New York, United States , May 17, 2024 (GLOBE NEWSWIRE) -- The Global Ride Sharing Market Size is to Grow from USD 91.63 Billion in 2023 to USD 418.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.40% during the projected period.
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Customers and drivers are connected through the ride-sharing service, which allows them to arrange rides using internet sites or smartphone apps. The Ride Sharing service type has several advantages, including low carbon footprints, quick booking options, cost-effective door-to-door ride services, and no parking issues. Furthermore, the introduction of big data analytics, IoT, and AI provides smart riding options and the expanded availability of cab booking services, which are the primary factors driving the global market. The rapid use of smart devices such as smartphones and smart wearables, as well as the increased use of internet data, have created several opportunities for ride-sharing services around the world, hastening the growth of the global ride-sharing industry. Furthermore, several organizations, including the International Institute for the Advancement of Sustainable Development of Canada, the Indian Ministry of Environment and Climate Change, and the European Union Paris Agreement on Climate Change, have set lofty goals and standards, such as increasing forest cover to reduce carbon footprints in the coming years. As a result, these rules are projected to increase the use of sharing services over individual vehicle ownership. However, stringent vehicle registration and licensing requirements make it impossible for an app-based taxi fleet to provide ridesharing services. This has impacted the expansion of ride-sharing firms in a number of countries and regions.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Ride Sharing Market Size, Share, and COVID-19 Impact Analysis, By Types (Car Sharing, E-hailing, Car Rental, Station-based Mobility), By Commute (Short Distance, Corporate, Inter City), By Vehicle (Bike/Bicycle, Scooter, Others), By Application (iOS, Android, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The e-hailing segment is expected to hold the largest share of the global ride sharing market during the anticipation timeframe.
Based on the type, the global ride sharing market is categorized into car sharing, e-hailing, car rental, and station-based mobility. Among these, the e-hailing segment is expected to hold the largest share of the global ride sharing market during the anticipation timeframe. The rising demand for e-hailing services is being pushed by government initiatives to promote public awareness about air pollution, passenger comfort, increased traffic congestion, and booking convenience. Rides on e-hailing services are pre-booked and paid for through the transportation network's smartphone app. Uber, Ola, Lyft, and Gett are significant players in the e-hailing ride-sharing market.
The short distance segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the commute, the global ride sharing market is categorized into short distance, corporate, and intercity. Among these, the short distance segment is expected to grow at the fastest CAGR during the anticipation timeframe. Many ride-sharing companies focus on many ride-sharing options in the 30-40 km range. Lyft and Uber provide carpooling choices for shorter distances, whereas Ola offers Ola share to reduce commute expenses per user and attract more customers seeking shorter-distance vehicle sharing. Thus, using a personal car or public transportation for short excursions is difficult in city traffic. Thus, the desire to save money and time on gasoline, along with increased public awareness of air pollution in cities, has spurred an increase in demand for ride-sharing services for short-distance commutes.
The bike/bicycle segment is expected to hold a significant share of the global ride sharing market during the anticipation timeframe.
Based on the vehicle, the global ride sharing market is categorized into bike/bicycle, scooter, and others. Among these, the bike/bicycle segment is expected to hold a significant share of the global ride sharing market during the anticipation timeframe. Bicycles are environmentally friendly and take up less time, and because services are readily available, they are suitable for a single person's ride. In addition, electric bikes and bicycles are gaining popularity because they help the user in difficult terrain and allow him or her to continue cycling even if the charge runs out. As a result, to reduce traffic congestion, micro-mobility, such as a bike or bicycle, is the most appropriate mode of transportation and will remain such throughout the country.
The android segment is predicted to dominate the global ride sharing market during the anticipation timeframe.
Based on the application, the global ride sharing market is categorized into iOS, android, and others. Among these, the android segment is predicted to dominate the global ride sharing market during the anticipation timeframe. Several well-known ride-sharing firms offer apps compatible with the Android operating system. For example, Android is the most popular operating system in India, with more than 75% of the market share. Samsung, Xiaomi, Oppo, and Vivo are among the many well-known mobile industry giants that employ the Android operating system.
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Asia Pacific is projected to hold the largest share of the global ride sharing market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global ride sharing market over the anticipation timeframe. Due to the passenger's lack of need for a personal vehicle for short trips, ride-sharing will rise as a result. This will cut fuel expenses, share mobility, shorten travel times, and ease traffic because fewer cars will be on the road. Ride-sharing can assist to alleviate a variety of issues, including traffic congestion, air pollution, and greenhouse gas emissions, all of which have risen as urban populations have grown. Furthermore, the region is home to some of the market's leading companies, including Didi, Go-Jek, Grab, and Ola. These factors are driving market growth in the Asia-Pacific.
Europe is expected to grow at the fastest CAGR growth of the global ride sharing market during the anticipation timeframe. Reduced mobility alternatives, inadequate transportation infrastructure, increased congestion, pollution, and traffic safety concerns are just a few of the major issues that must be addressed in a methodical manner. In addition, France is a renowned tourist destination, with Paris being the most gorgeous city, with the Eiffel Tower, the Louvre Museum, and Disneyland. Paris intends to promote sustainable transportation through electric carsharing and EV purchase incentives, and has created Autolib, the world's first fully electric carsharing service, to foster a sharing culture.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global ride sharing market are Ola, Grab, Bolt Technology OÜ, Careem, Cabify España S.L.U., Lyft, Inc., Zimride, car2go Group GmbH, Uber Technologies Inc., DiDi Global Inc., Gett, and others.
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Recent Developments
- On January 2023, The Tokyo Hire-Taxi Association has announced that its member taxi companies want to launch ride-sharing services in Tokyo in April 2024. The move is motivated by the government's aim to partially loosen restrictions on ride-sharing systems. According to recent reports, ride-sharing in the Japanese capital would be limited to certain regions and hours.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global ride sharing market based on the below-mentioned segments:
Global Ride Sharing Market, By Type
- Car Sharing
- E-hailing
- Car Rental
- Station-based Mobility
Global Ride Sharing Market, By Commute
- Short Distance
- Corporate
- Inter City
Global Ride Sharing Market, By Vehicle
- Bike/Bicycle
- Scooter
- Others
Global Ride Sharing Market, By Application
- iOS
- Android
- Others
Global Ride Sharing Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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