The global ride-sharing market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated market size of USD 85.8 billion in 2021 to USD 185.1 billion by 2026. The ride-sharing market has gained popularity over the past few years because companies are trying to make transportation more reliable, convenient, enjoyable, and safe. The prime purpose of such transportation is to reduce emissions, vehicle trips, and traffic congestion. Ride-sharing allows getting rid of vehicle ownership, maintenance, and component replacement costs, which makes it more popular among the millennials. The initial factors such as inconvenience caused by using public transport, unavailability of first & last mile transportation, and rising awareness among people regarding air pollution are currently driving the demand for ride-sharing, predominantly e-hailing.
Increasing the daily commute of passengers for short-distance city travel, constantly increasing fuel prices, deteriorating public transport services, and growing day-to-day traffic jams in urban cities are prompting the growth of the ride-sharing market. Various ride-sharing options, such as e-hailing, carpooling, or micro-mobility services, such as bicycle/e-bike, electric mopeds, scooters, etc., support this growing market. Further, increasing internet and smartphone penetration, especially in developing nations such as China, India, Indonesia etc. at lower cost, enable easy and convenient access to these services over smart gadgets, which acts as another driving factor for the ride-sharing industry.
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Car sharing segment is projected to grow at a faster rate during the review period
Car sharing will grow rapidly in the ride-sharing market at a global level. It is a convenient and affordable mobility service where multiple participants commute together and share costs. It significantly reduces travel costs, traffic congestion, and lower emissions. Car sharing is primarily designed for shorter time travel and one-way commute trips. The growth factors are the rising daily commute to workplaces and an increased need to save fuel, which gets wasted during congestion. Providing a ride to colleagues and commuters heading along the same route is expected to fuel the demand for car sharing. Some key players in the car-sharing market are BlaBlaCar, Togo, Talixo, Car2go, and DriveNow.
ICE vehicles dominate the market in the global ride-sharing industry
IC engine vehicles have the largest market as the ride-sharing industry is dominated by IC engine vehicles as they are cost-effective to purchase, operate, and maintain. ICE vehicles use various models such as e-hailing, car sharing, and car rental type services. In e-hailing, drivers opt for these vehicles as they can be refueled easily, and the availability of fueling stations is also abundant. Car sharing is mostly done with the owned vehicle, and most people own ICE vehicles only. Car rentals use ICE vehicles as it is majorly used for long-distance, and electric vehicles cannot provide that long-range without charging in the present scenario. However, with growing focus on carbon emissions and saving fossil fuels would prompt the growth of electric vehicles, which is speculated to reduce the share of ICE vehicles in the ride-sharing market in the coming years
Navigation technology dominates the data service segment for ride-sharing
Navigation guides drivers and passengers regarding location and route. Also, mapping and traffic data provide a better user experience. Availing and maintaining these services is costly, and ride-sharing companies are working toward increasing profitability; it would be beneficial for them to develop their own services to save costs. For instance, Uber has its navigation app, called Uber Nav, built for its driver application. Uber aims to simplify the process for its drivers with its built-in GPS app. Uber Nav is compatible with any smart device that can run the Uber app. The use of navigation services is imperative for ride-sharing. Thus, the increasing number of ride-sharing service users influences the demand for navigation data services in future
North America is estimated to be the second-largest regional ride-sharing market
North America is dominated by counties such as US and Canada. The North American ride-sharing market is growing because of the increasing collaborations between OEMs and ride-sharing service providers across the region, surging internet penetration, increasing millennials preference for these services, and developing semi-autonomous and autonomous vehicles. Some other factors that would positively impact the market are rising concerns over air pollution levels and growing investments by several major players in the market. The major organizations in the region, such as the US Department of Transportation Research and Innovative Technology Administration (RITA), are focusing on R&D in the field of smart public transportation. With the increasing population, the dependence on public transit is very high in North America, resulting in a huge requirement for an effective ride-sharing management system. North America has the presence of many major ride-sharing players, such as Uber, Lyft, Waze, Bird, Lime, and Avis.
Key Market Players:
Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore). These companies adopted new product launches and expansion to gain traction in the ride-sharing market.
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