Global Ride Sharing Market to Experience Exponential Growth and Reach a Valuation of USD 273.76 Billion by 2032, Backed by Prominent Players Introducing Innovative Solutions, States Extrapolate
The global ride sharing market is likely to grow at a robust CAGR of 15.9% from 2023 to 2032. Key drivers fueling market expansion encompass positive government initiatives, numerous advantages presented by the services, and innovative solutions introduced by prominent market participants.
Dubai, UAE, Aug. 29, 2023 (GLOBE NEWSWIRE) — As per the latest report published by Extrapolate, the Global Ride Sharing Market size is expected to reach USD 273.76 billion by 2032 from USD 62.3 billion in 2022, recording a 15.9% CAGR through the forecast period of 2023-2032. As businesses are attempting to make transportation more dependable, convenient, enjoyable, and safe, ride sharing has garnered massive popularity in the past few years. The main objective of this mode of transportation is to lower emissions, the number of vehicle journeys, and traffic congestion.
Through the use of web portals or mobile applications, ride sharing companies connect drivers and passengers. The benefits of the ride-sharing service include reduced carbon footprints, simple booking processes, cost-effective door-to-door transportation, and no parking issues. In addition, the development of big data analytics, loT, and Al enables smart riding options and the expansion of the availability of cab booking services, which are the main factors speeding up the growth of the global market.
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Leading companies in the market for ride sharing launched new products and expanded their services in order to gain traction. For instance, more than 550 million users in Asia, Australia, and Latin America can access transportation services through apps provided by Didi Chuxing, a world leader in the mobile transportation platform.
Prominent companies in the global ride sharing market include:
- Addison Lee Limited
- ANI Technologies Private Limited (Ola)
- Cabify Spain SLU
- DiDi Global Inc.
- Lyft, Inc.
- SHARE NOW GmbH
- Uber Technologies Inc.
- Via Transportation, Inc.
- Zoox, Inc
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- On the basis of type, the E-hailing segment led the market in 2022
- Based on commute, the inter-city segment held the largest market share in 2022
- In terms of region, North America Maintained its Leading Position in 2022
- Car Rental
E-Hailing Attains Competitive Edge with Government Initiatives for Air Pollution Awareness
On the basis of type, the e-hailing segment held the largest share in the global ride sharing market in 2022. A personal driver is hired by e-hailing ride services on a contract or employment basis to provide transportation to passengers. Recently, the demand for ride sharing, especially e-hailing, is on the rise due to prominent government efforts to raise awareness among the populace regarding concerns such as air pollution, as well as the surging emphasis on passenger well-being, escalating traffic congestion, and simplified booking processes.
Through the transportation network company’s smartphone application, customers can book and pay for rides in advance. The e-hailing ride sharing business is dominated by companies such as Uber, Ola, Lyft, and Gett. Another major ride-sharing company, Didi Chuxing, has also been adopting different strategies to expand geographically into newer markets. For instance, Didi acquired ride-hailing leader 99 in its effort to widen its global presence.
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Inter-city Travel to Gain Traction as Public Transport Congestion Increases
Based on commute type, the inter-city segment led the global ride sharing market in 2022. Intercity rides involve travel between two cities, encompassing a one-way journey from one city to another. These rides are generally used by daily commuters who travel between cities for work-related reasons. Given the increasing congestion in public transportation and the associated fatigue, private vehicles are becoming increasingly attractive for intercity travel. They provide greater comfort and convenience at affordable fares, presenting significant opportunities for this mode of commuting, which is supporting the segment’s growth.
Ride Sharing Service Uptake to Soar with Increased Internet and Smartphone Usage
The demand for ride-sharing services has grown significantly across the globe as a result of the rising use of intelligent devices, including smartphones and smart wearables, as well as rising internet data usage. Having access to the internet is a fundamental necessity for utilizing ride-hailing services.
To access the information and navigation of the ride, passengers need to download ride-providing programs onto their mobile devices through the internet. Effective functioning of V2V communication, navigation, and telematics necessitates access to the internet. Additionally, smartphone apps offer a variety of security features such as the driver’s identity, phone number, photo, the car’s number plate, information about the route they took, and records of previous rides.
Traditional Transport Services Pushback and Increased Cyber Threat Levels to Hinder Market Expansion
Traditional three-wheeler and taxi drivers are in competition with one another as a result of the increasing use of ride-sharing services around the world. When compared to traditional transport service providers, ride service providers have additional benefits to offer, including affordable doorstep pickup and drop-off, full route details, and improved convenience. Consequently, taxi drivers are butting heads with ride-sharing companies in nations such as Japan and India.
Nonetheless, the enhanced functionalities could potentially jeopardize passenger safety. Ride service applications encompass payment apps integrated with them, along with comprehensive user details. Moreover, access to real-time data for rides introduces a substantial cybersecurity threat. The growth of the ride sharing market is being hindered by opposition from traditional transportation services and the elevated risk of cyber threats.
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Recent Industry Developments:
- March 2023: Grab Philippines released Partner Cover Plus, a flexible insurance solution underwritten by BPI AIA and Chubb, two of the major insurance providers. It provides coverage for driver-partners’’ wellness and safety issues.
North America to Maintain Dominance with Growing Government Support
North America is dominating the global ride sharing market as a result of increased governmental funding and the quick adoption of cutting-edge technologies. One of the regulatory agencies starting to concentrate on mobility service providers in terms of emissions reduction goals is the California Air Resources Board (CARB), which in May 2021 announced the Clean Miles Standard, which targets 90% of ride-hailing miles to be traveled in zero-emission cars by 2030. Mobility service firms have also committed to reducing emissions, with Uber promising to have net zero emissions by 2040 and Lyft promising emissions-free operations by 2030.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, Definition, and Assumptions
2.3. Data Sources
2.3.1. Secondary Sources
18.104.22.168. Preliminary data mining
2.3.2. Primary Sources
22.214.171.124. Statistical Model
126.96.36.199. Data Triangulation
188.8.131.52. Research Objective
Chapter 3. Market Outlook
3.2. Key Trends
3.2.1. Growing Shift Towards Shared Mobility Among Population is a Vital Trend
3.3. Market Drivers
3.3.1. Proliferation of Electric Vehicles is Augmenting the Market Growth
3.4. Market Restraints
3.4.1. Resistance from Public Transport is Hampering the Market
3.5. Market Opportunities
3.5.1. Introduction of Ride Sharing in Autonomous Vehicles Will Create Lucrative Opportunities for the Market Growth
3.6. Market Challenges
3.6.1. Limited Availability in Semi-Urban Area Could be a Challenge for the Market
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Global Ride Sharing Market
Chapter 5. Global Ride Sharing Market Overview, By Type, 2018 – 2032 (USD Million)
Chapter 6. Global Ride Sharing Market Overview, By Commute, 2018 – 2032 (USD Million)
Chapter 7. Global Ride Sharing Market Overview, By Membership, 2018 – 2032 (USD Million)
Chapter 8. Global Ride Sharing Market Overview, By Vehicle Type, 2018 – 2032 (USD Million)
Chapter 9. Global Ride Sharing Market Overview, By Geography, 2018 – 2032 (USD Million)
Chapter 10. North America Ride Sharing Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 15. Competitive Landscape
15.1. Competitive environment, 2022
15.2. Strategic framework
15.2.3. Mergers & Acquisitions
15.2.4. Recent development
Chapter 16. Key Vendor Analysis
Chapter 17. Sourcing Strategy and Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
Chapter 19. Market Effect Factors Analysis
Chapter 20. Future Outlook of the Market
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