Ride Sharing Market Size, Trends & Analysis - Forecasts to 2026
Ride Sharing Market Insights
The global ride sharing market is estimated to witness a high CAGR during the forecast period (2019-2026). Growing demand for personal mobility and raising urbanization is driving the market growth. Increasing penetration of smart devices, such as smartphones, tablets, and others is projected to drive the market during the forecast period. The increased demand for cost-saving and time-saving transport is also driving the market. The complex transport policies of different countries and traditional tern sport services are likely to hamper the market growth during the forecast period.
By Service Type
On the basis of service type, the global ride sharing market is segmented into E-hailing, station-based, car-sharing and car rental. The e-hailing service type is expected to hold the largest market share during the forecast period. E-hailing is a process of booking a car, taxi, limousine, or any other form of transportation pick up by virtual devices such as computer or mobile device. Growing usage of smart phone along with increased number of ride sharing applications is also expected to propel the market growth during the forecast period. Car sharing segment is expected to grow at a significant CAGR during the forecast period. Also, fluctuations in oil prices across the globe is driving the market growth.
By Car Sharing
On the basis of car sharing, the market is segmented into P2P car sharing and corporate car sharing. P2P segment is expected to hold the significant market share during the forecast period. The P2P business model engages vehicle owner and commuter through a mobile app enabling a ride sharing, while accepting online payments from the commuters. Increasing number of startups venturing in platforms enabling peer-to-peer ride sharing is also driving the demand for P2P segment.
By Data Service
Based on data service, the ride sharing market is segmented into information service, navigation, and payment service among others. Navigation service segment is dominating the market and is projected to grow at a high CAGR in terms of revenue during the forecast period. Navigation system guides drivers and passengers regarding route and location. Navigation helps in mapping traffic for a better user experience. The use of navigation service is imperative for ride sharing service. Increasing number of ride sharing service users driving the demand for ride sharing data services.
By Vehicle Type
On the basis of vehicle type, the ride sharing market is segmented into ICE (Internal combustion engine) vehicle, CNG/LPG, electric vehicle, and micro mobility vehicle among others. The CNG/LPG is estimated to account for the largest market share, in terms of volume, during the forecast period (2019-2026). The eco-friendly nature and low price of fuel compared to petrol and diesel is some of the major factors driving the demand for CNG/LPG segment. Stringent government rules and regulation on pollution control is also driving the market growth. The electric vehicle industry is estimated to grow at the highest CAGR between 2019 and 2026, in terms of value.
North America is expected to grow at a significant market share in the ride sharing market during the forecast period. Presence of developed nations such as U.S. and Canada is driving the market. Presence of leading ride sharing players including Uber, Lyft, Lime, and Herts among others is driving the market. Asia Pacific region is expected to grow at the high CAGR during the forecast period. Rapid urbanization and growing number of cities in the region is driving the market. The region is home to the two largest countries in terms of population - China and India. China is already dominating the ride hailing market and is anticipated to witness rapid growth in ride sharing over the forecast period.
End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase. The key end-users of the markets are corporate offices, and employees among others.
The report contains a chapter dedicated to vendors operating in the Ride Sharing market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Ride Sharing Market Share & Competitor Analysis
Some of the key players operating in the Ride Sharing market are Uber, Lyft, DiDi, Grab, Gett, Ola, BlaBlaCar, Lime, and Herts among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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The global Ride Sharing Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Ride Sharing Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies.
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