Global Ride Sharing Market

Ride Sharing Market Size, Share, Growth Analysis, By Type(Car Sharing, E-Hailing, Car Rental, and Station-based Mobility), By Vehicle Type(ICE Vehicle, Electric Vehicle, Vehicle Running on LPG or CNG), By Business Model(B2C, P2P, and B2B), By Membership Type(Fixed Ridesharing, Corporate Ridesharing, and Dynamic Ridesharing), By Service(App-based, Web-based, Web and App-based), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2200 | Region: Global | Published Date: June, 2024
Pages: 261 | Tables: 145 | Figures: 78

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.

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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).

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. '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'

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.

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.

Due to the large concentration of market vendors in the US, North America directs a majority of the 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.

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Global Ride Sharing Market

Product ID: SQMIG45E2200