Westford, USA, Aug. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Ride Sharing Market will reach a value of USD 322.01 Billion by 2031, with a CAGR of 15.8% during the forecast period (2024-2031). The ride sharing market is gaining popularity today with the rise of platforms including OLA, Uber, Lyft since they are not only user-friendly, but are also cost-effective, reliable, and highly convenient. The prominence of these platforms is attributed to the steady shift for sustainable transport and constant efforts to lessen dependability on private vehicles. Moreover, the rising cost of new vehicles and the developing electric vehicles market is fueling the growth of the ride sharing market.
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Browse in-depth TOC on the "Ride Sharing Market"
- Pages – 261
- Tables – 145
- Figures – 78
Ride Sharing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 99.59 Billion |
| Estimated Value by 2031 | USD 322.01 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Vehicle Type, Data Service, Distance, Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Speedy Adoption of Smart Devices |
| Key Market Drivers | Growing Urbanization and Rising Congestion in Cities |
E-Hailing Segment to Lead Market Due to Growing Government Initiatives to Control Air Pollution
By service type, the ride sharing market is categorized as car sharing, e-hailing, car, rental, and station-based mobility. The e-hailing segment is expected to lead the market over the forecast period owing to the supportive initiatives by the government to grow awareness among consumers of air pollution. Moreover, the growing partnership among international and domestic service providers like DiDi and Uber will fuel the segment growth. Nonetheless, the car sharing segment is expected to grow considerably in the coming years owing to the convenience and flexibility offered. Car sharing helps individuals to rent cars for less time, which offers convenience. Also, for people who do not require a vehicle every day, car sharing can be the most suitable option, thus driving the segment growth.
Rising Demand for Electric Vehicles Due to Growing Awareness for CO2 Emissions is Fueling Electric Vehicle Domain
By vehicle type, the electric vehicle segment is expected to lead the market over the forecast period owing to the increasing demand for electric vehicles due to stringent rules to lessen CO2 emissions. Also, the increasing number of charging stations is further propelling the segment growth. However, the ICE vehicle segment is projected to grow at a significant share in the coming years owing to well-established infrastructure. These vehicles benefit from refueling stations and several repair services, which expand the network, making them more practical for everyday use.
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Speedy Adoption of Superior Technology Features by Market Players to Fuel North American Market
Geographically, North America dominates the ride sharing market and is projected to lead over the forecast period owing to many market vendors like Lyft and Uber adopting advanced technology for ride sharing. Another reason for the market growth in the region is expanding inventions and innovations and increasing funding for R&D. Moreover, North America is an industrial center that aids the adoption of ride sharing services, thereby propelling the regional growth.
In the coming years, Asia-Pacific will emerge as the fastest growing region owing to the rising urbanization, adopting the rise sharing model at a speedy pace. Several nations in the region, especially India is witnessing heavy adoption of rise sharing, thereby fueling its demand. Moreover, the region has witnessed notable growth in transportation due to ever-increasing population and rising urbanization.
Ride Sharing Market Insight
Drivers:
- Technological Advancements in Smartphones like payment applications and GPS
- Growing Urbanization in the Developing Economies
- Increasing Consumer Preference Due to Higher Convenience
Restraints:
- Different Regulatory Policies in Different Economies for Ride Sharing
- Security and Safety Issues
- High Insurance Costs
Prominent Players in Ride Sharing Market
The following are the Top Ride Sharing Companies
- Uber Technologies, Inc.
- Lyft, Inc.
- Didi Chuxing Technology Co., Ltd.
- Grab Holdings Inc.
- Ola Cabs
- BlaBlaCar
- Careem
- Gett
- Go-Jek
- Bolt (formerly Taxify)
Key Questions Answered in Global Ride Sharing Market Report
- What is the size of the Ride Sharing Market, as per SkyQuest?
- Which region will hold the maximum share of the Ride Sharing Market?
- Which factors are driving the Ride Sharing Market?
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This report provides the following insights:
Analysis of key drivers (growing competition, rising environmental concerns, growing number of integrations and alliances), restraints (growing pricing pressure, technological concerns, legal issues), opportunities (expansion in new markets, growing investments in autonomous and electric vehicles, improved user experience), and challenges (growing operational costs, economic downturn or change in consumer spending, public trust) influencing the growth of ride sharing market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the ride sharing market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the ride sharing market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Vehicle Electrification Market
Electric Vehicle Charging Infrastructure Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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