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The Ride Sharing Market size is projected to grow by USD 180.02 billion, at a CAGR of 26.35% from 2023 to 2028. The market is experiencing significant growth, driven by several key factors. These include escalating vehicle ownership costs, worsening traffic congestion, and advancements in navigation technologies. Ride-sharing platforms offer a range of services, including carpooling, shared rides, standard private rides, and premium options. Users can select the vehicle type and level of service that caters to their specific preferences and requirements. This comprehensive market analysis and report delve into the drivers, trends, and challenges shaping this dynamic industry.
The market share growth by the individual segment will be significant during the forecast period. The individual segment accounted for the highest share of the global market in 2020, owing to the working model of ride-sharing.
The individual segment was valued at USD 44.58 billion in 2018. The impact of technology on ride-sharing significantly shapes its dynamics. Unlike on-demand cab services like Ola, ride-sharing entails a pre-planned approach. Partnering with ride-sharing companies, private car owners provide rides to commuters seeking a more cost-effective travel option. Ride-sharing involves drivers picking up passengers and navigating towards their destination. If another rider requests a ride along the driver's route, they can accommodate the additional passenger, dropping them off en route. This efficient model benefits both riders and drivers, making travel more economical and streamlined. Such technological advancements are poised to fuel growth in this segment throughout the forecast period.
APAC is estimated to contribute 45% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period. APAC captured the highest share of the global market in 2020. The increasing number of cities and population growth in developed and developing economies have created a demand for deploying a smart transportation network system. The growing middle-class population, growth in urbanization, and growing consumer emphasis on health and fitness have been further contributing toward the growth of the market in the region. The growth in urbanization has led to a more working population that needs a medium to commute for their transport. Thus, the market is expected to grow during the forecast period.
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The ride-sharing market is a dynamic and evolving sector in the transportation industry, driven by the increasing adoption of smartphone technology and Internet connectivity. Waze, Carma, eRideShare, CarpoolWorld, BlaBlaCar, Liftshare, and MaaS are some of the key players offering innovative solutions to reduce vehicle trips and mitigate traffic congestion. These platforms facilitate carpooling and ride-sharing, enabling millennials and commuters to save on transportation costs and reduce greenhouse gas emissions. Daimler, Gett, and Bolt Technology OU are other major players in the market, leveraging GPS navigation and V2V communication to provide efficient and eco-friendly transportation solutions. The integration of e-hailing services and the rise of Mobility as a Service (MaaS) have further propelled the growth of the ride-sharing market. However, concerns over emissions and air pollution remain a challenge, with companies focusing on sustainable practices and alternative fuel vehicles to address these concerns. Overall, the market is poised for significant growth in the coming years, offering a viable alternative to traditional public transport and personal vehicle ownership.
The increasing traffic congestion is notably driving the market. The factors responsible for a global rise in traffic congestion are a rapidly growing population, increasing GDP per capita, a surge in the working women population, and exponential growth in urbanization. This trend is further exacerbated by issues such as car ownership, traffic, environmental concerns, the adoption of ridesharing services, reliance on digital networks and smartphones, and inadequate public transportation systems. The escalation in global traffic congestion is attributed to several factors, including a burgeoning population, rising GDP per capita, an increasing demographic of working women, rapid urbanization, and the cost of owning a car, financing, gasoline, upkeep, registration/taxes, and maintenance & repair.
Moreover, the surge in affordable entry-level cars, motor/electric bikes, and accessible loans offered by financial institutions adds to this congestion. The inclination toward such sharing services is anticipated to rise significantly in the forthcoming years, thereby stimulating market within the micro-mobility services and carpooling market during the forecast period. Furthermore, other factors include the increase in the number of affordable entry-level cars and motor/electric bikes, coupled with low-interest loans by financial institutions. Hence, such factors are driving the market during the forecast period.
The rising adoption of dockless bike-sharing services is an emerging trend in the ride-hailing services market. In recent years there has been a rise in the number of dockless bikes. Dockless bikes can be picked up and dropped off anywhere without the need for parking or dock stations.
Further, as these bikes come with GPS sensors there are fewer chances of them being stolen or damaged. These sensors can be easily tracked, and the location of a bike can be found without any difficulty. Thus, the rising adoption of dockless bike-sharing services is expected to be a crucial driver for the market during the forecast period.
Risks of theft and the need for frequent maintenance are major challenges impeding the market. Various companies are facing challenges irrespective of installing sophisticated security mechanisms in bikes, which are expected to impede the growth of the market during the market forecast period. The widespread theft issues are resulting in a scarcity of bicycles, which customers have started complaining about on social media. A deficit in the number of bicycles available over the actual count shown in the app is leaving customers dissatisfied.
Furthermore, companies send bicycles for maintenance more frequently due to careless and improper riding practices, frequent falls, and numerous other reasons. Hence, the aforementioned factors are expected to hinder the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Quickride.in -The company provides a range of transportation options including carpooling, bikepooling, and taxi services. Notably, within these offerings, the carpooling service stands out as the dominant force in the carpooling market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market is revolutionizing the way we commute, leveraging GPS navigation and smartphone technology to offer e-hailing services that provide convenience and efficiency. Waze, Carma, eRideShare, CarpoolWorld, BlaBlaCar, Liftshare, Commute with Enterprise, Avolon-e, and Gett are some of the key players in this market. Ride sharing offers a greener alternative to traditional transportation methods by reducing vehicle trips and traffic congestion, thereby decreasing greenhouse gas emissions. Internet connectivity and V2V communication enable real-time traffic updates and dynamic route planning, making ride sharing an attractive option for millennials and those seeking to avoid public transport. Mobility Service Providers (MSPs) have expanded their offerings to include eCommerce services, such as food delivery and last-mile delivery, further boosting the market's growth.
Further, the business models of these MSPs are evolving, with some exploring autonomous ridesharing and partnerships with OEMs to improve passenger comfort and profitability. However, the market faces challenges, including trust issues, losses due to competition and component replacement costs, and sustainability concerns. The transportation industry's shift towards ride sharing is a significant trend, and MSPs must navigate these challenges to ensure long-term profitability and success. Didi's presence in the transport network and car sharing market highlights its role in the micro-mobility segment, influencing revenues and data services in the short-distance bicycle segment of the micromobility market.
Industry Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.35% |
Market growth 2024-2028 |
USD 180.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
23.41 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
China, US, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANI Technologies Pvt. Ltd., Avis Budget Group Inc., Bolt Technology OU, Cabify Espana SL, Comuto SA, Curb Mobility LLC, DENSO Corp., Enterprise Holdings Inc., Grab Holdings Ltd., GT Gettaxi UK Ltd., Hertz Global Holdings Inc., Ibibo Group Pvt. Ltd., iDisha Info Labs Pvt. Ltd., Lyft Inc., My Taxi Indi, PT GoTo Gojek Tokopedia Tbk, Share Now GmbH, TomTom NV, Uber Technologies Inc., and Via Transportation Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecasting period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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