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At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Ride Sharing Market. We are working diligently to help companies take rapid decisions by studying:
- The impact of COVID-19 on the Ride Sharing Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
- The rapid shifts in the strategies of the Top 50 companies in the Ride Sharing Market
- The shifting short-term priorities of the top 50 companies’ clients and their client’s clients
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According to the recent report “Ride Sharing Market by Type (E-hailing, Station-Based, Car Sharing & Rental), Car Sharing (P2P, Corporate), Service (Navigation, Payment, Information), Micro-Mobility (Bicycle, Scooter), Vehicle Type, and Region – Global Forecast to 2025“published by MarketsandMarkets™, The ride sharing market is projected to grow at a CAGR of 19.87% from 2018 to 2025, to reach a market size of USD 218.0 billion by 2025 from USD 61.3 billion in 2018.
The major drivers of this market include the growing need for personal mobility in the wake of rising urbanization and a fall in car ownership. Also, growing Internet and smartphone penetration and stringent CO2 reduction targets are leading to the high growth of the ride-sharing market. The factors which restrain the market are resistance from traditional transport services and complex transport policies of different countries.
The Ride Sharing Market is dominated by global players and comprises several regional players. Some of the key players in the ridesharing market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).
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Electric vehicles and autonomous cars to create disruption in the ride-sharing market in the future
The growth is attributed to the existing lower penetration of such vehicles in the ridesharing fleets, favorable government policies, improving charging infrastructure, and growing awareness about CO2 emission. At the initial stage, ride sharing with electric vehicles would be costly as it is difficult to operate and maintain. However, in the future, it would be beneficial for the driver as well as the customer. Based on calculations, a full-time driver working can save an average of USD 5,000-5,500 per year in total vehicle expenses with an EV as compared to a typical gas vehicle. The service providers can leverage this opportunity by providing a suitable sustainability model of ridesharing with electric vehicles which could attract drivers and people to opt for the same. Additionally, the advent of autonomous cars augurs well for the growth of the ride sharing market. For instance, Waymo has driverless cars picking up passengers, while General Motors plans to roll out its service in 2019 and Ford indicates that it will have a self-driving fleet ready for ride-sharing by 2021. The introduction of fully autonomous cars to ride sharing fleets would drastically help to reduce overhead costs and increase profitability in the long term. According to Tesla, running an autonomous taxi will cost around USD 0.18 or less per mile. This challenges the USD 2- USD 3 cost per mile of the ride sharing companies.
Station-based mobility is projected to be the fastest-growing segment in the ridesharing market
Station-based mobility provides stacks and racks of vehicles at closely spaced intervals throughout a city; it is convenient and of low cost. Governments across the world incentivize Station-based mobility, and dedicated tracks are laid in various countries for the station to station mobility. Station-based mobility options are also important in smart city scenarios as small vehicles placed at strategic locations would help in solving the first-mile last-mile problem. The service providers can leverage this opportunity by providing more vehicles for station-based mobility in the form of bicycles, scooters, and even four-wheelers.
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Navigation service constitutes the largest data service for the ride sharing market globally
Navigation service has the largest market size in data service for the ridesharing market globally. Navigation guides drivers and passengers regarding location and route. Also, mapping and traffic data provides a better user experience. The use of navigation service is imperative for ride sharing service. Thus, the increasing number of ride sharing service users influence the demand for ride-sharing data services. Availing and maintaining these services is costly, and as ride-sharing companies are working toward increasing profitability, it would be beneficial for them to develop services of their own to save cost.
Asia Oceania to have the largest market size and Rest of the World region is expected to account for the fastest growth during the forecast period
The growth in the Asia Oceania market is attributed to the wide customer base due to a growing population and rising urbanization in emerging economies such as China and India. Factors such as increasing urbanization and rising traffic congestion are likely to drive the demand for ridesharing services. For countries such as India and China, the consumer preference is changing, and with the rising population, the need for ride-sharing is increasing to cater to the increase in the consumer basket. The key countries considered in RoW include Brazil, South Africa, and UAE. These countries have a well-established urban infrastructure. The ridesharing market is growing in the RoW region as countries such as UAE and Brazil are increasing their investment in urban infrastructure.
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