Ride Sharing Market by Micro-Mobility, Car Sharing, and Region by 2025

The Ride Sharing Market is projected to grow at a CAGR of 19.87% from 2018 to 2025, to reach a market size of USD 218.0 billion by 2025 from USD 61.3 billion in 2018.

The market is dominated by global players and comprises several regional players. Some of the key players in the market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).

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Growth Drivers-

1 Increasing Smartphone and Internet Penetration
2 Increase in Cost of Vehicle Ownership
2.1 Reduction in Car Ownership Among Millennials
2.2 Rising Fuel Prices
3 Stringent Co2 Reduction Targets

Recent Developments-

In September 2018, Uber revved up its Canadian operations with a new engineering hub in Toronto and the expansion of its self-driving vehicle center in the city. The company said the engineering hub—Uber’s eighth outside the US—will be complete by early 2019 and will form the “building blocks” for stronger and faster global deployment of new offerings such as jump bikes and e-scooter rentals.

In October 2018, Microsoft and Grab announced a strategic partnership that will transform the delivery of digital services and mobility in the region by leveraging Microsoft’s world-class expertise in machine learning and other Artificial Intelligence (AI) capabilities. As a first step in the broad collaboration between the two companies, Grab will adopt Microsoft Azure as its preferred cloud platform, and Microsoft will make a strategic investment in Grab.

In June 2018, BlaBlaCar has expanded to Russia and Ukraine, the two biggest countries in Europe. These countries logically fit into our expansion into Eastern Europe. The BlaBlaCar community has made a large number of cross-border trips to and from Ukraine: hundreds of drivers offer a ride from Poland to Ukraine every month. Moreover, the cost of transportation is very high in these 2 countries; BlaBlaCar is happy to offer a cheap and social alternative for national and cross-border trips.

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E-hailing is expected to be the largest contributor in this market, by service type, during the forecast period

E-hailing is the largest segment in the market in terms of value. E-hailing is the most widely used service. The growth of e-hailing is attributed to its user-friendliness and convenience to consumers. E-hailing is dominant all across the globe owing to more presence of the players and the ease of access to such services.

Payment service is estimated to be the fastest growing segment during the forecast period

The payment service market is growing at the fastest CAGR during the forecast period. service providers use a payment gateway for online payment processing. International expansion of service providers and payments in foreign currency are likely to boost the growth of the payment service segment.

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Station-based mobility is projected to be the fastest growing segment in the ride-sharing market

Station-based mobility provides stacks and racks of vehicles at closely spaced intervals throughout a city; it is convenient and of low cost. Governments across the world incentivize Station-based mobility, and dedicated tracks are laid in various countries for the station to station mobility. Station-based mobility options are also important in smart city scenarios as small vehicles placed at strategic locations would help in solving the first-mile last-mile problem. The service providers can leverage this opportunity by providing more vehicles for station-based mobility in the form of bicycles, scooters, and even four-wheelers.

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This release was published on openPR.