Global Ride sharing Market - Predicted to Expand at a CAGR of 20.13% during Forecast 2018-2026 || Industry Key Players - Uber Technologies Inc., ANI Technologies Pvt. Ltd. (OLA), Lyft Inc., Grab, Careem, Taxify OÜ, & Gett
Ride-sharing, also known as carpool, vanpool, dynamic ride-sharing, and instant ride-sharing, is a mode of traveling in which a single ride is shared by more than one anonymous passengers traveling along the same route. This method comprises picking different passengers from different places and ferrying them to same or different destinations. 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.
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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. 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.
A key driver for the market is lower capability of owning a vehicle across developing nations. Ride-sharing service offers consumers a feeling of owning a car. Developing countries have significantly lower number of vehicles per 1000 users. Consequently, demand for ride-sharing, which costs much lesser than that of owning a vehicle, is rising in these countries. Increase in fuel prices, rise in pollution coupled with global temperature rise, increase in traffic congestion, expansion of footprint of ride-sharing companies, and decrease in traveling cost are primarily driving the global ride-sharing market.
The report provides the estimated market size of ride-sharing for 2017 and forecast for the next nine years. The global market size has been provided in terms of revenue. Market numbers have been estimated based on commuting distance, service provider, vehicle type, autonomy level, operating body, electric vehicle type, business model, and geography segments. Market size and forecast for each commuting distance, service provider, vehicle type, autonomy level, operating body, electric vehicle type, and business model have been provided in terms of global and regional/country markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key player’s product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, American Automobile Association, European Automobile Manufacturers Association, Automotive Research Association of India, Organisation Internationale des Constructeurs d'Automobile (OICA), Consumer Connectivity Association, Factiva, etc.
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Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help to develop the analysis team’s expertise and market understanding.
The global ride-sharing market has been segmented as follows:
Global Ride-sharing Market, by Commuting Distance
Global Ride-sharing Market, by Service Provider
OEM + Private
Global Ride-sharing Market, by Vehicle Type
Utility Vehicle (UV)
Buses & Coaches
Global Ride-sharing Market, by Autonomy Level
Global Ride-sharing Market, by Operating Body
Global Ride-sharing Market, by Electric Vehicle Type
Hybrid Electric Vehicles (HEV)
Plug-in Electric Vehicles (PEV)
Global Ride-sharing Market, by Business Model
Peer to Peer (P2P)
Business to Business (B2B)
Business to Consumer (B2C)
Global Ride-sharing Market: by Region/Country/Sub-region
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
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