Ride Sharing Market to Exhibit Phenomenal Growth Over 2019-2025 | Grab, Uber Technologies Inc., ANI Technologies Pvt. Ltd., Careem, Taxify OÜ, Gett, BlaBlaCar, Wingz, Inc., Easy Taxi
Ride sharing market is expected to grow rapidly in the coming years; increasing interest of automobile manufacturers in ride hailing services. The automotive manufacturers are developing vehicle models that are specifically designed for cab sharing services. In April 2016, BMW announced the launch of a new car sharing service ReachNow with the use of 370 BMW and mini vehicles for short-term rental, long-term rental, and delivery services. Moreover, some of the automobile manufacturers are partnering with service providers for the use of their advanced models in rental services.
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Hatchbacks and sedans are being widely used for providing car hailing services in the ride sharing market owing to the increased accessibility, administration, and comfort of these vehicle categories. These vehicles are widely used for short trips as they provide low-cost rental service. However, the SUV type model is majorly used to accommodate a large number of people and for tour purposes. It helps the user to overcome the problem of using multiple cars pooling for a group. The fare rates of the companies differ depending on the vehicle booked for the trip.
Increasing conflicts and opposition from taxi and three-wheeler drivers will restrict the ride sharing market growth. The services are becoming popular among consumers, which is hampering the taxi business. Therefore, taxi vendors are opposing ride-sharing service in a few countries such as India and Japan. The safety and security of passengers that are availing these services is a major concern for ride sharing market players. Such increases in conflicts are terrifying the passengers, thereby restraining the market growth. For instance, in China, several cases have been witnessed in which the passengers and drivers were harmed by taxi operators.
The Europe ride sharing market is expected to witness high growth owing to the increased adoption of modern vehicles for providing services to passengers. The growing development and adoption of electric cars in the UK, Germany, and France are encouraging market players to shift toward these car models. For instance, in February 2019, Lyft announced the launch of green ride mode, which allows the customer rideshare in an electric car. Lyft launched this idea with the intention of “Green Cities Initiative”, which is an attempt to reduce the use of fossil fuels that harm the environment.
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Key players in the ride sharing market are Grab, Uber Technologies Inc., ANI Technologies Pvt. Ltd., Careem, Taxify OÜ, Gett, BlaBlaCar, Wingz, Inc., Easy Taxi, and Cabify, among others. These players are competing to provide better services to customers. Moreover, increased investments to improve service offerings are also major factors propelling the market. For instance, in February 2019, Daimler and BMW announced their partnership to invest around USD 1.13 billion in a joint ride-hailing and car-sharing business. This investment would target the development of parking, carpooling, and charging services for electric cars in big cities.
Ride Sharing Market, By Type
o Car sharing & rental
Market, By Model
Ride Sharing Industry, By Vehicle Type
o Internal Combustion Engine (ICE) vehicle
o CNG/LPG Vehicle
o Electric Vehicle
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