Ridesharing: The Next Booming Segment in the Transport Market
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The global ridesharing market has been valued and estimated in terms of membership and revenue. By membership, the North American ridesharing market is estimated to register a CAGR of 17.69% during the forecast period of 2018-2023, while the number of memberships is expected to register a CAGR of 13.82% over the forecast period.
The scope of the report is limited to solutions offered by various players in each of the regions considered, which include North America, Europe, and Asia-Pacific, with respective country-wise analysis. The study also emphasizes on various types of memberships, such as fixed, dynamic, and corporate ridesharing. Various services, such as web-based, app-based, and web- & app-based are considered under the scope of this study. However, Uber and Lyft are not considered in the analysis, because they offer taxi and ridesharing services in multiple cities, and their drivers work for a profit, unlike traditional ridesharing.
Investors are rushing to claim a stake in the developing ridesharing market. Advances in technology that aid the adoption of ridesharing and governmental policy support, such as toll fee waivers and high-occupancy vehicle (HOV) lanes, are bolstering the market’s growth. Ridesharing has emerged as a clean, smart, and powerful tool to deal with the fallouts of urbanization and the development of megacities. It is estimated that ridesharing could reduce the number of cars needed on urban roads worldwide by over 2 million vehicles, decrease vehicle kilometers traveled by around 40 billion, and lower the corresponding end-of-life (EOL) emissions by over 16 megaton. It is also believed that ridesharing can have a positive impact on the entire automotive industry. While there might be fewer cars on the road, the amount of mileage will increase.
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Advent of Driverless Cars to Change the Market Scenario
Self-driving cars are a swiftly evolving technology, although they were still deemed science fiction, just a few years ago. However, several car companies are looking into the technology, with Tesla leading the way. Autonomous self-driving vehicles are expected to be used for ridesharing purposes.
In Yokohama, Nissan is expected to run a pilot program for Easy Ride, a mobility service the brand created in collaboration with DeNA Co. Ltd. The program is scheduled to begin on March 5, 2018, and tests will continue until March 18, 2018. The pilot program will use modified Nissan Leaf electric vehicles and be accessible to voluntary participants who sign up for the field inspections ahead of time. Similarly, Waymo already has driverless cars picking up passengers, while General Motors plans to roll out its service in 2019, and Ford indicates that it will have a self-driving fleet ready for ridesharing, by 2021.
However, the security of self-driving cars would be a significant obstacle, mainly because the technology would be of extraordinary interest to hackers. For a computer to operate an automobile, a significant amount of information would have to be handled in the cloud or some onboard hardware, which can be readily accessed by the car. As the car would be receiving or communicating with data centers, the location would be potentially accessible to people or organizations who could hack into the network, which could hinder some people from considering self-driving cars as a futuristic possibility. However, with technological advancements and advances in cyber security for cars, such obstacles can be overcome.
North America Expected to Hold a Dominant Market Share
The United States accounts for the second highest penetration rate for ridesharing, lagging behind China. In 2016, it was estimated that around 15 million adults in the United States used a ride-sharing service or other sharing economy transportation service, a 20.5% improvement over the previous year. While the segment is expected to continue its growth over the forecast period, it is expected to slow down as the market matures.
Following a massive demand in the region, European ride-sharing company Carpooling entered the US market in 2014, offering people a way to share rides for road trips that average 125 miles. Traditional automakers based out of the region have also begun investing into the ridesharing mix. Ford acquired Chariot, a private urban mass-transit company, in September 2016, to enter the ridesharing market.
Major Players: ZIMRIDE, CARMA, KANGARIDE, CARPOOLWORLD, SMART COMMUTE, VIA, SCOOP, BLABLACAR, FAXI LTD COMPANY, FLINC AG, HEETCH, LIFTSHARE, GOMORE, WUNDER, DIDI CHUXING, AND GRAB, amongst others.
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Key Developments in the Market
February 2018 - KAR Auction Services Inc., a leading US operator of car auction and salvage services, acquired fleet management software company Stratim, to enter the nascent industry of providing services to ride sharing and other transportation-as-a-service providers.
February 2018 - Ford’s chariot ride-sharing vans were expected to be launched in London. Around 14 specially-branded transit buses, capable of seating 15 passengers at a time, will run four services across South London.
February 2018 - Nissan and Hytch partnered to launch a new app called Hytch Rewards, to promote ridesharing in Tennessee. The app will be able to track route details and pay drivers and passengers, to ride together. The goal is to reduce traffic and explore future mobility solutions.
January 2018 - Alabama moved closer to setting up statewide regulations for ride-sharing companies, with a bill that passed the House of Representatives. The House voted 97-3 in favor of the bill, mostly over efforts to add specific prohibitions against discrimination.
Reasons to Purchase this Report
Understanding how the government mandates regarding use of ridesharing services are changing market scenario.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis for each region.
The membership type and service that are expected to dominate the market.
The regions that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Zimride, Carma, Kangaride, CarpoolWorld, Smart Commute, Via, Scoop, BlaBlaCar, Faxi Ltd Company, Flinc AG, Heetch, Liftshare, GoMore, Wunder, Grab, and Didi Chuxing
Some points From TOC:
1.1 Scope of the Study
1.2 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Government Initiatives and Legislations
4. Market Dynamics
4.2 Market Drivers
4.2.1 Cost and Time Savings for Drivers and Passengers
4.2.2 Sustainability Benefits from Lower Emissions and Fewer Vehicles on Road
4.2.3 Governmental Policy Support such as HOV Lanes and Toll Fee Waivers
4.3 Market Challenges
4.3.1 Lack of Awareness of the Concept in Rural Areas
4.3.2 Lack of Trust
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