December 5, 2019

US Ride Sharing Market

Ride Sharing Market Research Report – Global Forecast till 2023

Ride sharing plays an integral role in enhancing the passenger experience. The global ride-sharing market depends on this factor significantly, which is expecting substantial growth during the forecast period (2018-2023), reveals Market Research Future (MRFR). Ride sharing includes services such as carpooling, and car-hailing has emerged as a concept has gained much traction in the mobility market in recent years, which contributes to the market growth considerably.

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Market Drivers & Challenges

The factors such as rising fuel prices, lack of parking spaces and mounting traffic and congestion, predominantly in metro cities, have had a positive impact on the growth of the ride-sharing market. The study reveals that some developing countries lack proper public transport systems, which has further boosted the demand for ride-sharing and carpooling services. Such situations have also influenced the market constructively and have raised the market valuation at present. With this, the growing regard of electric vehicles for ride-sharing is anticipated to propel growth in the coming years.

At the same time, the service that rideshare offers such as one-way or two-way transportation on short notice has convinced the consumers for a comfortable ride. Apart from this, the concept also includes car-sharing, in which two or more passengers travel in the same vehicle, at the same time has also regulated the importance of ridesharing in a significant way. By these factors, the ride-sharing has witnessed tremendous growth in developing economies owing to consumer’s inability to own a vehicle. Such service offers the convenience of travelling comfortably at a lower cost in comparison to travelling in their car. These factors have profoundly impacted the global market of ride-sharing with availing high valuation and is expected to reach more during the assessment period.

On the flip side, the safety-related concerns in sharing rides with unknown passengers could pose a risk to the market’s growth. Numerous unpleasant incidents during ride-sharing have also been witnessed recently, which has risen people’s hesitation towards using these services in some regions. These factors could restrain the market from expanding in the other areas, yet the companies are into action in minimizing the hindrance factors to offer more comfortable travel for the customers in the future.

Market Segmentation

The worldwide ride-sharing market in MRFR’s study has been segmented by type, vehicle type, and business model.

In terms of type: E-Hailing, Car Rental, Car Sharing, and Station-Based Mobility are the segments.

In terms of vehicle type: ICE Vehicle, CNG/LPG Vehicle, and Electric Vehicle are the segments.

In terms of the business model: P2P, B2B, and B2C are the segments.

Regional Framework

Geographically, the global ride-sharing market study is conducted among the key four regions, namely Europe, Asia-Pacific, North America, and the Rest of the World.

Among these, North America is likely to occupy a significant market share in the global ride-sharing market. The market in the U.S. leads in a highly consolidated way as to ride-hailing giants like Uber and Lyft together share a majority of market share. Considerable agreements between corporations and ride-sharing companies to reduce traffic congestion and control pollution from vehicle emissions have also been the foremost driving factors of the market in this region.

The market is projected to observe the highest growth in the Asia Pacific region, over the anticipated period. The countries such as Japan, China, and South Korea are at the forefront of this growth in this region. The factors of air pollution and parking space problems have propelled the governments of these countries, especially China, to endorse the concept of ride-sharing and carpooling. The market is also expected to observe spectacular growth in India, which is characterized by an elevated concentration of middle-class population incapable of owning private vehicles.

Market Players

The high-flying players in the global Ride-Sharing Market listed as Gett (Israel), Lyft, Inc. (U.S.), Cabify (Spain), Didi Chuxing Technology Co. (China), Uber Technologies Inc. (U.S.), Careem (UAE), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), ANI Technologies Pvt. Ltd. (India), and car2go (Germany).

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