Pune, India., Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a report titled "Ride Sharing Market, 2021-2028," the global ride sharing market is expected to achieve a CAGR of 16.3% during the forecast period, reaching a market size of USD 242.73 billion by 2028. The report highlighted that the lack of proper public transportation systems in developing countries will entice key players to invest heavily in those regions, contributing to the market's growth. The market size for 2020 was USD 76.48 billion.
Key Points:
- Increasing use of smartphones and the internet to drive market growth
- Resistance from traditional transport services and high cyber threat risks could hinder market growth
- E-hailing to dominate the market due to government initiatives to increase awareness of air pollution
- The intercity segment is expected to hold the largest market share due to increasing congestion in public transportation
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Market Growth Drivers and Restraints:
The increasing demand for micro-mobility consisting of light vehicles like mopeds, bikes, scooters, and longboards is expected to have a significant impact on market growth. Additionally, the growing traffic congestion in metro cities has created a necessity for hassle-free ride options, generating market revenue. Concerns over carbon emissions have also created a need for ride sharing, boosting market growth.
Market Segments Analysis:
The market is segmented based on commute type (corporate, long-distance, and intercity) and application type (Android, iOS, and others). The intercity segment is expected to hold the largest market share, and the Android segment accounted for the highest share in 2020.
Competitive Overview:
The industry is highly competitive and fragmented, with significant market participants such as Uber Technologies Inc., Lyft, Inc., Didi Chuxing Technology Co., Bolt Technology OÜ, Gett, and GrabTaxi Holdings Pte. Ltd. These competitors have used new product releases and expansion strategies to gain traction in the industry.
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Regional Insights:
The North American market is expected to grow rapidly during the forecast period due to the enormous demand for electric cars in countries such as Canada, the US, and Mexico. The increasing technological advancements in ride services will also create vast opportunities for market growth. In Europe, the flourishing automotive industry and rising partnerships between service providers and governments to promote ride sharing services are expected to aid the expansion of the market.
Notable Industry Development:
In May 2021, Bolt Technology OÜ launched a car-sharing service in Estonia and announced plans to invest EUR 20 million in launching Bolt Drive.
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A list of prominent Ride Sharing manufacturers operating in the global market:
- Uber Technologies Inc. (San Francisco, California, U.S.)
- Didi Chuxing Technology Co. (Beijing, China)
- Gett (Tel Aviv, Israel)
- ANI Technologies Pvt. Ltd. (Bengaluru, India)
- GrabTaxi Holdings Pte. Ltd. (Singapore)
- Bolt Technology OÜ (Tallinn, Estonia)
- Careem (Dubai, UAE)
- Maxi Mobility S.L. (Madrid, Spain)
- car2go NA, LLC (Stuttgart, Germany)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Ride Sharing Market
- Global Ride Sharing Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- E-Hailing
- Station-Based
- Market Analysis, Insights and Forecast – By Commute Type
- Intercity
- Long Distance
- Corporate
- Market Analysis, Insights and Forecast – By Application Type
- iOS
- Android
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
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