Market Research Future Insights
According to MRFR analysis, the global Ride Sharing Market is expected to register a CAGR of ~ 16.7%from 2021 to 2030 and hold a value of over ~USD 343.35 billion by 2030.
Ridesharing is the latest concept in the mobility market that has expanded huge popularity in the field of car-hailing, car-sharing, and carpooling. The ride-sharing mechanism works with people’s contribution and takes rides at the driver’s convenience.
Many apps have been developed by firms around the world in which a car driver or any other vehicle driver can propose a ride and other users can avail of the bid as per the route and price well-defined by the driver. The ride-sharing makes short drives and long drives easier by presenting one-way and two-way rides. Many economically developing countries are creating use of car riding services due to the people’s inability to have their vehicles. People can travel over distances with ease and comfort at a minor cost.
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The automotive and transportable industry has witnessed a steep downfall in the number of consumers and commuters owing to the novel coronavirus. The new policies and norms forced by the government to support social distancing and hygiene procedures will pose a new challenge to the market. The panic and fear among people regarding the feast of infection during traveling can further spoil the development of the market during the COVID-19 pandemic. The escaping of cab services during the epidemic will directly affect and produce new obstacles to the growth of the market.
Regional Analysis
North America holds the spot of market-dominant in the ride-sharing system. The North American market is driven by firms like Lyft and Uber which as the ride-hailing giants in the region, Different car rentals, and ride-sharing establishments partnering to decrease traffic and congestion have marketed the progress of ride-sharing systems in the region.
With the growing threat of air pollution in Asia-Pacific countries, the ride-sharing market is projected to witness ample growth in the region. China is the main leader in promoting ride-sharing systems in the Asia-Pacific region. India on the other hand, is exposed to the use of car-sharing owing to an upsurge in middle-class people who prefer not to own a vehicle due to high cost and high upkeep costs.
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Market Segmentation
The global Ride Sharing Market has been segmented into product type, application, and end user.
Based on service type, The global Ride Sharing Market has been segmented into E-hailing, Car Rental, Car Sharing, and Station-based Mobility. E-hailing is projected to grow as the largest revenue contributor during the analysis timeframe due to the growing demand for e-hailing services because of rising traffic congestion, effortlessness of booking, and a higher level of coziness to the passengers.
Based on membership type, The global Ride Sharing Market has been segmented into fixed ridesharing, corporate ridesharing, and dynamic ridesharing. Corporate ride-sharing is projected to be the fastest rising segment during the imminent years because of increasing subscriptions from multinational firms to avail the ride-sharing services for the commutation of their employees.
Key Players
Some of the key market players are ber Technologies Inc. (U.S.), Cabify (Spain), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Lyft Inc. (U.S.), ANI Technologies Pvt. Ltd. (India), OLA, Didi Chuxing Technology Co. (China), and car2go (Germany)
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