Ride Sharing Market worth USD 194.65 Billion by 2027, registering a CAGR of 19.2%

Ride Sharing Market worth USD 194.65 Billion by 2027, registering a CAGR of 19.2%

Ride Sharing Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Ride Sharing Market Research Report, Type, Vehicle Type, Business Model and Region - Forecast till 2027” the market is projected to be worth USD 194.65 Billion by 2027, registering a CAGR of 19.2% during the forecast period (2021 - 2027).

Ride sharing services have become ubiquitous in cosmopolitan and metropolitan cities and towns due to the large population and inefficiency of public transport services. Convenience of mobile applications and availability of affordable internet services has raised its popularity. The global ride sharing market report by Market Research Future (MRFR) offers a comprehensive analysis of the industry amid the COVID-19 pandemic and forecasts projections on its value and growth for the assessment period (2021-2027).


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Competitive Analysis

Prominent players of the global ride sharing market profiled are:

  • Uber Technologies Inc. (U.S.)
  • Careem (UAE)
  • Didi Chuxing Technology Co. (China)
  • car2go (Germany)
  • GrabTaxi Holdings Pte. Ltd. (Singapore)
  • Cabify (Spain)
  • Gett (Israel)
  • OLA
  • Taxify (Estonia)
  • ANI Technologies Pvt. Ltd. (India)
  • Lyft Inc. (U.S.)

Partnerships and collaborations are on the uptick as companies aim to increase their bottomlines. Experimentation with autonomous driving and venture capital funding can further multiply the value of players and the market.

Industry Update

Lyft has decided to collaborate with Ford for introducing semi-autonomous vehicles as part of its ride sharing service for providing new incentives to customers and increasing revenue.


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Market Scope

Drunk n Drive Deaths to Drive Market Demand

Researchers from the University of California, Berkeley, have accounted to one-third of driving-related deaths to drunk driving. Ride sharing companies have managed to save more lives during the night as compared to the day. Government concerns about the safety of customers and efforts to lower death rates by drunken driving can propel the demand for ride sharing. Ride sharing applications contain options to share the details of the passenger with a relative or associate.

Cost-consciousness to Propel Market Demand

Consumers unable to drive and the increasing cost of vehicles can drive the demand for ride sharing services. Urban lifestyles and need to cut down traffic can bode well for the market. High prices of fuel and maintenance costs and congested nature of cities may push people towards adapting these services.

Autonomous Driving to be a Valuable Opportunity

Autonomous vehicles are being tested in different regions with varying amount of success. Rise of connected vehicles and evolution of urban mobility can lead to its inclusion in fleet of ride sharing companies. Partnerships and collaborations between autonomous vehicle manufacturers and ride hailing firms can augur favorably for the market.

Unpleasant Events to Hamper Market Growth

Unpleasant situations such as getting rides with strangers and untoward events like molestation can hamper market growth. Large number of incidents concerning female passengers has led to ride hailing companies running strict assessment checks on their employees before deploying them on the field.


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Segmentation

E-hailing Segment to Lead

By type, the market is segmented into station-based mobility, car sharing, e-hailing, and car rental. The e-hailing segment is set to lead the global ride sharing industry owing to convenience of booking rides at any time. Awareness of the services and penetration of mobile applications of ride hailing companies can bolster the segment growth.

ICE Vehicles to Command Demand in Ride Sharing Market

By vehicle type, the market is segmented into vehicle running on LPG or CNG, ICE vehicle, and electric vehicle. The ICE vehicle segment is anticipated to command a huge demand share over the assessment period due to its popularity in economies of Brazil, China, and India.

B2C Business Model to be Followed by Major Players

By business model, the ride sharing market is segmented into P2P, B2B, and B2C. The B2C business model is expected to capture a huge market share owing to prominent ride hailing companies such as Lyft providing customers a ride for their daily commute. Ease of passenger anxiety and availability of features to improve rider safety can drive the segment growth significantly.

Corporate Ridesharing to Capture Major Market Share

By membership type, it is segmented into dynamic ridesharing, fixed ridesharing, and corporate ridesharing. The corporate ridesharing membership can capture a huge chunk of revenue share of the ridesharing industry owing to presence of employee carpools and emergence of various IT and business hubs. Offers of special discounts for deliveries, meals, and corporate travel management can augur favorably for the segment.

App-based Services to Capture Market Revenue

By service, it is segmented into web and app-based, app-based, and web-based. The app-based services segment is set to lead in the market due to convenience of customers and easy to use interface of the software.

Regional Analysis

North America Estimated to Lead Global Ride Sharing Market

North America is bound to lead the global market due to rapid development of electric cars and adoption of car riding services. High penetration rate of smartphones and rapid speed internet can drive regional market growth. Leveraging on popular initiatives, ride sharing companies are attracting customers through discounts and games. Partnerships between governments and service firms as well as promises of employment to citizens can augur favorably for the market.

Segmentation of Market covered in the research:

Information by Type (Car Sharing, E-Hailing, Car Rental, Station-Based Mobility), Vehicle Type (ICE Vehicles, CNG/LPG Vehicles, Electric Vehicle), Business Model (P2P, B2B, B2C) and Region (North America, South America, Europe, Asia- Pacific, and Middle East Africa)


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