New York, US, June 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Ride Sharing Market Information by Type, Vehicle Type, Business Model, Membership Type, Service, and Region - Forecast till 2030", The ride sharing market can expect to surge from USD 56.7 billion in 2022 to USD 194.01 billion in 2030, while acquiring a CAGR of 19.20% between 2022 and 2030.
Ride Sharing Market Overview
Through the use of online booking platforms or mobile applications, the ride sharing service connects drivers and passengers. Ride sharing services have many benefits, including minimal carbon footprints, simple booking processes, reasonably priced door-to-door transportation, and no parking hassles. In addition, the development of big data analytics, IoT, and AI enables smart riding alternatives and the expansion of the availability of cab booking services, which are the main factors bolstering the growth of the global market. To lower the costs of daily commuters, certain service providers offer a variety of features, promotions, and discounts on rides.
Ride Sharing Market Competitive Landscape:
The affluent firms in the market for ride-sharing include
- ber Technologies Inc. (U.S.)
- Taxify (Estonia)
- Lyft Inc. (U.S.)
- ANI Technologies Pvt. Ltd. (India)
- OLA Gett (Israel)
- Didi Chuxing Technology Co. (China)
- car2go (Germany)
- Cabify (Spain)
- GrabTaxi Holdings Pte. Ltd. (Singapore)
- Among others.
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Ride Sharing Market USP Covered:
Market Drivers:
The rising adoption of smart devices like smartphones and smart wearables as well as the rising use of internet data have increased the demand for ride sharing services globally and accelerated the expansion of the global ride sharing market. The essential need for using ride-hailing services is internet connectivity. To access the information and navigation of the ride, passengers must download ride-providing programs onto their cell phones through the internet. The proper operation of V2V communication, navigation, and telematics requires internet access. Additionally, smartphone apps offer a lot of security features like the driver's name, phone number, and photo, the vehicle's number, route tracing information, and records of previous rides.
The rate of vehicle emissions has been rising over time on a global scale. The global greenhouse gas emissions are significantly influenced by the car industry. The government, businesses, and automakers are making additional efforts to reduce the rising CO2 emissions. Many organizations, including the International Institute for Sustainable Development of Canada, the Ministry of Environment and Climate Change of India, and the Paris Agreement on Climate Change of the European Union, have established aspirational goals and standards, including increasing the amount of forest cover to reduce carbon footprints in the upcoming years. Therefore, rather than owning an own vehicle, these norms are likely to influence how these sharing services are used.
Market Restraints:
Traditional three-wheeler and taxi drivers are having arguments and confrontations as Ride Sharing services become more and more prevalent worldwide. In comparison to traditional transportation service providers, the providers of ride services have more advantages, such as affordable doorstep pickup and drop-off, full route details, and increased convenience. As a result, taxi drivers in nations like Japan and India are against the ride-sharing companies. The passengers, however, could be put in danger due to the advanced features. The transportation service apps include payment apps that are linked to these apps as well as comprehensive user information. Additionally, the availability of the ride's real-time data raises a significant danger of cybersecurity risks.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 194.01 Billion |
| CAGR during 2022-2030 | 19.20% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Vehicle Type, Business Model, Membership Type, Service, and Region |
| Key Market Opportunities | The market will grow as a result of strict carbon emission standards |
| Key Market Dynamics | Internet and smartphone adoption are expanding, which will help the market grow Micro mobility's growing popularity will fuel market expansion |
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Ride Sharing Market Covid 19 Analysis
The ridesharing sector's growth rate has also been compromised by the COVID-19 epidemic and the global lockdown. In an effort to stop the coronavirus from spreading, the majority of market merchants have altered or discontinued their operations. The demand for ridesharing services has decreased to the point where they are no longer required in many areas due to the recent shutdown. Customers are now more interested in renting and buying cars than using ride-hailing services because to the COVID-19 epidemic. This is anticipated to push some of these clients into ridesharing services, where the customer validates the driver in large part. Suppliers of longer-term car subscriptions and rentals for luxury vehicles are expanding as a result.
Ride Sharing Market Segmentation
Market by Ride Sharing Type
Automobile sharing, e-hailing, automobile rentals, and station-based mobility are the four types of ride-sharing. The e-hailing category dominated market growth in 2021 and is anticipated to increase at the fastest rate from 2022 to 2030. E-hailing ride services provide transportation to customers by employing a personal driver who is either an independent contractor or an employee. Additionally, more government measures to inform the public about issues including air pollution, passenger comfort, escalating traffic congestion, and ease of booking are driving up demand for Ride Sharing, particularly e-hailing.
Ride Sharing Market By Vehicle Type
Segmentation of the ride-sharing market by vehicle type, includes ICE, electric, and LPG or CNG-powered vehicles. In terms of revenue, the electric vehicle category led the ride sharing industry in 2021 and is anticipated to increase at a quicker rate from 2022 through 2030. The market for electric vehicle ride sharing is anticipated to increase at the fastest rate during the anticipated time due to recent developments by major ride-hailing companies like Uber, Lyft, Bolt, In Driver, Ola, and Free now to power up its facility.
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Ride Sharing Market By Business Model
The various business models are B2C, P2P, and B2B. In terms of revenue, the P2P segment predominated the ride sharing market in 2021, and it is anticipated to increase at a higher rate during the forecast period, 2022–2030. P2P car sharing is a form of automobile sharing in which individuals lend out their vehicles to other road warriors. The P2P approach also retains the owner in the car for the entire journey. Increasingly more people are using peer-to-peer car sharing.
Ride Sharing Market By Membership Type
Based on membership type, fixed ridesharing, corporate ridesharing, and dynamic ridesharing, the worldwide ridesharing market. In 2021, the corporate ridesharing category dominated the market, and it is anticipated that it will increase at the fastest rate over the projection period.
Ride Sharing Market By Service
The ride-sharing market’s service-based categories are app-based, web-based, and app and web-based. The app-based segment dominated the market in 2021 and is anticipated to obtain the fastest rate from 2022 to 2030. Ride-sharing apps are created using mobile cloud computing. The majority of people use an Android-based smartphone because of how user-friendly it is. As a result, many well-known ride-sharing companies develop apps that work with the Android operating system.
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Market Regional Insights
Due to the rapid uptake of electric vehicles in countries like Canada, the United States, and Mexico, the North American ride-sharing industry, which is estimated to reach USD 20.6 billion in 2021, will increase at a rate of 43.20% CAGR. Additionally, the ride service providers quickly adapted cutting-edge technology features. The company Uber has been expanding significantly in Canada.
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