Ride Sharing Market Size to Hit USD 388.56 billion by 2031, Due to Changing consumer preferences and attitudes towards mobility drive

The size of the ride-sharing market was estimated at USD 115.30 billion in 2023 and is projected to increase at a compound annual growth rate (CAGR) of 16.4% to reach USD 388.56 billion by 2031.

The ownership of a car entails several interconnected concerns, such as financing, fuel, maintenance, registration and taxes, repair and maintenance, and depreciation. Every year, the cost of owning an automobile increases. While depreciation is estimated by the American Automobile Association (AAA) to account for approximately 43% of the cost of ownership, other costs such as maintenance and gasoline expenses add up to a total of -25%. Fuel and maintenance costs have increased dramatically in the last several years, and this trend is not expected to change. With cities become more and more crowded with people and cars, owning a car has become less of a benefit and more of a hassle.

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Moreover, the demand for ride-sharing services has grown internationally and the ride-sharing market has expanded more quickly due to the growing use of smart devices like smartphones and smart wearables as well as the expanding use of internet data. Internet access is a prerequisite for using ride-hailing services. Through the internet, passengers must download ride-providing programs onto their cellphones in order to access the ride's navigation and information. Internet access is necessary for V2V communication, navigation, and telematics to function properly. Many security features are also provided by the smartphone apps, including the vehicle's number, route tracking details, trip history, and the driver's name, phone number, and photo.

Top Key Companies of Market:
Uber Technologies Inc. (U.S.)
Gett
Lyft Inc. (U.S.)
Didi Chuxing Technology Co. (China)
GrabTaxi Holdings Pte. Ltd. (Singapore)
car2go (Germany)
Cabify (Spain)
Careem (UAE)
Bolt Technology
Zimride

The Ride Sharing market report provides a comprehensive analysis of the current trends, opportunities, challenges, and future outlook of the industry. It covers key market drivers, restraints, and growth factors influencing the Ride Sharing sector. The report also includes insights on market size, revenue forecasts, competitive landscape, and regulatory framework impacting the market. Additionally, it highlights technological advancements, project developments, investment trends, and strategic initiatives by key players in the Ride Sharing market. Overall, this report serves as a valuable resource for industry stakeholders looking to make informed decisions and capitalize on emerging opportunities in the Ride Sharing sector.

The ability to travel short distances in just one or two passenger cars is known as micromobility. Among them are small vehicles such as scooters, bicycles, mopeds, and longboards. Shared micro-mobility is a smart option for commuters seeking a quick trip within the city without the inconvenience of public transportation. The idea of micro-mobility has a big influence on how bikes and scooters are used and profitable. Growing traffic congestion offers micromobility a great chance to address these problems, especially in metropolitan areas. For example, the Volkswagen Group is promoting micro-mobility as part of its electric mobility strategy. The company debuted the Cityskater and Streetmate electric scooters in Geneva. In collaboration with BMW, Daimler is renting out scooters in over six European cities.

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Market Segment Analysis:
By Service Type
Car Sharing
Car Rental
E-Hailing
Station Based Mobility

By Type
P2P Car Sharing
Corporate Car Sharing

By Vehicle Type
ICE Vehicle
CNG/LPG Vehicle
Electric Vehicle
Micro Mobility Vehicle

By Data Service
Information Service
Navigation
Payment
Other

By Distance
Long Distance
Short Distance

automobile sharing, e-hailing, automobile rentals, and station-based mobility are the several types of ride sharing markets that have been divided into segments. During the 2024-2030 forecast period, the e-hailing segment is expected to increase at a faster rate than other segments, having dominated market growth in 2021. E-hailing ride services provide transportation to customers by hiring a personal driver as an employee or on a contract. In addition, more government measures to inform the public about issues including air pollution, passenger comfort, increasing traffic congestion, and ease of booking are driving up demand for ride sharing, especially e-hailing.

The market segmentation of ride-sharing services according to vehicle type, including electric, gas, and LPG/CNG-powered vehicles. In 2021, the ridesharing market revenue was led by the electric vehicle category, which is expected to rise at a quicker rate between 2024 and 2030. Since key ride-hailing companies like Uber, Lyft, Bolt, In Driver, Ola, and Free now have recently advanced their facilities to power them up, the electric vehicle carpool market is predicted to grow at the fastest rate throughout the projected period.

Recent Development:
August 2021: Revel Transit Inc. launched an all-electric, all-employee ride-sharing service in New York City. Revel Transit Inc. introduced a ride-sharing service in New York, USA. Every car in the fleet is a Tesla, and every driver is employed by the company.

May 2021: Bolt Technology OÜ launched a car-sharing scheme in Estonia. Bolt Technology OÜ launched a car-sharing business in Estonia. Additionally, the company plans to introduce Bolt Drive throughout Europe with a 20 million euro investment.

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