Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The global ride sharing market size worth USD 242.73 billion by 2028, exhibiting a CAGR of 16.3% during the forecast period. The market size stood at USD 76.48 billion in 2020. Ride Sharing Market Size, Share & COVID-19 Impact Analysis, By Type (E-Hailing and Station Based), By Commute Type (Long Distance, Corporate, and Inter City), By Application Type (iOS, Android, and Others) and Regional Forecasts, 2019-2026.
Industry Development:
May 2021: Bolt Technology OÜ launched a car-sharing service in Estonia. The company also announced its plans to invest EUR 20 million in launching Bolt Drive.
The ownership of a vehicle is cumulative of multiple factors such as finance, fuel, maintenance, registration/taxes, and maintenance & repair, along with depreciation. With each year, the cost of vehicle ownership increases. Though, according to American Automobile Association , depreciation contributes to ~43% of the ownership cost, the other costs, such as maintenance cost and fuel cost, contribute ~25% together.
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Market Growth Factors:
- Urbanization has been creating pressure on the urban transportation systems that tend to affect the population's quality of life. The reduced mobility options, coupled with inadequate transportation infrastructure, increasing congestion, pollution, and traffic safety problems, are a few crucial problems that need a systematic approach to be resolved.
- Car ownership in the EU-28 area increased considerably between 2000 and 2019, growing from 411 cars per thousand inhabitants to more than 516. However, the industry is now expected to reduce its carbon emissions in line with the Paris Agreement. Many European cities, for example, have adopted low-emission zones.
- 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 ride sharing market revenue owing to the necessity for hassle-free ride options.
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Market Segments:
By geography, North America is the front-runner in the global ride sharing market in terms of revenue share due to large concentration of market vendors in the United States.
Based on membership type, the corporate ride sharing services are emerging rapidly in the existing market and providing alluring opportunities to the industry participants. Rapid growth in industrialization in the emerging nations has also created a challenge for the commutation service for the employees.
Based on the application type, the market is segmented into Android, iOS, and others. The android segment accounted for the highest share in 2020. The ride-sharing apps are developed using cloud computing in mobiles.
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Regional Insights:
Rising Development of Electric Cars to Aid Expansion in North America
The ride sharing market in North America stood at USD 35.02 billion in 2020 and 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.
Competitive Landscape:
Product Launches and Expansion Strategies to Incite Business Development
With significant market participants such as Uber Technologies Inc., Lyft, Inc., Didi Chuxing Technology Co., Bolt Technology OÜ, Gett, and GrabTaxi Holdings Pte. Ltd., the industry is extremely competitive and fragmented. To acquire traction in the industry, these market competitors used new product releases and expansion.
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List of Key Companies in the Ride Sharing Market:
- Uber Technologies Inc. (California, U.S.)
- 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)
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