Ride sharing Market - Industry Size, Share, Global Trends, Competitive Analysis and Forecast 2019 to 2025

Ride sharing is vehicle rental services provided to customers by various collaborative firms operating across the globe. The rental service comprises of pick up and ferrying the passengers at same or different locations. Ride sharing is gaining popularity across the globe among commuters, and the global ride sharing market is expected to expand at a rapid rate. Some of the major factors augmenting the market growth include increasing penetration of internet, adoption of global positioning system (GPS) and other navigation systems, coupled with the growing use of smartphones. As internet penetration is increasing across the globe, the adoption of software-enabled consumer services is growing, which as a result, accelerating the global ride sharing market.

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Some of the players dominantly present in the market include Uber Technologies Inc., Lyft Inc., DiDi Chuxing Technology Co., Ltd., Gett Inc., Comuta SA (BlaBlaCar), ANI Technologies Pvt. Ltd. (Ola), Lime, and Grab Holdings Inc., among others.

Global ride sharing market is segmented on the basis of vehicle type and region. On the basis of vehicle type, the market is further segmented into sedan & hatchback, utility vehicle, and buses & coaches. Sedan & hatchbacks are easily available and provide faster service that makes them a preferred choice of vehicles by the consumers. Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Among these, North America is expected to contribute significantly to the growth of the market. The market growth is attributed to the presence of major market players in the US, coupled with high popularity and use of shared cab services in the US and Canada. In addition, the growing population coupled with increasing urbanization is driving the growth of the market in the Asia-Pacific region. Further, the countries such as UAE and Brazil are investing in urban infrastructure, which in turn, is surging the growth of the market in RoW.

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The market is fragmented in nature with the presence of several players operating in the market. In addition, there are more entrants in the market which further create immense competition among existing players. For instance, in February 2018, Nissan and Hytch entered into a partnership to launch a new app, Hytch Rewards for promoting ride-sharing in Tennessee. The app will be capable of tracking the route details and pay drivers and passengers for riding together. The partnership is aimed at reducing traffic and exploring future mobility solutions.

Market Segmentation

Global Ride sharing Market by Vehicle Type

o Sedan & Hatchback
o Utility Vehicle
o Buses & Coaches

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