Ride Sharing Market Size, Share, Growth & Trends

Ride Sharing Market Size, Share, Growth & Trends

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Ride Sharing Market

Ride Sharing Market is anticipated to witness a promising CAGR over the coming years, owing to the emerging need to minimize traffic for environmental concerns. Rising safety concerns pertaining the use of public transport facilities, accelerating internet and smartphones penetration, and rapidly increasing urban population are projected to drive the ride sharing market size.

Growing demand for carpooling services to reduce cost and avoid traffic and intensified initiatives enforced by the government to encourage the adoption of ride sharing services are projected to expand the global ride sharing market growth. Surging demand for these services across emerging nations and emerging need to decrease the daily travel time are projected to propel the market growth. Also, ride sharing services offer an easy and economical means of personal mobility, minimizes carbon discharge, and provide a cheaper door-to-door ride service with no parking issue. However, different transport policies enforced in the nation and inadequate infrastructure will restrain the ride sharing market share.

By service type, the station-based mobility segment is predicted to expand at a CAGR during the forecast period, as it helps in reducing congestion. Moreover, intensified government initiatives for station-based mobility will strengthen the market growth.

By data service, navigation services are estimated to hold a larger share over the forecast period, owing to the rising number of ride sharing service users. Also, as per the ride sharing market analysis, the ability of ride sharing service to guide passengers and drivers about the route and location will propel the market growth.

By region, Asia-Pacific region is expected to increase at a higher CAGR in the upcoming years due to the growing concern pertaining the environment. Rising use of ride sharing services and carpooling services across China and India will strengthen the market growth.

Leading players operating in the market include Uber Technologies Inc., Lyft, Inc., Gett, DiDi, Ola (ANI Technologies Pvt. Ltd.), Intel Corporation, BlaBlaCar, Aptiv, Grab, and TomTom International BV., among others.

Key Developments:

In 2020, Moovit, a mobility-as-a-service (MaaS) solutions company, was acquired by Intel Corporation for USD 900 million. This acquisition helped company become a complete mobility vendor that also includes the robotaxi services.

In 2020, Gett collaborated with Ola Cabs, a ride-sharing company. In this partnership, business clients of Gett will receive the service from the ola drivers by the Gett SaaS platform.

Ride Sharing Market Segmentation:
Ride Sharing Market by Service Type
·         Car Sharing

·         E-Hailing

·         Station-Based Mobility

·         Car Rental

Ride Sharing Market by Type
·         Corporate Car Sharing

·         P2P Car Sharing

Ride Sharing Market by Vehicle Type
·         CNG/LPG Vehicle

·         ICE (Internal Combustion Engine) Vehicle

·         Micro Mobility Vehicle

o   Scooter

o   Bike/Bicycle

o   Others

·         Electric Vehicle

Ride Sharing Market by Data Service
·         Navigation

·         Information Service

·         Payment Service

·         Other

Ride Sharing Market by Distance
·         Short Distance

·         Long Distance

Ride Sharing Market by Region:
·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         North America

o   United States of America

o   Canada

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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