Ride Sharing Market - Insights & Trends

Ridesharing is convenient access to personal mobility whenever and wherever needed by using the transportation network system. Traditional taxicabs are a conventional way of opting for ride-sharing services. Ridesharing has evolved primarily in the last decade with the advent of the internet and smartphones. The modern ride-sharing industry disrupted mobility as a service landscape.

The Ride-Sharing Market is projected to grow at a CAGR of 19.87% during the forecast period, to reach USD 218.0 billion by 2025 from USD 61.3 billion in 2018.

Top Players:
Uber, Lyft, DiDi Chuxing, Grab, Ola, GETT, BLABLA CAR, Intel.

Other Regional Players:
Cabify, Car2Go, Taxify.

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Electric vehicles and autonomous cars to create the disruption in the ride-sharing market in the future

The growth is attributed to the existing lower penetration of such vehicles in the ride-sharing fleets, favourable government policies, improving charging infrastructure, and growing awareness about CO2 emission. At the initial stage, ride-sharing with electric vehicles would be costly as it is difficult to operate and maintain. However, in future, it would be beneficial for the driver as well as the customer. Based on calculations, a full-time driver working can save an average of USD 5,000-5,500 per year in total vehicle expenses with an EV as compared to a typical gas vehicle. The service providers can leverage this opportunity by providing a suitable sustainability model of ride-sharing with electric vehicles which could attract drivers and people to opt for the same. Additionally, the advent of autonomous cars augurs well for the growth of the ride-sharing market. For instance, Waymo has driverless cars picking up passengers, while General Motors plans to roll out its service in 2019 and Ford indicates that it will have a self-driving fleet ready for ride-sharing by 2021. The introduction of fully autonomous cars to ride-sharing fleets would drastically help to reduce overhead costs and increase profitability in the long term. According to Tesla, running an autonomous taxi will cost around USD 0.18 or less per mile. This challenges the USD 2- USD 3 cost per mile of the ride-sharing companies.

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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Ride-Sharing Market & Top Service:

E-hailing - E-hailing is a process of using mobile telephony to deliver ride-sharing services. The ‘I'm in the e-hailing signifies electronic and hail denotes the conventional process of signalling an approaching vehicle. E-hailing enables a consumer to provide a pick-up location by manually entering an address or via GPS. E-hailing can be web-based or app-based but it is predominantly a mobile application. The inconvenience caused by using public transport such as trains and buses at the time of urgency can be avoided by hailing a car to reach the destination

Car sharing - Car sharing is shared use of mobility. In car-sharing several participants commute together and share the cost. This service is often provided by organizations that connect co-travellers. Car sharing significantly reduces travel costs, traffic congestion, and emissions. It has become increasingly popular over the past years. Car sharing is further segmented into P2P car sharing and corporate car sharing. Car sharing is primarily designed for a shorter time and one-way commute trips.

Car rental - Car rental is renting an automobile for short periods of time. Car rental companies primarily serve people who require a temporary vehicle especially the people who do not own a car and tourists. In some instances, car rental companies may also rent trucks and other types of vehicles such as motorcycles or scooters. The growth of the car rental market is primarily driven by the development of the travel and tourism industry.

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