Ride Sharing Market Size To Expand at a Notable CAGR Of 10% During 2019 – 2023. Technological advancements in the automotive industry have been on the rise in the last five years. Newer concepts such as autonomous vehicles, connected cars and electric vehicles have been at the forefront of these developments. Ride sharing, which includes an online platform for booking rides, has also witnessed tremendous growth, in terms of revenue, in the last 2 to 3 years.
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Key Players Analyzed in Report are:
The prominent players in the global Ride Sharing Market include Uber Technologies Inc. (U.S.), Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), ANI Technologies Pvt. Ltd. (India), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany).
Ride Sharing Market Overview:
Growing congestion on roads, along with pollution emission from private vehicles has prompted people to opt for ride sharing and carpooling. This industry has some of the largest players operating globally, including Uber Technologies Inc., Lyft, Inc., and Didi Chuxing Technology Co., to name a few.
Factors such as improving public transport and resistance offered by existing local taxi services, particularly in emerging countries, could, however, pose a threat to the growth of this market. However, various incentives offered by major ride sharing companies and introduction of electric vehicles in the fleet have had a positive impact on the market.
Ride sharing, which includes services such as carpooling and car hailing, is a concept which has gained a lot of traction in the mobility market in recent years. It is a service that offers one-way or two-way transportation on short notice. This concept also includes car sharing, in which, two or more passengers travel in the same vehicle, at the same time. Ride sharing has witnessed a tremendous growth in developing economies due to consumer’s inability to own a vehicle. This service offers the convenience of travelling comfortably at a lower cost as compared to owning a vehicle and maintain it.
Scope of the Report
This study provides an overview of the global Ride Sharing Market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region.
Market Research Analysis
In terms of region, the global Ride Sharing market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for a substantial share of the market over the forecast period. This region is characterized by some of the developed countries in the world, such as the U.S. and Canada. These countries have stringent regulations regarding vehicle emissions, which has been a key factor driving the demand for ride sharing services.
The market in the Asia Pacific region, dominated by countries such as China, Japan and South Korea, is projected to witness the highest growth over the forecast period. The upcoming market in emerging countries such as India provides a huge opportunity for global the players to expand. This was evident from the expansion of Uber Technologies Inc., which has established itself as one of the major players in this country, in a short span of time.
Geographically, the global ride sharing market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for a significant market share in the global ride sharing market. The market in this region, dominated by the U.S., is highly consolidated with ride hailing giants such as Uber and Lyft together accounting for the majority of the market share. Agreements between corporations and ride sharing companies to reduce traffic congestion and control pollution from vehicle emissions have been major driving factors of the market in this region.
The market is projected to witness the highest growth in the Asia Pacific region, over the forecast period. Countries such as China, Japan and South Korea are at the forefront of this growth in this region. Air pollution and parking space problems have propelled the governments of these countries, especially China, to promote the concept of ride sharing and carpooling. The market is also expected to witness tremendous growth in India, which is characterized by a high concentration of middle-class population incapable of owning private vehicles.
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List Of Tables
Table 1 Global Ride Sharing Market: By Region, 2018-2023
Table 2 North America: Ride Sharing Market: By Country, 2018-2023
Table 3 Europe: Ride Sharing Market: By Country, 2018-2023
Table 4 Asia-Pacific: Ride Sharing Market: By Country, 2018-2023
Table 5 RoW: Ride Sharing Market: By Region, 2018-2023
Table 6 Global Ride Sharing Market, By Type, By Regions, 2018-2023
Table 7 North America: Ride Sharing Market, By Type, By Country, 2018-2023
Table 8 Europe: Ride Sharing Market, By Type, By Country, 2018-2023
Table 9 Asia-Pacific: Ride Sharing Market, By Type, By Country, 2018-2023
Table 10 RoW: Ride Sharing Market, By Type, By Country, 2018-2023
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