Ride-Hailing Service Market projected to reach USD 275.1 billion by 2032, -Uber Technologies, Lyft, Daimler AG, Grab, ANI Technologies, Didi Chuxing Technology, nuTonomy, Denso Corporation, TomTom NV, Gett

The global Ride Sharing Market was valued at USD 95.8 billion in 2021 and projected to reach USD 275.1 billion by 2032, growing at a CAGR of 18.6% from during forecast period (2022-2032).

DRIVER of Ride Sharing Market: Increase in cost of vehicle ownership
The ownership of a vehicle is cumulative of multiple factors such as finance, fuel, maintenance, registration/taxes, and maintenance & repair, along with depreciation. With each year, the cost of vehicle ownership increases. Though, according to American Automobile Association (AAA), depreciation contributes to ~43% of the ownership cost, the other costs, such as maintenance cost and fuel cost, contribute ~25% together. Fuel prices and maintenance costs have increased multifold in the past few years, and the same trend is estimated to continue without any decline. As cities are getting increasingly cramped with people and cars, owning an automobile has become more of a liability than an asset. According to AAA, the average cost to own and operate a new car increased by USD 279 in 2020, as compared with 2019, to reach USD 9,561.

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Key Players Mentioned in the Global Ride-Hailing Service Market Research Report:

Uber Technologies, Lyft, Daimler AG, Grab, ANI Technologies, Didi Chuxing Technology, nuTonomy, Denso Corporation, TomTom NV, Gett

Global Ride-Hailing Service Market Segmentation:

Ride-Hailing Service Market Types:

E-hailing, Car Rental, Car Sharing, Station-based Mobility.

Ride-Hailing Service Market Applications:

Group, Personal, Others

OPPORTUNITY in Ride Sharing Market: 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 of social distancing, there is 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.

The base of geography, the world market of Ride-Hailing Service has segmented as follows:

North Americaincludes the United States, Canada, and Mexico
Europeincludes Germany, France, UK, Italy, Spain
South Americaincludes Colombia, Argentina, Nigeria, and Chile
The Asia Pacificincludes Japan, China, Korea, India, Saudi Arabia, and Southeast Asia
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Asia Pacific is estimated to be the largest ride sharing market in 2021
In 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. 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 offer 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

Global Ride Sharing Market, By Service Type
E-hailing
Car sharing
Station-based mobility
Car rental
Car Sharing Market, by Type
P2P car sharing
Corporate Car Sharing
Global Ride Sharing Market, By Vehicle Type
ICE vehicle
Electric vehicle
CNG/LPG vehicle
Micro-Mobility vehicle
Micro-Mobility Market, by Vehicle Type
Bike/bicycle
Scooter
Other micro-mobility vehicles
Global Ride Sharing Market, By Data Service
Navigation
Information service
Payment
Other data services
Global Ride Sharing Market, By Distance
Short Distance
Long Distance
Global Ride Sharing Market, By Region
Asia Pacific
North America
Europe
Rest of the World
Recent Developments

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.
In November 2021, Uber Technologies, Inc. launched Uber One in 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.
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.
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.

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Competitive Landscape
The market is moderately fragmented in nature as the players in the respective region have their high market share comparing to the overall region. UBER and Lyft have a prominent share in the North America region, whereas, in China, Didi Chuxing Technology Co. contributes to the high market share. Moreover, overall Didi, Uber, Lyft, and Grab have prominent market share globally. Recent developments in the market are -

April 2020 - Shouqi Limousine and Chauffeur cooperated with Alibaba Cloud, leveraging innovation advantages to build a new industry ecosystem of 5G Internet of Vehicle. A pilot project between Shouqi Limousine and Chauffeur and Alibaba Cloud has been initiated for exploring 5G, edge computing for online ride-hailing mobile services. By leading the new era of intelligent transportation, the project will jointly explore the application and expansion of edge computing in transportation under 5G and together promote the development and upgrade of the public transport industry.

Recent Developments
Southeast Asia's largest ride-hailing company Grab tumbled in its market debut Thursday, following a $40 billion merger in a special purpose acquisition company deal. The Singapore-based company's debut on the Nasdaq came more than seven months after it announced plans to merge with U.S.-based Altimeter Growth Corp in a SPAC.

Tata Motors on Friday said it has received an order for 3,500 XPRES-T EV units from electric ride-hailing platform BluSmart Mobility. The company said it has inked a Memorandum of Understanding (MoU) with BluSmart Mobility for the supply of the units.

In January 2020, Didi Chuxing launched Latin America's first shared electric vehicle (EV) fleet through its app in Mexico, as the company further invests in sustainable transportation innovations in the region. In phase one of the initiative, over 700 units of EV/HVs from major international OEMs, including BYD and Renault, may be available on the app through cooperation with local leasing partners and drivers. 200 EVs are exclusive for DiDi drivers.

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