Ridesharing Market Statistics: 2027

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:

COVID-19 scenario Analysis:

• Governments have imposed travel restrictions across the globe thus, all prominent players have suspended their operations in majority of the countries. In addition, in some countries such as India, cab services are resumed with the strict rule of only 1 person travelling apart from the driver at a time, which is expected to affect the market growth.
• To practice social distancing and avoid contact with other people in a sharing car, commuters are expected to refrain ride sharing, which would hamper the market growth. However, once the pandemic is over, the market is expected to gain a positive rise.

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:

Key benefits of the report:

• This study presents the analytical depiction of the global ridesharing market along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global ridesharing market share.     
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global ridesharing market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed market analysis based on the present and future competitive intensity of the market. 

Questions answered in ridesharing market research report:    

• Who are the leading market players active in ridesharing market?
• What would be the detailed impact of COVID-19 on ridesharing market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the ridesharing market?
• What are the projections for the future that would help in taking further strategic steps?