Ride-Sharing Market CAGR of 13.2% in Sales and Reach US$ 205.8 Billion by 2030

According to a recent report by Allied Market Research, the global ride sharing market is projected to reach $205.83 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030.

Europe is the highest revenue contributor, followed by Asia-Pacific, North America, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to lead during the forecast period, owing to technological advancements, rise in preference amongst the people for ride-sharing services which is expected to reduce traffic congestion, and supportive government policies for shared mobility services.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/14081

Ride sharing industry involves adding passengers to a private trip in which driver and passengers share a destination. Such an arrangement provides additional transportation options for riders while allowing drivers to fill otherwise empty seats in their vehicles. Traditional forms of ridesharing include carpooling and vanpooling. This service can be for short-or long-distance trips. Travelers share trip costs through ridesharing platforms that charge a fee for making the connection.

A passenger can book a shared ride with the help of a smartphone application or website using internet, and via a call & message, or by going directly to the service provider's physical location. Also, customer can hire a taxi for a decided route, which would be pre-defined by the service provider.

The factors such as rise in demand for ride-hailing and ride-sharing services, increase in demand from online taxi booking channels and increase in cost of vehicle ownership are anticipated to drive the market growth. However, improvement of public transportation and varying government regulations on taxi services in different countries across the world hinder the market growth. Further, development of robo-taxies and emergence of eco-friendly electric cab services are some of the factors expected to offer lucrative opportunities for the market growth during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/ride-sharing-market/purchase-options

COVID-19 Impact Analysis:

Following the directions of the WHO for minimizing the spread of the virus, governments of various countries have set up lockdown and trade restrictions. In most of the countries across the world, shops and businesses have shuttered and offices have emptied out, and this has resulted in decrease in demand for taxi or cab services, which in turns, for ride sharing services. Social distancing norms and regulations implemented by government and healthcare authorities encourage citizens to maintain a two-meter distance from other persons for safety. This has restricted the usage of ride sharing services for daily commute.

Users prefer to travel in their own vehicles due to health and safety concerns, hampering the market size in 2020. However, major ride-sharing companies such as Ola, Uber, Grab, Didi, Lyft, and others are already feeling the pressure from the coronavirus pandemic as travel restrictions and lockdowns are increasing across the world. For instance, Lyft experienced a decrease in revenue by 36% year-on-year. In addition, according to the Canaccord Genuity pricing tracker, ride-share fares dropped by 6% month-over-month in 2020.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/14081

𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗖𝗼𝗺𝗽𝗮𝗻𝘆 / 𝗚𝗿𝗼𝘂𝗽

Uber Technologies, Inc.
HyreCar Inc.
Ola Cabs
Wingz
Via Transportation, Inc.
Zimride Inc. (Enterprise Holdings)
Gett
Didi Chuxing Technology Co.
BlaBlaCar
Lyft, Inc.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

Connected Car Market : https://www.alliedmarketresearch.com/connected-car-market

Ride-Hailing Service Market : https://www.alliedmarketresearch.com/ride-hailing-service-market

Bike Rental Market : https://www.alliedmarketresearch.com/bike-rental-market-A09610

1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.