Ride Sharing Market Forecasts to 2028 – Global Analysis By Service Type (E- Hailing, Car Sharing and Other Service Types), Business Model (P2P Car Sharing, Corporate Car Sharing, other Business Models), Membership Type (Fixed Ridesharing, Corporate Ridesh

Ride Sharing Market Forecasts to 2028 – Global Analysis By Service Type (E- Hailing, Car Sharing and Other Service Types), Business Model (P2P Car Sharing, Corporate Car Sharing, other Business Models), Membership Type (Fixed Ridesharing, Corporate Ridesharing and Dynamic Ridesharing), Vehicle Type (Electric Vehicle, CNG/LPG Vehicle and other Vehicle Types), Data Service, Distance, Application and Geography

According to Stratistics MRC, the Global Ride Sharing Market is accounted for $101.75 billion in 2022 and is expected to reach $283.19 billion by 2028 growing at a CAGR of 18.6% during the forecast period. The current idea in the mobility industry, ridesharing, has become extremely popular in the areas of carpooling, car sharing, and auto hailing. People offer and accept rides through the ride-sharing system at the driver's convenience. There are numerous apps that have been created by businesses all over the world that allow a driver of a car or other type of vehicle to give a ride, and other users can accept the offer based on the route and price specified by the driver. By providing one-way and two-way rides, ridesharing facilitates both short and long drives. Due to the lack of access to personal vehicles, many economically developing nations use car-hailing services. People can travel longer distances comfortably and easily at a cheaper cost.

According to the Dalia survey, 45% of the region's smartphone-owning urban population has used a ridesharing app or site, with Mexico leading the way at 58%. According to the recent global survey by Cars.com in mid-March 2020, over 40 % of the respondents had stopped using ridesharing and hailing services to reduce the odds of catching the contagious virus.

Market Dynamics:

Driver:

Increasing Penetration of Internet and Smartphones

The growing use of smart devices like smartphones and smart wearables as well as the rising use of internet data have increased the demand for ride sharing services globally and accelerated the expansion of the global ride sharing market. The essential need for using ride-hailing services is internet connectivity. To access the information and navigation of the ride, passengers must download ride-providing programmes onto their cellphones through the internet. The proper operation of V2V communication, navigation, and telematics requires internet access. Additionally, the smartphone apps offer a range of security measures, including the name, number, and photo of the driver, the vehicle's number, route information, and records of previous rides.

Restraint:

Resistance from the Traditional Transport Services

Disputes and confrontations between conventional three-wheeler and taxi drivers are being spurred on by the increasing use of ride-sharing services throughout the world. In comparison to traditional transportation service providers, the providers of ride services have more advantages, such as affordable doorstep pickup and drop-off, full route details, and increased convenience. As a result, taxi drivers in nations like Japan and India are against the ride-sharing companies. The passengers, however, could be put in danger due to the advanced features. The transportation service apps include payment apps that are linked to these apps as well as comprehensive user information.

Opportunity:

Stringent Carbon Emission Norms

The rate of vehicle emissions has been rising over time on a global scale. The global greenhouse gas emissions are significantly influenced by the car industry. The government, businesses, and automakers are making additional efforts to reduce the rising CO2 emissions. Many organisations, including the International Institute for Sustainable Development of Canada, the Ministry of Environment and Climate Change of India, and the Paris Agreement on Climate Change of the European Union, have established aspirational goals and standards, including increasing the amount of forest cover to reduce carbon footprints in the upcoming years. Therefore, rather than owning an own vehicle, these norms are likely to influence how these sharing services are used.

Threat:

Impact of government oversight and involvement

Regulating agencies are adamant that innovative business strategies produce both winners and losers. While Europe is currently lagging behind in this transition to ride-sharing, it is happening quickly in the US and Asia. It is also anticipated that certain nations would work toward unifying their regulations for both ride-sharing and taxis. Obtaining licences to operate in different nations is another difficulty faced by players in the ride-hailing industry. Local transportation network firms are governed by a number of established norms and regulations that are set forth by governments. For instance, the Philippines' government authorities rejected GO-application JEK's for a ride-sharing service because it did not adhere to the criteria for local ownership.

