Ride Sharing Market Outlook 2020 Regional Growth Drivers, Opportunities, Trends, and Forecasts to 2025
Moreover, governments are developing several initiatives to promote the adoption of electric cars in the region, thereby accelerating the ride sharing market demand. In April 2019, the Swedish government built an electrified road for charging electric vehicles, wherein a tail at the end of the vehicle is connected to the tracks installed on the road, which will charge the car while running.
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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.
The increasing interest of automobile manufacturers in ride hailing services will drive the ride sharing market growth. 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.
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 use of smart devices, such as tablets, wearable, smartphones, and notepads, is encouraging ride sharing market players to develop the mobile application software that will help passengers to easily avail the services. The application provides various features such as details about the driver and the users, making it easy for both to track the ride. It also provides details about the driver with a photograph and vehicle number, thereby improving the safety of the passenger.
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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.
The ride sharing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025 for the following segments:
• Car sharing & rental
By Vehicle Type
• Internal Combustion Engine (ICE) vehicle
• CNG/LPG Vehicle
• Electric Vehicle
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