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2021
Ride Sharing Market

Ride Sharing Market

by Booking Type (Online Booking and Offline Booking), Commute Type (Intracity and Intercity), and Vehicle Type (Cars, Motorcycles, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A13712
Pages: 224
Sep 2021 | 4966 Views
Author(s) : Akshay J, Akshay J , Sonia M
Tables: 119
Charts: 57
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COVID-19

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Ride Sharing Market Statistics 2030 -

The global ride sharing market was valued at $59.53 billion in 2020, and is projected to reach $205.83 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030. 

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.

Ride sharing refers to the act of sharing a ride with another passenger, preferably the one going in the same direction. It can be availed by a multiple passenger on basis of sharing. There is usually a middleman that offers an app for riders and drivers to find and connect with each other in order to avail these ride-share services. A passenger can book a share ride via a call & message, or going to service provider’s physical location and with the help of a smartphone application or website using internet, which is also known as e-hailing. Passengers can book or hire a taxi or a cab for a decided route, which would be pre-defined by the passenger. Generally, passenger car, motorcycle, scooters, minivan, van, buses & coaches and auto rickshaw are the type of vehicles used for ride sharing services.

Ride-Sharing-Market---2021-2030

The factors such as rise in demand for carpool & bike pool services, increase in demand from online booking channels, and surge in cost of vehicle ownership are anticipated to drive the market growth. However, improvement of public transportation and resistance from the local transport services coupled with varying government regulations in different countries hindering 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.

The ride sharing market is segmented on the basis of booking type, commute type, vehicle type, and region. By booking type, it is bifurcated into online booking and offline booking. By commute type, it is divided into intracity and intercity. By vehicle type, it is categorized into cars, motorcycles, and others. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

The key players operating in the ride sharing market are ANI Technologies Pvt. Ltd. (OLA), Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), BlaBlaCar, Cabify Espana S.L.U., Careem, Gett, GrabTaxi Holdings Pte. Ltd., Lyft, Inc., Uber Technologies Inc., and Yandex.

Ride Sharing Market
By Booking Type

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Online booking is projected as the most lucrative segments

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Rise in demand for carpool and bike pool services

Significant rise in the preference for carpool and bike pool services among the regular office commuters is the primary factor contributing toward the growth of the ride sharing services. In addition, increase in the services offered by the leading market players, including Uber, and Ola, and the option to choose convenient pick-up and drop locations is encouraging the consumers to opt for ride sharing services. Moreover, significant rise in the number of multiple ride-sharing services such as intercity ride sharing, bus sharing, bike sharing and auto sharing services even for short distance travel fuels the growth of the ride sharing demand. Furthermore, the ride sharing service providers are offering advantages such as affordable pick-up and drop, co-passenger information, economical rides fares and higher convenience as compared to the traditional transport service providers. In addition, several service providers offer various facilities, offers, and discounts such as monthly pass on shared ride to reduce the expenses of daily commuters. Thus, the rise in demand for carpool and bike pool services collectively drives the growth of the ride sharing market.

Increase in cost of vehicle ownership

There is an increase in the cost of owning a personal vehicle owing to the rise in fuel prices and increase in financing, insurance, and car registration rates. Maintenance expenses, including replacement of parts & components and labour fees, have also increased. This in turn contributes toward the total cost of ownership. Furthermore, with the introduction of strict emission norms, vehicles need better, advanced, and costly after treatment devices. These factors are collectively increasing vehicle ownership cost. Daily commuters especially office commuters prefer ride sharing services, which in turn, is anticipated to propel the growth of the ride sharing market.  

Ride Sharing Market
By Commute Type

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Intercity is projected as the most lucrative segments

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Resistance from the local transport services coupled with varying government regulations in different countries

The increase in demand for ride sharing services across the globe is creating conflicts and disagreements from the traditional taxi drivers. The ride service providers are offering more advantages such as affordable pick-up & drop, complete ride details, and higher convenience as compared to the traditional transport service providers. Therefore, the local taxi driver in countries such as Japan and India are opposing the ride service providers. In addition, ride sharing services are required to obtain separate licenses and registration in most of the countries across the world. This makes it difficult for app-based services to operate as many app-based companies do not own the vehicles. Moreover, stringent government norms on the cabs especially in countries such as South Korea and Vietnam further hinder the market growth. For instance, in 2018, the Department of Transportation (DoT) in Vietnam decided to stop licensing operators under a pilot program, as the app-based taxi services have been putting pressure on local traffic infrastructure and create unhealthy competition with the traditional taxi and transportation firms.

