Global Ride Sharing Market Size, Share, Forecast Report, 2020-2027
Ride sharing, which includes services such as carpooling and car hailing, is a concept which has gained a lot of traction in the mobility market in recent years. It is a service that offers one-way or two-way transportation on short notice. This concept also includes car sharing, in which, two or more passengers travel in the same vehicle, at the same time. Ride sharing has witnessed a tremendous growth in developing economies due to consumer’s inability to own a vehicle. This service offers the convenience of travelling comfortably at a lower cost as compared to owning a vehicle and maintain it.
Factors such as increasing fuel prices, lack of parking spaces and growing traffic and congestion, particularly in metro cities, have had a positive impact on the growth of this market. Some of the developing countries also lack proper public transport systems, which has further boosted the demand for ride sharing and carpooling services. Growing popularity of electric vehicles for ride sharing is expected to further propel growth over the coming years. However, safety related concerns while sharing rides with unknown passengers could pose a risk to the market. Several unpleasant incidents during ride sharing have been witnessed recently, which has increased people’s apprehension towards using these services in some regions.
Car Sharing Market Segmentation
The global ride sharing market is segmented on the basis of type, vehicle type, business model, and region. On the basis of type, the market has been segmented into Car Sharing, E-Hailing, Car Rental and Station-Based Mobility. On the basis of vehicle type, the market has been segmented into ICE Vehicle, CNG/LPG Vehicle, and Electric Vehicle. On the basis of business model, the market has been segmented into P2P, B2B, and B2C.
Geographically, the global ride sharing market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for a significant market share in the global ridesharing market. The market in this region, dominated by the U.S., is highly consolidated with ride hailing giants such as Uber and Lyft together accounting for the majority of the market share. Agreements between corporations and ride sharing companies to reduce traffic congestion and control pollution from vehicle emissions have been major driving factors of the market in this region.
The market is projected to witness the highest growth in the Asia Pacific region, over the forecast period. Countries such as China, Japan and South Korea are at the forefront of this growth in this region. Air pollution and parking space problems have propelled the governments of these countries, especially China, to promote the concept of ride sharing and carpooling. The market is also expected to witness tremendous growth in India, which is characterized by a high concentration of middle-class population incapable of owning private vehicles.
The prominent players in the global Ride Sharing Industry include Uber Technologies Inc. (U.S.), Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), ANI Technologies Pvt. Ltd. (India), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany).