Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Ride Sharing Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global ride sharing market has grown rapidly in recent years. It will grow from $112.24 billion in 2023 to $134.09 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. North America was the largest region in the ride sharing market in 2023. The expansion observed in the historical period can be ascribed to the proliferation of smartphones, trends in urbanization, increasing traffic congestion, a growing awareness of environmental issues, the appeal of cost-effective transportation, and the popularity of flexible and on-demand services.
The ride sharing market is expected to see exponential growth in the next few years. It will grow to $280.91 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The expansion projected for the forecast period can be credited to improved safety and security measures, progress in autonomous vehicle technology, a heightened emphasis on sustainability and green initiatives, the extension of services into underserved and rural areas, and the optimization of dynamic pricing. Key trends expected during the forecast period encompass multimodal transportation, solutions for micro-mobility, the adoption of contactless payments, subscription services, integration with smart cities, partnerships with public transit, and the incorporation of in-app features for accessibility.
The anticipated growth of the ride-sharing market is set to be driven by the increasing prevalence of smart devices. A survey conducted by Oberlo, a Germany-based drop-shipping platform, reported that in 2022, 57.4 million households in the US were using smart home devices, marking a 6.7% increase from 2021 when 53.8 million households were utilizing such devices. This surge in smart device penetration is consequently propelling the ride-sharing market.
The growth of the ride-sharing market is also expected to be fueled by the rising adoption of smartphone devices. According to a February 2023 report by Uswitch Limited, a UK-based online comparison service, there were 71.8 million active mobile connections in 2022, reflecting a 3.8% increase from 2021. The projection that 95% of the UK's 68.3 million population will possess smartphones by 2025 further emphasizes the role of smartphone adoption in driving the growth of the ride-sharing market.
A prominent trend in the ride-sharing market is the incorporation of technological innovations. Ridesharing, facilitated by apps such as Scoop, as well as industry giants Uber and Lyft venturing into carpooling, exemplifies the transformative impact of technological advancements. These platforms have gained popularity by highlighting benefits such as cost savings compared to solo driving and addressing transportation demand management in the modern era. In November 2022, Uber Technologies Inc. introduced technology-led safety features, including seatbelt reminders, updated safety kits, anomaly detection during rides, and SOS integration with local police. The ability to identify extended stops and unexpected detours enhances rider safety and overall experience.
Innovative products are a focus for major companies in the ride-sharing market to expand their customer base and boost revenue. Travel features, enhancing the overall travel experience, have become a distinctive offering in transportation services. Uber Technologies Inc. introduced Uber Travel in January 2023, featuring Smart Itineraries. This unique feature simplifies ride booking by allowing travelers to seamlessly import trip details into the Uber app, enabling the scheduling of rides in advance for different segments of their journey.
In January 2022, Uber Technologies Inc. acquired Car Next Door, an Australia-based peer-to-peer car rental service, with the aim of providing Australians with an economical and convenient alternative to private automobile ownership, especially for journeys less suitable for traditional ride-sharing, such as errands or day trips.
Report Scope
Markets Covered:
- By Type: Car Sharing; E-Hailing; Car Rental; Station-Based Mobility
- By Membership type: Fixed Ridesharing; Corporate Ridesharing; Dynamic Ridesharing
- By Target Audience: Corporate; Families; Daily Commuters; Other Target Audiences
- By Business Model: P2P; B2B; B2C
- By Application: Android; IOS; Other Applications
Key Companies Mentioned: ANI Technologies Pvt. Ltd.; BlaBlaCar SA; Cabify Espana S.L.U; Careem Networks FZ LLC; Gett
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data Segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- ANI Technologies Pvt. Ltd.
- BlaBlaCar SA
- Cabify Espana S.L.U
- Careem Networks FZ LLC
- Gett
- GrabTaxi Holdings Pte. Ltd.
- Lyft Inc.
- Uber Technologies Inc.
- Didi Chuxing Technology Co.
- Aptiv plc
- TomTom International BV
- Daimler AG
- Bolt Technology OU
- Zimride
- Denso Corporation
- Yandex
- Beijing Xiaoju Technology Co Ltd.
- Via Transportation Inc.
- Scoop Technologies Inc.
- Wingz Inc.
- Curb Mobility LLC
- PT Gojek Indonesia
- Easy Taxi Servicos Ltda.
- Beat Mobility SA
- Juno USA LP
- Grab Holdings Inc.
- Free Now
- Bolt Mobility Corp.
- ViaVan
- Ryde Technologies Pte Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/j4497a
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