NEW YORK, Aug. 30, 2018 (GLOBE NEWSWIRE) -- The global ridesharing market is expected to witness a CAGR of 16.4% to reach USD 148.7 billion by 2024. Increasing vehicular emission leading to move towards a green economy, and demand for reduction of on-road traffic is likely to give impetus to the market growth over the forecast period. Furthermore, integration of smart phone technology with ridesharing services is also expected to fuel the market growth during 2018 to 2024.

Ridesharing is an arrangement connecting passengers with drivers, in a privately or business owned vehicle. Major transport network companies (TNC) use peer-to-peer (P2P) ridesharing business model and charge a commission fee to provide the connecting tools to the customers in the form of a website or an smart phone application. With the move towards a green economy, nations across the globe are looking for a way to restructure their urban transport network, which is likely to give impetus to the market over the forecast period.

Key findings from the report:

• The global ridesharing market is likely to experience a CAGR of 16.4% from USD 59.6 billion in 2018 to USD 148.7 billion by 2024
• Based on expanse, the intra-city segment held the largest share of the market in 2017 and the trend is likely to continue over the forecast period.
• Based on ownership, privately owned segment held the largest market share in 2017 owing to major transport network companies using privately owned vehicles
• Asia Pacific (APAC) is expected to register the highest CAGR over the forecast period. This can be attributed to increasing focus on restructuring the urban transport network and major transport network companies (TNC) investing in the APAC market
• Based on type, commuting ridesharing segment held the major share in China and the trend is likely to continue from 2018 to 2024
• On the basis of business model, peer-to-peer segment held the largest share in 2017
• Some of the key companies operating in the market include Uber Technologies Inc.; Lyft Inc.; Mytaxi; Grab; Didi Chuxing Technology Co., Ltd.; Carma Technology Corporation; Gett; BlaBlaCar; ANI Technologies Pvt. Ltd.; and Yandex.Taxi, among others

Intra-city segment : Poised to experience fastest growth over the forecast period

Intra-city segment held the largest share of the market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the major market share of dynamic and daily commuting demographic. Moreover, the traffic congestion problem  is likely to propel the market growth over the forecast period.

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Ridesharing market - Regional insight

Geographically, Asia-Pacific (APAC) is likely to witness the fastest CAGR during 2018-2024. This can be attributed to the huge population in the region. The commuting demographic of this region is likely to be the fastest growing segment in China and India. Moreover, increasing focus on restructuring the urban transport network in the region and major transport network companies (TNC) investing in the APAC market are likely to give impetus to the market growth over the forecast period. Europe and North America are expected to experience significant growth during 2018-2024, owing to strict government regulations limiting vehicular emissions.

The report segments ridesharing market on the basis of type, expanse, target demographic, ownership, business model, and region.

By Type

• Commuting Ridesharing
• Dynamic Ridesharing
• Fixed Long Distance Ridesharing

By Expanse

• Intra-city
• Inter-city

By Target Demographic

• Commuters
• Families
• Others

By Ownership

• Privately Owned
• Company Owned
• Business Owned

By Business Model

• Peer-to-Peer (P2P)
• Business-to-Business (B2B)
• Business-to-Consumer (B2C)

By Region

• North America
• Europe
• Asia-Pacific (APAC)
• Middle East and Africa (MEA)
• Central and South America

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