The global Ride-Sharing Market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated USD 85.8 billion in 2021 to USD 185.1 billion by 2026. An increase in urbanization, internet and smartphone penetration and the increase in the cost of vehicle ownership is boosting the growth of the ride-sharing market.
OPPORTUNITY: Micro-mobility
Micro-mobility describes a variety of vehicles that can accommodate one or two people. Shared micro-mobility is a smart option for anyone seeking to navigate a city quickly and without the problems of mass transit. With traffic congestion rising in many cities and the need for social distancing, there is a growing need for door-to-door mobility options that can address these problems. Shared dockless bikes, e-bikes, and e-scooters are subsidy-free, carbon-neutral, and are more resistant to accidents as they can be used in different lanes.
Increasing demand and affordability are expected to drive the usage of micro-mobility in the coming years. For instance, approximately 50%-60% of all car trips in the US are less than 5 miles, which suggests that micro-mobility has the potential to replace a huge portion of the vehicle miles travelled on the roads each year. Whereas, according to New York’s Department of Transport, the city reported a 67% increase in May 2020 in the usage of New York’s Citi Bike sharing system.
Top Players:
Uber, Lyft, DiDi Chuxing, Grab, Ola, GETT, BLABLA CAR, Intel.
Other Regional Players:
Cabify, Car2Go, Taxify.
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The Electric Vehicle segment is expected to be the fastest-growing segment during the forecast period
In China, according to David Xu, Didi’s head of strategy, a whopping 21% of the ride-hailing fleet is electric. Beijing-based Didi Chuxing Technology Co., the world’s largest ride-hailing company, has about 1 million EVs on its network, with a goal to hit 10 million by 2028.
Moreover, various developments in recent years as, in 2020, Uber announced a new partnership with Lithium Urban Technologies, which is among India’s largest electric vehicle fleet operators. This partnership will deploy over 1,000 electric vehicles for Uber India’s Rentals and Premier services in the upcoming years. Additionally, Uber launched its Uber Green service in London. With this, Uber users in central London can now request a zero-emission vehicle instead of wholly or partly fossil-fueled cars. In January 2021, Uber and in January 2021, expanded the Uber Green service in the USA after launching in 15 US cities in September. Such developments will bring more people toward using ride-sharing with electric vehicles.
The P2P car sharing segment is projected to lead the car-sharing market
P2P car sharing is a type of vehicle sharing in which people share their cars with co-travellers. Also, the P2P model has the owner in the car while the ride is taking place. The demand for P2P car sharing has been on the rise. A car becomes an asset that costs the owner huge money for travelling; one can save money by travelling with co-passengers and sharing the fuel cost or charging the customer accordingly. Major factors driving peer-to-peer car-sharing are convenience and availability, monetary savings, and expanded mobility options.
The Asia Pacific is estimated to be the dominant regional market
In the Asia Pacific, developing countries are expected to experience significant growth, primarily in urban transportation. The high population growth rate in the region and increasing urbanization have intensified the need for transportation. Most of the countries in the region are shifting their focus on smart personal mobility to reduce travel time and congestion. The Asia Pacific accounts for a significantly lower number of vehicles per 1,000 persons as the per capita income in most of these countries is lower than in Western countries. Hence, ride-sharing offers users a sense of owning a vehicle at a much lower cost than actually owning one. Therefore, consumers prefer ride-sharing services over personal vehicles. Additionally, factors such as a rise in the daily commute to workplaces in urban areas and an increased need to save fuel by providing a ride to commuters and colleagues heading along the same route are anticipated to fuel the Asia Pacific ride-sharing market.
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Recent Developments:
1. In December 2021, Lyft, Ford and Argo AI launched an autonomous rideshare service in Miami, delivering on a shared commitment to deploy Ford’s autonomous vehicles, powered by the Argo Self-Driving System, on Lyft’s ridesharing network.
2. In November 2021, Uber Technologies, Inc. launched Uber One in US, which is one membership that brings together rides and delivery to make every day more effortless for users with monthly and yearly subscriptions.
3. In May 2021, DiDi Autonomous Driving, the self-driving technology arm of Didi Chuxing and GAC Aion New Energy Automobile, a wholly-owned subsidiary of Guangzhou Automobile Group, reached a strategic partnership agreement on the development of fully self-driving new energy vehicles with the goal of mass production.
4. In May 2021, The GrabPet XL and GrabCar Exec services provide more options for Grab passengers with different mobility requirements while expanding earning opportunities for eligible driver-partners.
5. In April 2021, Uber Technologies, Inc. and Walgreens unveiled a new feature that would allow consumers to book vaccination appointments at a Walgreens location and also schedule their Uber ride to the vaccination appointment, all with a few taps through the Uber app. With all adults in the US eligible to receive the COVID-19 vaccine, Uber and Walgreens remain focused on helping ensure that transportation is never a barrier to receiving a vaccination.
6. In January 2021, Gett raised USD 115 million, led by new backer Pelham Capital Investments Ltd. and also included participation from unnamed existing investors. Including this round, Gett raised USD 750 million, with investors including VW, Access, and its founder Len Blavatnik, Kreos, MCI and more, and its last valuation was USD 1.5 billion, pegged to a USD 200 million fundraise in May 2019
7. In July 2020, Lyft launched The Lyft pass enabled a means to allow organizations to cover the costs of rides for their people—from employees and essential workers to customers, guests, and patients—while prioritizing safety, convenience, and flexibility.
8. In February 2020, Ola expanded its services to London. The Ola platform would be fully operational with three categories: Comfort, Comfort XL, and Exec ride classes. Ola had over 25,000 drivers registered on the platform, bringing scale to its London offering immediately.
9. In February 2020, Grab raised an investment of over USD 850 million from Japanese investors, including Mitsubishi UFJ Financial Group Inc. and TIS Inc. This investment will be used in creating accessible and affordable financial services for Southeast Asia in order to boost financial inclusion in the region.
The e-hailing segment is estimated to be the largest ride sharing market during the forecast periodMoreover, the growing demand for e-hailing services can be attributed to ease of booking, increasing traffic congestion, passenger comfort, and rising government initiatives to increase awareness among people regarding air pollution are propelling the demand for ride sharing, predominantly e-hailing. Also, the increasing partnership between domestic and international service providers, such as Uber and Didi in China, is also likely to help the e-hailing market grow. Some of the major e-hailing players are Uber, Didi, Lyft, and Ola. E-hailing is usually done for a short distance, and most of these rides are about 10–15 km (6.2–9.3 miles) on average.
The P2P car sharing segment is projected to lead the car sharing marketP2P car sharing is a type of vehicle sharing in which people share their cars with co-travelers. Also, the P2P model has the owner in the car while the ride is taking place. The demand for P2P car sharing has been on the rise. A car becomes an asset that costs the owner huge money for traveling; one can save money by traveling with co-passengers and sharing the fuel cost or charging the customer accordingly. Major factors driving peer-to-peer car sharing are convenience and availability, monetary savings, and expanded mobility options.
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