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Ride Sharing Market Size, Forecast, Share, Trends, Revenue Growth 19.8% | Valuates Reports
The global Ride Sharing market size is projected to reach US$ 153000 million by 2027, from US$ 43200 million in 2020, at a CAGR of 19.8% during 2021-2027. Key drivers of the ride-sharing market include the increasing costs of owning a car. The increasing trend of micro-mobility will fuel the growth of the ride-sharing market during the forecast period. The strict regulations regarding carbon emissions will provide lucrative opportunities for the growth of the market in the coming years.
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Trends Influencing the Growth of Ride Sharing Market
The rising price of car ownership
A car is the most expensive household consumer good ever purchased. Privately owned cars consist of several costs such as high upfront investment, depreciation, insurance, fuel purchase, residential parking, and repairs. In addition to it, poor urban transport infrastructure and the horrible commuting systems are forcing consumers to ditch personal cars and adopt ride-sharing services. With easy booking through smartphones and reduced traffic congestion along with decreasing vehicular emissions, this new mode of transportation will continue to rise further thereby driving the growth of the ride-sharing market during the forecast period.
Growing micro-mobility modes of transport
Micro-mobility is set to revolutionize the transport sector as bikes, scooters become prominent. Shared services are affordable, cheaper to unlock, and perfect for shorter trips. They significantly reduce traffic congestion and don't emit air pollution. Moreover with social distancing norms and the need for personal comfort people are opting for shared transportation significantly. These factors will drive the growth of the ride-sharing market in the coming years.
Strict regulations regarding Co2 emissions
Global government authorities around the world are adopting strict laws for curbing the spread of greenhouse gas emissions. Several countries have pledged to achieve their decarbonization targets. Shared cab, bike, or scooter service companies have come up to offer a wider choice to commuters. Users are spoilt for choice regarding which mode of transport they choose, the total distance traveled, and easy booking options. This in turn will drive the growth of the ride-sharing market during the forecast period.
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Ride Sharing Market by Type
• PC Terminal
• Mobile Terminal
Ride Sharing Market by Application
• Age 18-24
• Age 25-34
• Age 35-44
• Age 45-54
• Age 55-64
Major Players in the Ride Sharing Market
• Uber
• Lyft
• Fasten
• Haxi
• Via
• Didi Chuxing
• Ola Cabs
• Grab
• Go-Jek
• BlaBlaCar
• myTaxi
• Dida Chuxing
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