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Ride sharing Market Specifications, Analysis Forecast Upto 2026
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Ride-sharing is an old concept that has penetrated in the market since 1907. In the early 20th century, the method was known as ride sourcing in which the location of vehicles was unknown. Faster network speed, Global Positioning System (GPS), and smartphones have changed the face of the global ride-sharing industry, which enabled users to book a ride whenever they want and knowing the exact location of the vehicle, which in turn has enhanced the safety of passengers.
The global ride sharing market is primarily driven by the inability to own a vehicle predominantly among mid- and lower-income group population. Asia Pacific and Latin America account for a significantly lower number of vehicles per 1000 persons. Ride-sharing offers the users a sense of owning a vehicle at a much lower cost than owning one. Therefore, consumers are preferring ride-sharing services.
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High volatility in fuel prices, rising traffic congestion, increasing working class population demands for daily commute in urban areas of major countries, supplemented by limited provision of public transit support in some countries and supportive government initiatives for expansion of ride-sharing activities are fueling the global ride-sharing market. Additionally, factors such as rise in daily commute to work places in urban areas and increased need to save fuel, which is wasted in such congestions, by providing a ride to commuters and colleagues heading along the same route are anticipated to fuel the global ride-sharing market.
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