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Ride Sharing Market to Reach USD 194.65 Billion by 2027 Growing at a CAGR of 19.2% – Report by Market Research Future (MRFR) – GlobeNewswire


New York, US, June 21, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Ride Sharing Market Analysis by Type (Car Sharing, E-Hailing, Car Rental, Station-Based Mobility), Vehicle Type (ICE Vehicles, CNG/LPG Vehicles, Electric Vehicle), Business Model (P2P, B2B, B2C) and Region – Global Forecast till 2030” valuation is poised to reach USD 194.65 Billion by 2027, registering an 19.2% CAGR throughout the forecast period (2021–2027). 

Ride Sharing Market Overview

Ridesharing refers to the latest concept in the mobility market that has earned enormous popularity in the field of car-sharing, carpooling and car-hailing. The ridesharing system runs with people providing and getting rides at the driver’s convenience.

Ride-Sharing Market Report Scope:

Report Metric Details
  Market Size USD 194.65 Billion
  CAGR 19.2%
  Base Year 2020
  Forecast Period 2021-2027
  Historical Data 2019
  Forecast Units Value (USD Billion)
  Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered Type, Vehicle Type and Region
  Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors Careem (UAE), Uber Technologies Inc. (U.S.), ANI Technologies Pvt. Ltd. (India), Didi Chuxing Technology Co. (China), Cabify (Spain), Taxify (Estonia), Lyft Inc. (U.S.), GrabTaxi Holdings Pte. Ltd. (Singapore), car2go (Germany), OLA, Gett (Israel)
  Key Market Opportunities Expensive vehicles and expensive maintenance of the vehicles
  Key Market Drivers Increased demand for timesaving and cost-saving transport

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Firms have created several apps across the globe in which a car driver or any other vehicle driver can provide a ride, and other users can take advantage of the offer as per the price and route defined by the driver. Ridesharing makes long drives and short drives by providing one-way and two-way rides. Numerous economically emerging nations are making use of car riding services. The significant aspect causing an upsurge in the growth is the people’s inability to have their vehicles. People can travel over distances with comfort and ease at a lower cost. The global ridesharing market has recorded an enormous rise in the growth rate in the last few years. The major factors boosting the market’s growth include government support for ridesharing, reduction of traffic, time-saving, vehicle ownership, and cost-saving.

Ride Sharing Market Drivers

The global ridesharing market has shown remarkable growth in the last few years. The substantial aspect triggering an increase in the market’s growth is the demand for timesaving and cost-saving transport across the globe. Furthermore, the factors such as the introduction of electric vehicles that save on fuel, minimal parking spaces, saving the environment from air pollution and noise pollution, expensive vehicles and expensive maintenance of the vehicles, lack of public transport, increasing cost of fuel, and need to reduce vehicular traffic and congestion on the road are also projected to influence the growth of the market over the coming years.

Ride-Sharing Market Restraints

Although several aspects support the market’s growth, some of the parameters may impede the growth of the ridesharing market. The factors such as a more significant number of people sharing the same ride and time constraints, unpleasant incidents while on the ride also sour the feel of ridesharing, and growing safety concerns may challenge the market’s growth.

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Ride-Sharing Market Segments

Among all the types, the e-hailing segment is projected to record the highest growth across the global ridesharing market over the forecasted timeframe. The significant aspect causing an upsurge in the market’s growth is the ease of booking. Furthermore, factors such as rising government initiatives, passenger comfort, increasing partnership between domestic & international service providers, and increasing traffic congestion are likely to boost the segment’s growth over the assessment era.

Among all the business models, the P2P car sharing segment is anticipated to record the highest revenue share across the global ridesharing market over the assessment era. Factors such as expanded mobility options, monetary savings, and convenience and availability propel the segment’s growth.

Among all the vehicle types, the vehicle running in LPG or CNG segment is projected to lead the global ridesharing market over the forecasted era.

Ride-Sharing Market Regional Analysis 

The global ridesharing market is analyzed across five major regions: the Middle East & Africa, Latin America, Europe, Asia-Pacific, and North America.

As per the analysis reports by MRFR, the North American region is anticipated to account for the highest revenue share across the global ridesharing market over the assessment timeframe. The region has leading players such as Uber and Lyft, the ride-hailing giants in the region, which is the primary aspect causing an upsurge in the regional market’s growth. Various ridesharing and car rental organizations are partnering to lower the congestion and traffic and have marketed the growth of ridesharing systems in the region.

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The ridesharing market for the Asia-Pacific region will likely record a massive growth over the assessment timeframe. The growing threat of air pollution in countries across the region is the primary aspect boosting the regional market’s growth. China is the top revenue pocket across the regional market. On the other hand, India is subjected to the use of car-sharing given the rise in the middle-class population who prefer not to own a vehicle due to high maintenance costs.

COVID-19 Impact

The global COVID-19 pandemic has had a significant impact on the majority of the market sectors across the globe. The global health crisis has dramatically influenced regular human life. Several governments across the globe imposed partial or complete lockdowns in order to curb the spread of the disease. The global ridesharing market is no different than others. Manufacturing, construction, and transport are some of the most impacted market sectors. Given the travel restrictions imposed across most regions worldwide, the global ridesharing market faced several unexpected challenges in recent times. In addition, amid the fears of the spread of the disease, owning cars and rental cars have become the global market trend. 

However, with the fall in the number of cases globally, the global economy is getting back on track. With people stepping out more now, the global ridesharing market will likely increase over the coming years.

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Ride-Sharing Market Competitive Analysis

Dominant Key Players on Ride Sharing Market Covered are:

  • Careem (UAE)
  • Uber Technologies Inc. (U.S.)
  • ANI Technologies Pvt. Ltd. (India)
  • Didi Chuxing Technology Co. (China)
  • Cabify (Spain)
  • Taxify (Estonia), Lyft Inc. (U.S.)
  • GrabTaxi Holdings Pte. Ltd. (Singapore)
  • car2go (Germany)
  • OLA, Gett (Israel)

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