Ride Sharing Market to See Huge Growth by 2025 | Uber Technologies, ,DiDi Chuxing Technology,Grab
What's keeping Uber Technologies, Inc (US),Lyft Inc. (US),DiDi Chuxing Technology Co. (China),Grab (Singapore),Gett (Israel),Ola Cabs (India),BlaBlaCar (France),LimeBike (US),Herts (US) Ahead in the Market? Benchmark yourself with the strategic moves and findings recently released by HTF MI
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Global Ride Sharing Market is valued approximately USD 74.08 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20.21 % over the forecast period 2019-2026. . Ride sharing matches the drivers of the vehicles to those seeking local taxicab transportation. This is done through the use of applications which locates the nearest available vehicle for transport and notifies the driver with the location of the customer. The mounting need for personal mobility owing to the rising urbanization and descent in the car ownerships drive the market growth. As these applications make cab easily available also, people prefer to use these services instead of purchasing a car owing to the high maintenance cost and parking. Also, growing Internet and smartphone penetration fuels the market growth. As these apps require access to the location which is gained through the use of GPS in the smart phones and the readily available digital road maps which guide the driver towards destinations. Hence the growing penetration of smart phones drives the market towards growth.
Moreover, stringent CO2 reduction targets set by the governments and rising awareness among the population has increased traveler inclination towards the use of Ride sharing. However, the spread of the COVID-19 pandemic has negatively impacted the Ride Sharing market for the year 2020. As due to shutdowns announced by most of the infected countries coupled with the Self-Isolation norms have decreased the number of commuters which used these services. As majority of the population is working from home and only allowed to get out for the purchase of essential products which is frequently delivered at home hence the utilization of these ride sharing services has witnessed a steep decline. This has forced major market players to announce temporary shutdown. As in March 2020, Ola and Uber suspended operations temporarily in lockdown cities in India. While as per Statista, the variation in the share of taxi and ride hailing orders after the COVID-19 in France outbreak was -3.2% for Uber, -2.5% for Bolt and -0.1% for Lecab. Hence, amidst the pandemic the Ride Sharing market is face a tremendous blow. However, after the Pandemic, the market is projected to witness growth owing to the resume in operations and implementation of innovative strategies like offering partitions to maintain the distance between driver and passenger, equipping the vehicle with sanitizers, and mounting devices to measure the body temperature of passengers to eradicate the threat of such infections in future.
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The regional analysis of global Ride Sharing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of majority of the players and rising environmental concerns. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rising disposable income along with rising smart phone penetration would create lucrative growth prospects for the Ride Sharing market across Asia-Pacific region.
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Major market player included in this report are:
Uber Technologies, Inc (US)
Lyft Inc. (US)
DiDi Chuxing Technology Co. (China)
Ola Cabs (India)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Service Type:
By Data Service:
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 20198
Forecast period – 2020 to 2026
Target Audience of the Global Ride Sharing Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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