The global ride sharing market accounted for a value of USD 44.0 billion in 2019 and is projected to register growth at a CAGR of 16.2% during forecast period.
COVID-19 has impacted ride sharing market significantly. In order to control the spread of corona virus, government across various countries imposed nationwide lockdown. The transportation is suspended and railway, roadways and airway are all closed due to travel restriction. The ride sharing market is adversely affected due to outbreak of COVID-19.
For more details, visit: Global Ride Sharing Market By Data Service (Payment Service, Navigation, Others), By Service Type (E-Hailing, Car Sharing, Others), By Vehicle Type (ICE, EV, Others), By Car Type (P2P, Others), By Region, Forecast & Opportunities to 2026
The use of public transport facilities are getting overcrowded including buses and subway. It causes high level of discomfort while travelling. This increases demand for comfortable and cost effective intercity transport. This increases the demand for ride sharing market during forecast period.
On the basis of service type, the ride sharing market is segmented into e-hailing, car sharing, car rental and station-based mobility. The station-based mobility is estimated to be fastest growing segment during forecast period. The station-based mobility is incentivizing by governments across various countries. The dedicated tracks are constructed in various countries for station to station mobility. The car sharing offers benefits of private vehicles without costs and this drives growth in station-based mobility segment during forecast period.
On the basis of data service, the ride sharing market is segmented into information service, payment service, navigation and others. The navigation segment is estimated to dominate the market during forecast period. The navigation helps drivers and passengers about location and route along with mapping and traffic data to provide better user experience. The use of navigation is widely increasing in ride sharing services. This increases number of ride sharing users and drives growth in navigation segment during forecast period.
North America region is estimated to dominate the market during forecast period. The large number of market players is based in this region. This is region is considered to be one of the major investor and innovator in this market. The technologies are early adopted in this region. In North America region, instead of using taxi passengers prefers ride sharing services to reduce traffic, pollution and fuel use. This increases demand and adoption of ride sharing and drives growth in this region during forecast period.
The key players in ride sharing industry are Uber, Lyft, DiDi, Gett, Grab, Ola, Blablacar, Intel, Tomtom, Aptiv, Denso, Diamler, BMW, Bosch, Ford, Toyota, Goget and Easy Taxi.
- What are the expected industry trends over the next three to five years?
- Which of the ride sharing service type is likely to lead by 2026?
- Which of the vehicle type segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?