Pune, India, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Ride Sharing market size was valued at USD 182.12 billion in 2018 and is projected to reach USD 212.60 billion by 2026, exhibiting a CAGR of 2.0% 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
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 has led to numerous problems for daily commuters, besides offering vast opportunities for ride sharing.
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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 the environmental change, which will consequently increase the requirement for ride sharing and boost market prospects in the forthcoming years.
Decline in 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 global market.
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Rising Development of Electric Cars to Aid Expansion in North America
The market in North America 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 the 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.
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List of the Companies Operating in the Market:
- Uber Technologies Inc. (San Francisco, California, United States)
- 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)
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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