USD 85.8 billion
Global Ride Sharing Market Size, Share, Growth Analysis, By Type(Car Sharing, E-Hailing), By Vehicle Type(ICE Vehicle, Electric Vehicle), By Business Model(B2C, P2P), By Membership Type(Fixed Ridesharing, Corporate Ridesharing), By Service(App-based, Web-based) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2200 |
Region:
Global |
Published Date: February, 2024
Pages:
261
|
Tables:
145 |
Figures:
78
Global Ride Sharing Market Insights
Ride Sharing Market size was valued at USD 85.8 billion in 2019 and is poised to grow from USD 100.04 billion in 2023 to USD 341.8 billion by 2031, growing at a CAGR of 16.6% in the forecast period (2024-2031).
Factors having significant impact on the growth of the market include the rapid increase in the cost of vehicle ownership, strict CO2 reduction targets, and growing market for electric vehicles in such services.
Another driver supporting the growth of the market, is the growing demand for inexpensive and alternative transportation alternatives. The rising sales of electric vehicles will also accelerate the expansion of the ride-sharing business during the stated prediction period. Also, driving the demand for the products will be the stricter auto emission rules and increased awareness of shared mobility. The demand for ride sharing is also being greatly boosted by the increased emphasis that various governments are placing on infrastructural development that enables ride sharing activities.
However, in the anticipated period, it will face market restrictions from traditional transportation companies and different national transport policies, whereas the profitability and sustainability of the model have the potential to impede fast growth. Additionally, in the above said forecast period, the market will also have numerous growth opportunities due to the expanding user base among millennials and potential members of generation Z, as well as presence of OEMs as mobility service providers and the high development of autonomous vehicles for ride sharing.
US Ride Sharing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
ICE Vehicle
Fastest Growth
ICE Vehicle
Growth Rate
16.6% CAGR
Global Ride Sharing Market ($ Bn)
Country Share for North America Region (%)
Global Ride Sharing Market By Vehicle Type ($ Bn)
Global Ride Sharing Market By Vehicle Type (%)
To get more reports on the above market click here to Buy The Report
Global Ride Sharing Market Segmental Analysis
Global Ride Sharing market is segmented on the basis of Type, Vehicle Type, Business Model, Membership Type, Service, and region. By Type, the market is segmented into Car Sharing, E-Hailing, Car Rental, and Station-based Mobility. By Vehicle Type, the market is segmented into ICE Vehicle, Electric Vehicle, Vehicle Running on LPG or CNG. By Business Model, the market is segmented into B2C, P2P, and B2B. By Membership Type, the market is segmented into Fixed Ridesharing, Corporate Ridesharing, and Dynamic Ridesharing. By Service, the market is segmented into App-based, Web-based, Web and App-based. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America based on region.
Ride Sharing Market Analysis by Type
Car sharing, e-hailing, car rentals, and station-based mobility are the various subsectors of the ride sharing market. The e-hailing category dominated market in 2021 and is anticipated to experience the fastest growth throughout the forecast period. E-hailing ride services provide transportation to customers by using a personal driver engaged on a contract basis or as an employee. Furthermore, as a result of increased government efforts to inform the public about concerns including air pollution, passenger comfort, escalating traffic congestion, and ease of booking, demand for ride sharing, particularly e-hailing, is rising.
Ride Sharing Market Analysis by Membership Type
The fixed ridesharing, corporate ridesharing, and dynamic ridesharing segments of the global market. Because more international corporations are using ride-sharing services for their employees' daily commutes, the corporate ridesharing segment dominated the market in 2021 and is expected to grow at the fastest rate during the forecast period. Due to increasing industrialization and the move of IT company headquarters to the Asia Pacific region, the popularity of ride-sharing services in the region is expected to increase.
Global Ride Sharing Market By Vehicle Type, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Ride Sharing Market Regional Insights
Due to the large concentration of market vendors in the US, North America directs a majority of the global ride-sharing market revenue share. In addition, North America dominates the world both in technology innovation and invention, which helps explain the city's rapid growth in ride-sharing. Furthermore, the region is an industrial hub that supports the regional implementation of the corporate ride-sharing model.
By 2028, Asia-Pacific is expected to hold the largest market share for ride-sharing services. Emerging markets in the Asia Pacific are likely to experience significant growth, mainly in urban transportation. Even before to China and the US, India is the market with max frequency of ridesharing usage. The demand for transportation in this region has increased as a result of increasing urbanization.
