Ride Sharing Market Size to Reach $132.76 billion by 2025, growing at a CAGR of 13.97%

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Ride Sharing Market Size to Reach $132.76 billion by 2025, growing at a CAGR of 13.97%
The “Global Ride Sharing Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2025” report has been added to ReportOcean.com offering.

Report Ocean has launched new research study “Global Ride Sharing Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2025”. The global ride sharing market was valued at $53.12 billion in 2018, and is expected to reach $132.76 billion by 2025, registering a CAGR of 13.97% from 2019 to 2025. Increasing urban population and developing transport infrastructure are owing to escalation of ride sharing market. Increasing number of new entrants in the market is paving way for competitive environment, thus leading significant growth in the market.

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Global Ride Sharing Market: Overview

Ride sharing market is estimated to see a healthy growth during the forecast period due to increasing population, especially in the urban areas. Globalization and need of efficient transportation in the metro and mega cities are very essential considering the current situation. Moreover, privatization of the transportation sector in several countries is another major reason for driving the ride sharing market across the world. Additionally, there are several new entrants in the market such as Uber Technologies, Inc., Didi Chuxing Technology Co., and Lyft, Inc., among others are the new entrants that are creating intense competition in the market. The companies are developing various strategies to increase their customer reach. Additionally, implementation electric vehicles are another major reason for the rise in adoption ride sharing in countries like the U.S., Germany, France, and Italy. For instance, Volkswagen has merged with Uber to launch a pilot project for utilization of electric vehicles for sustainable ride hailing services. Governments of several countries provide tax benefits for the adoption of electric vehicles to the users.

Further, decline in adoption of sharing rides is observed due to COVID-19, due to adoption of social distancing and fear of the disease amid individuals. However, reopening of several cities post lockdown and introduction of vaccines for coronavirus disease are anticipated to lead to re-initiation of ride sharing companies and waste recycle industry at their full-scale capacities.

Market Insights

Europe and North America are estimated to contribute for a considerably high share as compared to other regions owing to developed infrastructure in the country. Major countries in these regions are developed and have higher affordability due to developed transport infrastructure. Although, Asia Pacific is estimated to grow at a faster rate due to increasing urban population in countries like China, India, South Korea at a significant rate. However, slow penetration of technology and lesser technological awareness in the Asian countries might cause hindrance in the growth of market in Asia Pacific and African region.  Several newly built cities in U.A.E. are projected to create opportunities for the ride sharing market in the Middle East Region.

Ride Sharing Market Taxonomy

The Global Ride Sharing Market is segmented into following types as per the sales are revenue channel opted by the various distribution channels.

By Commuting Distance

  • Inter City
  • Intra City

By Vehicle Type

  • Buses
  • Coaches
  • Hatchback
  • Sedan
  • Utility Vehicle
  • Van

By Service Provider

  • OEM
  • OEM & Private
  • Private

By Business Model

  • Business to Business (B2B)
  • Business to Consumer (B2C)
  • Peer to Peer

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • Western Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Western Europe
    • Eastern Europe
      • Poland
      • Russia
      • Rest of Eastern Europe

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific

Middle East & Africa

  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Rest of Middle East & Africa

South America

  • Brazil
  • Argentina

Rest of South America

***Customization is available in the above-mentioned segments & Region

Global Ride Sharing Market: Competition Panorama

The global Ride Sharing market is observed to have an oligopoly nature. The market appears to be fragmented due presence of several local players in the country. Several companies are strategizing for business expansion and surviving in the competitive environment by mergers, acquisitions, and partnerships. For instance, in June 2018, BlaBlaCar has expanded to Russia and Ukraine, the two biggest countries in Europe.

The major players profiled in the Ride Sharing market include;

  • ANI Technologies Pvt. Ltd.
  • Careem, Grab Holding, Inc.
  • Lyft, Inc.
  • Uber Technologies Inc.
  • Beijing XiaoJu Keji Co.
  • Cabify, Curb Mobility, LLC
  • Gett
  • Taxify OU
  • Other Prominent Players

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