Ride Sharing Market was valued at USD 100.55 Billion in 2022, and it is expected to reach USD 305.43 Billion by 2029, exhibiting a CAGR of 17.2 % during the forecast period (2023-2029)
Ride Sharing Market Overview:
The goal of this research is to provide an overview of the Ride Sharing market as well as detailed market segmentation based on connection type, end-use, and geography. The study contains critical information on the market positions of the leading Ride Sharing players, as well as noteworthy industry trends and opportunities.
The analysis also focuses on the Global Ride Sharing market’s key top industry players, providing information such as company biographies, product pictures and specifications, capacity, production, price, cost, revenue, and contact information. This study examines the Ride Sharing Market Trends, Volume, and Value at the Global, Regional, and Company Levels. This report analyses the entire Ride Sharing Market Size from a global perspective by analyzing historical data and prospects.
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Ride Sharing Market Scope:
The report also focuses on the leading industry players in the Global Ride Sharing market, giving information such as company biographies, product images and specifications, capacity, production, price, cost, revenue, and contact information.
Ride Sharing Market Dynamics:
Ridesharing is an alternative means of transportation in which multiple people share the use of a vehicle, such as a van or car, to accomplish a trip. Prior to the pandemic, ride-sharing services were the most popular because they offered a simple and cost-effective method of personal mobility via a transportation network architecture. Ride-sharing services have various benefits, including speedy booking options, low carbon footprints, affordable door-to-door ride services, and no parking difficulties. Reduced demand for public transport due to the risk of infection during the Covid-19 pandemic is fueling the growth of certain ride-sharing services.
Ride Sharing Market Segmentation:
by Service Type
• Car sharing
• Station-based mobility
• Car rental
by Business Model
• P2P car sharing
• Corporate Car Sharing
During the projected period, the e-hailing sector will hold a significant proportion of the global market. E-hailing ride services transport customers by contracting or hiring a personal driver. Furthermore, rising demand for e-hailing services is driving demand for Ride Sharing, particularly e-hailing, as a result of increased government efforts to raise public awareness about air pollution, passenger comfort, increasing traffic congestion, and booking convenience. Pre-booking and payment for rides in e-hailing ride services is done using the transportation network company’s smartphone app. The ride-hailing sector is dominated by Uber, Ola, Lyft, and Gett. Didi Chuxing, a leading ride-hailing company, for example, acquires 99, Brazil’s largest ride-hailing service. The firm invests in smart transportation services through activities and partnerships.
According to the Business Model, the P2P sector led the market in 2022 and is likely to continue to do so during the projection period. P2P car sharing is a type of vehicle sharing in which people share their cars with other passengers. Furthermore, the P2P concept places the owner in the automobile throughout the ride. Peer-to-peer car sharing is becoming increasingly popular. A car becomes an asset that costs the owner a lot of money to drive; one can save money by driving with others and dividing the petrol costs or charging the customer accordingly. The key drivers of peer-to-peer vehicle sharing are convenience and availability, financial savings, and improved transportation options. The emergence of new platforms for peer-to-peer ride sharing has significantly enlarged the market.
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Ride Sharing Market Key Players:
Inorganic growth techniques noted in the sector included acquisitions, partnerships, and collaborations. With growing demand, industry participants in the Ride Sharing market are projected to benefit from excellent future growth opportunities. The following are a few companies participating in the worldwide Ride Sharing industry.
• Uber Technologies Inc (US)
• Lyft, Inc (US)
• Wingz, Inc (US)
• Curb Mobility (US)
• GoKid Corporation (US)
• Via Transportation, Inc. (US)
• Hertz Corporation (US)
• AVIS Budget Group (US)
• Hitch Technologies, Inc (US)
• Flywheel (US)
• Ziro (US)
• Alto (US)
• Turo (US)
• BlaBlaCar (France)
• Gett (UK)
• Cabify (Spain)
• Bhuumi Ride (India)
• OLA Cabs (India)
• DiDi Global Inc (China)
• Grab (Singapore)
• Bridj (Australia)
• Bolt Technology OÜ (Estonia)
• GO-JEK (Indonesia)
• Angkas (Philippine)
• SafeBoda (Uganda)
The research also includes a comprehensive PESTLE analysis for each of the five areas, namely North America, Europe, Asia Pacific, the Middle East, and Africa, and South America, after examining the political, economic, social, and technological variables influencing the Ride Sharing market in these regions.
COVID-19 Impact Analysis on Ride Sharing Market:
As a result of the COVID-19 outbreak, customer behavior has transformed throughout all sectors of society. Industries, on the other hand, will need to adjust their strategies to account for altering market supplies. This study gives an outline of the COVID-19’s impact on the Ride Sharing market and will help you build your business in compliance with the new industry standards.
Key Questions Answered in the Ride Sharing Market Report are:
- What will be the CAGR of the Ride Sharing market during the forecast period?
- Which segment emerged as the leading segment in the Ride Sharing market?
- Which are the prominent players in the Ride Sharing market?
- What will be the Ride Sharing market size by 2027?
- Which company held the largest share in the Ride Sharing market?
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