Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The global ride sharing market size was USD 76.48 billion in 2020. The market is projected to grow from USD 84.30 billion 2021 to USD 242.73 billion in 2028 at a CAGR of 16.3% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, "Ride Sharing Market, 2021-2028."
Factors, such as the lack of proper public transport systems in the developing nations is expected to entice key players to invest heavily in those regions, thus aiding market growth. Stringent emission regulations to accelerate favorable business outcomes during forecast period. Heavy demand for electric vehicles to lighten sales opportunities.
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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.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 9.5% |
| 2028 Value Projection | USD 242.73 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 76.48 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | By Type, By Commute Type, By Application Type |
| Growth Drivers | Rising Development of Electric Cars to Aid Expansion in North America |
| Surge in Micro-mobility to Boost Growth |
Regional Insights
Rising Development of Electric Cars to Aid Expansion in North America
The 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. 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 to 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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Market Drivers
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 have led to numerous problems for daily commuters, besides offering vast opportunities for ride sharing. 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 environmental change, which will consequently increase the requirement for sharing rides and boost ride sharing market growth in the forthcoming years.
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| Segmentation | By Type
|
By Commute Type
| |
By Application Type
|
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.
COVID-19 Impact:
Weakened 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 market.
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Companies Profiled in the Ride Sharing Market Research Report:
- Uber Technologies Inc. (San Francisco, 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)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter's Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Ride Sharing Market
- Global Ride Sharing Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- E-Hailing
- Station-Based
- Market Analysis, Insights and Forecast – By Commute Type
- Intercity
- Long Distance
- Corporate
- Market Analysis, Insights and Forecast – By Application Type
- iOS
- Android
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
- North America Ride Sharing Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- E-Hailing
- Station-Based
- Market Analysis, Insights and Forecast – By Commute Type
- Intercity
- Long Distance
- Corporate
- Market Analysis, Insights and Forecast – By Application Type
- iOS
- Android
- Others
- Market Analysis, Insights and Forecast – By Country
- United States
- By Type
- By Commute Type
- By Application Type
- Canada
- By Type
- By Commute Type
- By Application Type
- Mexico
- By Type
- By Commute Type
- By Application Type
- United States
Continued…
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