Ride Sharing Market to Reach USD 185.1 billion by 2026

“Increase in urbanization, internet and smartphone penetration is expected to drive the ride sharing market during the forecast period.”

The global ride sharing market is projected to grow from USD 85.8 billion in 2021 and reach USD 185.1 billion in 2026, at a CAGR of 16.6%. COVID-19 pandemic has impacted ride sharing business for a consecutive second year. However, according to experts, the ride sharing industry would start its complete recovery from Q3 of 2021 or Q1 of 2022, and the key factor that would drive the demand for ride sharing is urbanization. The majority of the population living in cities has shifted to their countryside; still, the urbanization rate in 2020 was close to 56% globally, which was 55% in 2019. However, post-pandemic the more population is expected to return to the cities, which is expected to further increase the urbanization rate. This would bring back the urbanization rate, and slowly the basic needs of the population would start rising; transport would be one of these. Considering the second COVID wave and the expected third wave, this change would take place slowly. This would be the foremost driver for bringing back the ride sharing industry revenues back on track.

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Additionally, though urbanization would be a key driver for the ride sharing industry, the pandemic’s effects would be seen on ride sharing models for the initial period. For instance, after the pandemic period, people would still be hesitant to opt for shared services and public transport, and they would prefer e-hailing or car rentals. Most of the ride sharing services have shifted from web-based to app-based, and the key reason is an increase in popularity & options available on smartphones. Additionally, internet penetration has showcased significant growth in the last 3–4 years. According to World Economic Forum, in 2019, internet usage is doubled from 2010.

Hence, a rise in urbanization, an increase in penetration of smartphones, and a growth in internet penetration together would fuel the demand for ride sharing in coming years.

“Globally, the Electric vehicle segment is expected to be the fastest-growing segment during the forecast period.”

Recent initiatives taken by major ride sharing provider companies such as Uber, Free Now, Bolt, and Lyft, to electrify their fleet partially by 2025 and fully by 2030 are expected to drive the electric vehicle ride sharing market during the forecast period. Moreover, in China, according to David Xu, Didi’s head of strategy, a whopping 21% of the ride-hailing fleet is electric. Beijing-based Didi Chuxing Technology Co., the world’s largest ride-hailing company, has about 1 million EVs on its network, with a goal to hit 10 million by 2028.

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This release was published on openPR.