Global Ride Sharing Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Ride Sharing Market Dynamics
Ride Sharing Market Drivers
Increase in Micro mobility to Accelerate Growth
- The demand for micro-mobility, that encompasses light vehicles such mopeds, bikes, scooters, and longboards, is increasing and will have a significant impact on market growth. Due to the demand for hassle-free ride options, commuters' awareness level of shared micro-mobility will generate market revenue at the same time.
Cost-effectiveness to Drive Market Growth
- Demand for ride-sharing services increased, which is a key driving factor, as a result of rising fuel and vehicle prices. By splitting the cost of the travel among the passengers, services like carpooling have the advantage of becoming cost-effective.
Ride Sharing Market Restraints
Traditional Transport Service Opponents Impacting Market Growth.
- The advancement of heavy machinery as a significant source of ozone emissions is the cause of poor air quality. In addition to nitrogen oxides, volatile organic compounds, and carbon monoxide, the emissions from this equipment have a negative effect on the environment and cause an environmental imbalance between urban and rural areas. In addition, mining machinery operating at mining sites is a significant source of ozone emissions.
Request Free Customization of this report to help us to meet your business objectives.
Global Ride Sharing Market Competitive Landscape
The competitive landscape of the ride-sharing market provides information by competitors. Included information includes an overview of the business, financials, revenue, market potential, investments in R&D, new market initiatives, regional presence, corporate strengths and weaknesses, product launches, product breadth and depth, and application domination. The data presented above only relates to the companies' market focus on ride sharing.
Ride Sharing Market Top Player’s Company Profiles
- Uber Technologies, Inc.
- Lyft, Inc.
- Didi Chuxing Technology Co., Ltd.
- Grab Holdings Inc.
- Ola Cabs
- BlaBlaCar
- Careem
- Gett
- Go-Jek
- Bolt (formerly Taxify)
- Cabify
- DiDi Express
- Easy Taxi
- Free Now
- Jugnoo
- MyTaxi
- Shebah
- Sidecar
- Via Transportation Inc.
- Yandex Taxi
Ride Sharing Market Recent Developments
- In November 2021, Meru Cabs, a ride-sharing business, was purchased by Mahindra Logistics Ltd. (MLL). The MLL brand will be strengthened even more by the addition of Meru to its mobility division. In its Enterprise Mobility Service (ETMS) sector, which goes by the name "Alyte," MLL is already a market leader. With a strategic focus on enterprise clients and electric mobility, MLL will expand its selection of mobility solutions as a result of this acquisition.
- In September 2021, in collaboration with Commute with Enterprise, UCR offers vanpool services to commuters who live close to one another, enabling them to split the cost of transportation to and from the UCR campus. Vanpooling can help people save money, take better care of their personal vehicles, cut down on travel time, contribute to cleaner air, reduce greenhouse gas emissions, and ease parking and traffic congestion.
Global Ride Sharing Key Market Trends
- A growing trend in the market is the increasing utilization dock less bike-sharing services. There has been an increase in the number of docks less bikes in recent years. Without the need for parking or charging points, dock less bikes can be picked up and returned anywhere. These bikes are much less likely to be stolen or damaged because they have GPS sensors. The location of a bike can be determined easily by big ups to these sensors, that are simple to track. However, since constructing a dock or parking station is so very costly, vendors are concentrating on introducing more docks and fewer sharing bikes. The goal of this is to reduce the expense of docking and parking facilities while simultaneously improving user experience by making more bikes available in a given area. Therefore, throughout the forecast period, the growing utilization dock less bike-sharing services is expected to be a key market driver.
Global Ride Sharing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to global ride sharing market analysis, Factors having significant impact on the growth of the ride sharing market include the rapid increase in the cost of vehicle ownership, strict CO2 reduction targets, and growing market for electric vehicles in such services. Due to the demand for hassle-free ride options, commuters' awareness level of shared micro-mobility will generate market revenue at the same time
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 85.8 billion |
| Market size value in 2031 | USD 341.8 billion |
| Growth Rate | 16.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Ride Sharing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Ride Sharing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Ride Sharing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ride Sharing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Ride Sharing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Ride Sharing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Ride Sharing Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
