A10837 | Pages: NA | May 2022 | 932 Views | | |
Author(s) : vineet kumar | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
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Ride sharing is an arrangement in which a passenger travels with other co-passengers on a short notice by paying less fee than a taxi. Ride sharing services can be availed on apps for which internet is the most basic requirement. Ride sharing has many benefits over self-owned vehicle, are cheaper than taxis, and can be booked easily from anywhere. These services also help to create employment in the country and are great source of income for drivers. In addition, it helps in reducing drunken driving cases as ridesharing services can be availed by a tap of button.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value ($) |
Segments covered | Service Type, Vehicle Type, and Region. |
Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa |
Companies covered | Major players include: Didi Chuxing, Easy task, Grab, Go Jerk, Hitch-a-Ride, Haxi, Ola, Lyft, , Uber Technology Inc., and Yandex Taxi. |
COVID-19 scenario Analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in urbanization and decrease in car ownerships, owing to maintenance charges are the key factors that drive growth of the ridesharing market. In addition, surge in use of smart electronic devices such as smart phones, tablets, and laptop fuels growth of the market. However, privacy concerns and long queue/waiting time hampers growth of the market. Furthermore, increase in user base among millennials and introduction of self-driven cars for ridesharing is expected to provide lucrative opportunities for the market.
The market trends for ridesharing market are as follows:
Rise in smartphone and internet penetration
Ridesharing apps are internet enabled apps, which means internet connectivity is the basic requirement to run ridesharing app and avail the services. Navigation services are also used to run the app, which requires internet. Presently, almost all people use smart phones and have access to internet, which, in turn, boosts the market growth.
Increase in cost of vehicle ownership
With the rise in fuel and vehicle, insurance, and vehicle registration costs, ridesharing apps have become a great choice for people. Maintenance costs have also increased, owing to advanced technologies enabled in vehicles, which increase the overall vehicle ownership price. Hence, people now prefer ridesharing rather than purchasing a vehicle to save money, which, in turn, boosts the market growth.
Strict government laws to reduce pollution
The manufacturing industry is the major contributor in gas emissions, owing to which governments across the globe are making strict rules and regulations to reduce harmful substances from surroundings. Furthermore, many people refrain to buy new vehicles, owing to increased cost and adoption of ridesharing services, which ensures market growth.
Key segments covered:
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Key benefits of the report:
Questions answered in ridesharing market research report:
Key Market Segments
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Key Market Players
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