Covid-19 Impact

Due to the new coronavirus, the automobile and travel industries have seen a sharp decline in the number of customers and commuters. The market will face new challenges as a result of the new rules and regulations the government has implemented to support social isolation and hygienic standards. The COVID-19 pandemic can further impede the growth of the business due to the panic and concern that individuals feel about the transmission of infection while travelling. Cab services will be avoided during the epidemic, which will have a direct impact on industry growth and introduce new challenges.

The E- Hailing segment is expected to be the largest during the forecast period

The E- Hailing segment is estimated to have a lucrative growth. The convenience of booking, increasing traffic congestion, passenger comfort, and increased government measures to raise public awareness of air pollution are all contributing to the demand for ride-sharing services, most notably e-hailing. The e-hailing business will probably expand as a result of the growing collaboration between domestic and Foreign Service providers, such as Uber and Didi.

The short distance segment is expected to have the highest CAGR during the forecast period

The short distance segment is anticipated to witness the fastest CAGR growth during the forecast period. Daily commuters have a great alternative to private vehicles with this kind of commute. The majority of the market share is anticipated to be held by corporate commuting and short distance. However, it is projected that the short-distance type will dominate over the forecast period due to the rising trend of ride-hailing platform providers offering these services through their current platforms. The option to choose between ride hailing and ride sharing is provided by this kind of service. Over the projected period, it is expected that this convenience will have a significant impact on the segment's growth.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to Asian countries have a lot of cities and towns that are developing quickly, making them a promising market for ride-sharing services. The two countries with the largest populations in the region are China and India. Over the projected period, ride sharing is expected to grow quickly in China, which already dominates the ride hailing business. Although India has had recent years of strong growth, the sector has not yet fully realised the potential of the nation.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the rapid growth of electric vehicles in nations like Canada, the United States, and Mexico, the area dominates the global market. Additionally, the ride service companies' quick embrace of technologically enhanced services. In Canada, Uber has been growing its clientele quickly. For instance, Lyft was the first business to announce the debut of its green mode, which allows consumers to rideshare in electric cars, last year. Additionally, the corporation unveiled this project in support of the ""Green City Initiative,"" which aims to cut back on the consumption of fossil fuels. Thus, the market in this area is growing faster as a result of these changes.

Key players in the market

Some of the key players profiled in the Ride Sharing Market include DiDi Global Inc., Uber Technologies Inc., Gett, Grab, Bolt Technology OÜ, Careem, Cabify España S.L.U., Lyft, Inc., Zimride, car2go Group GmbH, ANI Technologies Pvt. Ltd., Taxify and Avolon and AirAsia.

Key Developments:

In June 2022, Uber has launched a new UberX Share service to share rides, which is remarkably similar to Uber's pre-pandemic carpooling feature, but with a monetary incentive. Riders who choose UberX Share will be paired with another co-rider travelling in the same direction. Uber will give riders a 20% reduction on the overall fee in exchange for the inconvenience and extra time spent on the road. Even if riders are not matched with a co-rider, they will receive an up-front discount on their ride.

In February 2022, Avolon and AirAsia partnered to create a transformational ridesharing platform in Southeast Asia by 2025. Air Asia has signed an MOU to lease a minimum of 100 VX4 eVTOL aircraft from Avolon. These eVTOL aircraft will allow AirAsia to further revolutionize air travel by providing advanced air mobility to a new range of passengers. In addition to the eVTOL aircraft, Avolon, through its investment and innovation affiliate Avolon-e, will partner with AirAsia to commercialize zero-emissions eVTOL aircraft and develop an industry-leading urban air mobility ('UAM') platform in Southeast Asia.

In May 2021, The GrabPet XL and GrabCar Exec services will provide more options for Grab passengers with different mobility requirements while expanding earning opportunities for eligible driver-partners.

Service Types Covered:
• E- Hailing
• Car Sharing
• Station-Based Mobility
• Car Rental
• Other Service Types

Business Models Covered:
• P2P Car Sharing
• Corporate Car Sharing
• Business to Business
• Business to Customer

Membership Types Covered:
• Fixed Ridesharing
• Corporate Ridesharing
• Dynamic Ridesharing

Vehicle Types Covered:
• Electric Vehicle
• CNG/LPG Vehicle
• ICE Vehicle
• Micro-Mobility Vehicle
• Other Vehicle Types

Data Services Covered:
• Navigation
• Information Service
• Payment
• Other Data Services

Distances Covered:
• Short Distance
• Long Distance

Application Covered:
• IOS
• Android
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements