of the global ride-sharing market. Additionally, the region's propensity for early adoption of new technologies encourages the entry of new market players, stimulating competition in the area. The United State federal government also supports ridesharing to decrease traffic congestion and slow the alarming rise of air pollution. Due to the widespread acceptance of innovative services and widespread knowledge of the advantages of ridesharing over traditional taxis, this trend is expected to continue.
Europe is expected to grow during the forecast period. A large portion of this market share is owed to a large number of established automakers in developed countries like Germany, the United Kingdom, and France. Developed countries like the United Kingdom and France have shown much interest in four-wheeler and motorcycle-sharing programs over the past decade. The rising popularity and widespread availability of fully electric or green gas-running vehicles are also driving forces in the European ridesharing market. Thus, it is expected that government policies advocating for the widespread adoption of all-electric and hybrid cars will positively affect the market in the future.
Competitive Players
The global ride sharing market’s major key players are Uber Technologies Inc., BlaBlaCar, Inc., ANI Technologies Pvt. Ltd. (OLA), Wingz, Lyft, Inc., Grab, Careem, Curb Mobility, Taxify OÜ, Gett, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), and Cabify.
Market News
- In December 2021, MOTIONAL and UBER announced a partnership to facilitate autonomous deliveries.
- In November 2022, Cabify and Incode technologies joined forces to improve driver safety through selfie-based identity verification.
Global Ride Sharing Market: Segmentation
By Service Type
- E-Hailing
- Ride Sharing
- Car Rental
- Station-Based Mobility
By Sharing Type
- P2P
- Corporate
By Vehicle Type
- ICE Vehicle
- CNG/LPG Vehicle
- Electric Vehicle
By Travel Mode
- Inter-City
- Outstation
By Data Science
- Information Service
- Navigation
- Payment
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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