Ride Sharing Market to have a Promising Future Ahead!

The Ride Sharing Market is projected to grow at a CAGR of 19.87% from 2018 to 2025, to reach a market size of USD 218.0 billion by 2025 from USD 61.3 billion in 2018. The major drivers of this market include the growing need for personal mobility in the wake of rising urbanization and a fall in car ownership. Also, growing Internet and smartphone penetration and stringent CO2 reduction targets are leading to the high growth of the ride sharing market.

Some of the key players in the ride-sharing market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).

Opportunities:

• Increasing User Base Among Millennials and Potential Generation Z
• Development of Autonomous Vehicles for Ride Sharing
• OEMs as Mobility Service Providers
• Public-Private Partnerships
• Micro-Mobility

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Station-based mobility is the fastest-growing segment in the global ride sharing market

The station-based mobility market is expected to grow at the fastest CAGR. Governments incentivize Station-based mobility across the world, and dedicated tracks are laid in various countries for the station to station mobility. Car sharing is the second-fastest-growing segment. The growth of car sharing is attributed to its benefits such as getting benefits of a private vehicle without the costs and responsibilities of car ownership. Car sharing companies are entering into different markets to cater to the ride sharing market. For instance, BlaBlaCar has expanded to Russia and Ukraine, the two biggest countries in Europe. Some of the largest players in this market are car2go, Maven, BlaBlaCar, and Getaround.

Navigation service constitutes the largest data service for the ride sharing market globally

Navigation service has the largest market size in data service for the ride sharing market globally. Navigation guides drivers and passengers regarding location and route. Also, mapping and traffic data provides a better user experience. The use of navigation service is imperative for ride sharing service. Thus, the increasing number of ride sharing service users influence the demand for ride sharing data services. Availing and maintaining these services is costly, and as ride-sharing companies are working toward increasing profitability, it would be beneficial for them to develop services of their own to save cost.

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Asia Oceania to have the largest market size and Rest of the World region is expected to account for the fastest growth during the forecast period

The growth in the Asia Oceania market is attributed to the wide customer base due to a growing population and rising urbanization in emerging economies such as China and India. Factors such as increasing urbanization and rising traffic congestion are likely to drive the demand for ride sharing services. For countries such as India and China, the consumer preference is changing, and with the rising population, the need for ride-sharing is increasing to cater to the increase in the consumer basket. The key countries considered in RoW include Brazil, South Africa, and UAE. These countries have a well-established urban infrastructure. The ride sharing market is growing in the RoW region as countries such as UAE and Brazil are increasing their investment in urban infrastructure.

Key Questions addressed by the report:

• Which ride sharing service is going to dominate in the future?
• How are the players addressing the challenge of maintaining a sustainable and profitable model for ride sharing?
• When are electric vehicles going to get mass adoption in the ride sharing market?
• What could be the expected number of autonomous vehicles which will be used for ride sharing?
• What are the countries having a major presence in the ride sharing market?