Ride sharing applications have gained prominence as a prime mode of transport owing to penetration of smartphones and the Internet. Ride sharing allows customers to commute distances at affordable prices. They have garnered interest in developing economies looking to increase their ease of business and ease of living indexes. The global ride sharing market report by Market Research Future (MRFR) provides a significant outlook on numerous trends, drivers, deterrents, and challenges for the forecast period (2020-2027) while keeping in mind of the COVID-19 pandemic.
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Market Scope
The global ride sharing market is expected to expand at 19.2% CAGR over the forecast period. Its valuation can exceed USD 73 billion by 2027. The market is driven by high demand for timesaving modes of transport. Large number of customers in urban areas and booming populace in suburbs can drive the demand for ride sharing apps. Lack of public transportation options and introduction of electric vehicles are likely to boost market demand in the coming years.
The COVID-19 pandemic has negatively affected the market as national and state level lockdowns have been initiated to curb the spread of the virus. Customers have avoided car hailing applications to prevent being infected in the initial stages of the pandemic. Restrictions placed by governments to curb pollution levels can impact the market growth. But shift from ride hailing to car rentals and long-term vehicle subscriptions can bode well for the market.
But concerns of safety and tough government regulations can impede the market growth.
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Segmentation
By type, the market is segmented into car sharing, station-based mobility, e-hailing, and car rental. The car sharing segment is likely to command a huge share of the market owing to pricing plans by prominent mobile applications and large number of people with mobile apps. On the other hand, the station-based mobility is estimated to witness huge growth owing to government incentivized tracks to be laid down rapidly for connection to rural areas as well as station mobility to reach far-off places.
By vehicle type, it is segmented into electric vehicle, ICE Vehicle, and vehicle running on LPG or CNG.
By business model, it is segmented into B2C, P2P, and B2B.
By membership type, it is segmented into fixed ridesharing, corporate ridesharing, and dynamic ridesharing. The corporate ridesharing membership segment is bound to expand owing to large number of urban commuters and office commuting carpools gaining traction.
By service, it is segmented into web and app-based, app-based, and web-based.
Regional Analysis
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global ride sharing market.
North America can dominate the global market owing to presence of prominent companies such as Lyft and Uber. The regional ride sharing market is expected to grow owing to high interest among venture capital firms and demand for mobile applications for resolving urban mobility problems.
APAC is touted to expand at a rapid pace due to rise in pollution levels and preference for ride hailing applications by consumers in India and China. High maintenance costs of owing vehicles can work in favor of the market. The large population and surge in popularity of ride hailing services can augur favorably for market growth.
Competitive Landscape
Careem, GrabTaxi Holdings Pte. Ltd., car2go, Taxify, Didi Chuxing Technology Co., Lyft Inc., Gett, ANI Technologies Pvt. Ltd., OLA, Cabify, and Uber Technologies Inc. are key players of the global ride sharing market. Expansions, new product features, mergers & acquisitions, fund raising, and partnerships are strategies explored by prominent players to gain leverage in the market. Recently, BlaBlaCar has raised USD 115 million in seed funding to expand its services and explore uncharted territories.
Industry News
Gojek and Tokopedia have merged to form a new entity, GoTo Group, to become the biggest company in Indonesia. The ride sharing application offers its services in Thailand, Singapore, and Vietnam.
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