Development of Robo-taxies

A robo-taxi is a self-driving taxi and autonomous vehicle that is operated by shared and on-demand mobility services. The emergence of robo-taxis is driven by its benefits, such as improving fleet management and reducing the cost of ownership. In addition, significant development in the field of autonomous vehicles, which focuses on the reduction of road accidents, energy consumption, vehicle emission, and traffic congestion is anticipated to drive the adoption of robo-taxis. Several leading services provides and automakers are already planning to introduce autonomous vehicles for ride sharing in their respective countries.

Ride Sharing Market
By Vehicle Type

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Motorcycles is projected as the most lucrative segments

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For instance, in July 2018, Didi Chuxing launched a test robotaxi service in a limited area in Shanghai. Also, in January 2020, General Motors' self-driving car unit, Cruise, unveiled driverless vehicle for ride-sharing service in the U.S. Moreover, increase in urbanization, development of smart cities, and significant emergence of Internet of Things (IoT) connected cars are some of the factors that are expected to leverage the growth of the autonomous ride sharing market. Furthermore, manufacturers of robo-taxis are entering into a partnership with taxi fleet operators to design, develop, and introduce robo-taxi services. For instance, in June 2019, Uber announced a third-generation version of self-driving electric robo-taxi, developed in partnership with Volvo. Therefore, the development of robo-taxis offering future growth opportunities for the ride sharing market. 

Covid-19 Scenario Analysis 

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.

Ride Sharing Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

LAMEA would exhibit the highest CAGR of 16.0% during 2021-2030.

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the global ride sharing market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall ride sharing market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global ride sharing market with a detailed impact analysis.
  • The current ride sharing market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Booking Type

  • Online Booking
  • Offline Booking

By Commute Type

  • Intracity
  • Intercity

By Vehicle Type

  • Cars
  • Motorcycles
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK 
    • Germany 
    • France
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan 
    • India
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Players

  • ANI Technologies Pvt. Ltd. (OLA)
  • Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing)
  • BlaBlaCar
  • Cabify Espana S.L.U. 
  • Careem 
  • Gett
  • GrabTaxi Holdings Pte. Ltd.
  • Lyft, Inc.
  • Uber Technologies Inc.
  • Yandex
 

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The ride sharing market is projected to witness considerable growth, owing to rise in the preference for carpool & bike pool services among the regular office commuters and drastic increase in the services offered by the leading players including Uber & Ola.

For instance, according to a report released by ICRA (a credit agency comprising leading commercial banks, financial institutions and financial services companies), the Indian ride sharing market is expected to poised for robust double-digit growth in near future, owing to the strong demand and increasing penetration of market players. It is also stated that customer will shift towards taxi usage due to additional comfort of chauffeur driven car without paying out for driver salary.

The factors such as surge in demand from online booking channels, and rise in cost of vehicle ownership are anticipated to drive the market growth. However, improvement of public transportation and resistance from the local transport services coupled with varying government regulations in different countries 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 market growth during the forecast period.

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

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FREQUENTLY ASKED QUESTIONS?

A. The global ride sharing market was valued at $59,532.00 million in 2020, and is projected to reach $205,830.10 million by 2030, registering a CAGR of 13.2%.

A. 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.

A. The sample for global ride sharing market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. There are certain upcoming trands in ride sharing industry such as development of Robo-Taxies and emergence of eco-friendly electric cab services

A. The global ride sharing market was valued at $59,532.00 million in 2020 and the industry has grown positive except for year 2020 due to covid

A. The company profiles of the top market players of ride sharing service industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the ride sharing market.

A. Ride-sharing, also known as carpooling simply means sharing a ride with another commuter, travelling on same route. It indicates the sharing of car, driver and route by multiple passengers. It also signifies the availability of space in the car and its usage by multiple commuters, also it will make stops to pick up other riders.

A. Yes, ride sharing industry is growing owing to the factors such as rise in demand for carpool and bike pool services, increase in cost of vehicle ownership and increase in demand from online booking channels

A. DiDi chuxing and the Uber is the largest ride sharing companies owing to the huge presence in various countries across the globe

A. Uber is the second largest ride share service provider company in ride sharing industry due to the factors such as economical and convenient ride sharing options and large global presence

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