Ride Sharing Market: Opportunities & Developments

The global Ride Sharing Market is projected to grow at a CAGR of 16.6%, from an estimated $85.8 billion in 2021 to $185.1 billion by 2026.

Mobility service providers are investing in R&D activities to introduce EVs and other advanced types of vehicles in the ride-sharing industry.

Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore) are the prominent players in the ride sharing market.

OPPORTUNITY: Micro-mobility

Micro-mobility describes a variety of vehicles that can accommodate one or two people. Shared micro-mobility is a smart option for anyone seeking to navigate a city quickly and without the problems of mass transit. With traffic congestion rising in many cities and the need for social distancing, there is a growing need for door-to-door mobility options that can address these problems. Shared dockless bikes, e-bikes, and e-scooters are subsidy-free, carbon-neutral, and are more resistant to accidents as they can be used in different lanes.

Increasing demand and affordability are expected to drive the usage of micro-mobility in the coming years. For instance, approximately 50%-60% of all car trips in the US are less than 5 miles, which suggests that micro-mobility has the potential to replace a huge portion of the vehicle miles travelled on the roads each year. Whereas, according to New York's Department of Transport, the city reported a 67% increase in May 2020 in the usage of New York's Citi Bike sharing system.

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The Asia Pacific is estimated to be the dominant regional market

In the Asia Pacific, developing countries are expected to experience significant growth, primarily in urban transportation. The high population growth rate in the region and increasing urbanization have intensified the need for transportation. Most of the countries in the region are shifting their focus on smart personal mobility to reduce travel time and congestion. The Asia Pacific accounts for a significantly lower number of vehicles per 1,000 persons as the per capita income in most of these countries is lower than in Western countries. Hence, ride-sharing offers users a sense of owning a vehicle at a much lower cost than actually owning one. Therefore, consumers prefer ride-sharing services over personal vehicles. Additionally, factors such as a rise in the daily commute to workplaces in urban areas and an increased need to save fuel by providing a ride to commuters and colleagues heading along the same route are anticipated to fuel the Asia Pacific ride-sharing market.

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Recent Developments:

1. In December 2021, Lyft, Ford and Argo AI launched an autonomous rideshare service in Miami, delivering on a shared commitment to deploy Ford's autonomous vehicles, powered by the Argo Self-Driving System, on Lyft's ridesharing network.
2. In November 2021, Uber Technologies, Inc. launched Uber One in the US, which is one membership that brings together rides and delivery to make every day more effortless for users with monthly and yearly subscriptions.
In May 2021, DiDi Autonomous Driving, the self-driving technology arm of Didi Chuxing and GAC Aion New Energy Automobile, a wholly-owned subsidiary of Guangzhou Automobile Group, reached a strategic partnership agreement on the development of fully self-driving new energy vehicles with the goal of mass production.
3. In May 2021, The GrabPet XL and GrabCar Exec services provide more options for Grab passengers with different mobility requirements while expanding earning opportunities for eligible driver-partners.
4. In April 2021, Uber Technologies, Inc. and Walgreens unveiled a new feature that would allow consumers to book vaccination appointments at a Walgreens location and also schedule their Uber ride to the vaccination appointment, all with a few taps through the Uber app. With all adults in the US eligible to receive the COVID-19 vaccine, Uber and Walgreens remain focused on helping ensure that transportation is never a barrier to receiving a vaccination.
5. In January 2021, Gett raised USD 115 million, led by new backer Pelham Capital Investments Ltd. and also included participation from unnamed existing investors. Including this round, Gett raised USD 750 million, with investors including VW, Access, and its founder Len Blavatnik, Kreos, MCI and more, and its last valuation was USD 1.5 billion, pegged to a USD 200 million fundraise in May 2019
6. In July 2020, Lyft launched The Lyft pass enabled a means to allow organizations to cover the costs of rides for their people-from employees and essential workers to customers, guests, and patients-while prioritizing safety, convenience, and flexibility.
7. In February 2020, Ola expanded its services to London. The Ola platform would be fully operational with three categories: Comfort, Comfort XL, and Exec ride classes. Ola had over 25,000 drivers registered on the platform, bringing scale to its London offering immediately.
8. In February 2020, Grab raised an investment of over USD 850 million from Japanese investors, including Mitsubishi UFJ Financial Group Inc. and TIS Inc. This investment will be used in creating accessible and affordable financial services for Southeast Asia in order to boost financial inclusion in the region.

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