Ride Sharing Market was valued at USD 100.55 Billion in 2022, and it is expected to reach USD 305.43 Billion by 2029, exhibiting a CAGR of 17.2 % during the forecast period (2023-2029)
Ride Sharing Market Overview
As per Maximize Market Research, a global business research and consultancy firm, the total global market for “Ride Sharing Market” was USD in 2022 and is expected to grow at a CAGR of percent over the forecast period to reach USD by 2029.
Ride Sharing Market Dynamics
Internet and smartphone penetration are rising: The rapid adoption of smart devices like smartphones and smart wearables, as well as the rising use of internet data, have created several opportunities for ride sharing services throughout the world, hence accelerating the expansion of the global ride sharing industry. Internet access is a prerequisite for using ride-hailing services. To get ride information and guidance, users must use the internet to download ride-providing apps to their cellphones. For V2V communication, navigation, and telematics to function successfully, internet access is necessary. The smartphone applications also provide a variety of security precautions, including the driver’s name, number, and picture, the vehicle’s number, route-tracing information, and records of prior travels.
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Ride Sharing Market Scope and Methodology
The report comprehensively assesses the Ride Sharing market’s size estimation, encompassing existing and upcoming trends. It delivers an extensive examination of pivotal advancements, marketing tactics, supply and demand indicators, and profiles of market proprietors, leaders, potential contenders, and new entrants. Employing a bottom-up approach, the report estimates the Ride Sharing Market. Primary data sources involve interviews with notable industry experts, business owners, and marketing specialists, while secondary sources encompass financial reviews and annual reports of top manufacturers. For comprehensive insights into market penetration, competitive landscape, demand analysis, and regional evaluation, the study spans local, regional, and global levels.
Ride Sharing Market Regional Insights
The Ride Sharing market exhibits extensive categorization across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Regional Analysis furnishes the current status of the Ride Sharing market within the countries covered. This report offers a comprehensive assessment of factors, market dimensions, growth rates, and regional import-export dynamics.
Ride Sharing Market Segmentation
The e-hailing segment will dominate the global market over the forecast period based on Type. E-hailing ride providers carry customers by hiring or engaging a private driver. Additionally, there is a growing demand for e-hailing services as a result of increased government efforts to raise public awareness about air pollution, passenger comfort, escalating traffic congestion, and booking convenience. With e-hailing ride services, trips are reserved in advance and paid for via a smartphone app developed by the transportation network business. Major players in the ride-hailing market include Uber, Ola, Lyft, and Gett. For instance, the largest ride-hailing service in Brazil, 99, is purchased by Didi Chuxing, a leading ride-hailing company. The company invests in smart transportation services through activities and partnerships.
P2P segment led the market in 2022 and is anticipated to continue dominating during the forecast period, according to business model. P2P car sharing is a type of vehicle sharing where people lend out their cars to other travelers. The P2P model also keeps the owner in the automobile for the duration of the trip. Automobile peer-to-peer sharing is becoming more and more popular. Driving in a car turns into an expensive asset for the owner; one might cut costs by dividing gas expenditures while driving or by charging the customer appropriately. Peer-to-peer vehicle sharing is primarily driven by accessibility, cost reductions, and improved mobility options.
Ride Sharing Market Size and Forecast, by Service Type (2022-2029)
1. E-hailing
2. Car sharing
3. Station-based mobility
4. Car rental
Ride Sharing Market Size and Forecast, by Business Model (2022-2029)
1. P2P car sharing
2. Corporate Car Sharing
Ride Sharing Market Size and Forecast, by Vehicle Type (2022-2029)
3. Sedan/Hatchback
3. UV
3. Van
4. Buses & Coaches
5. Bikes
6. Electric Vehicle
Ride Sharing Market Size and Forecast, by Target Audience (2022-2029)
1. Corporate
2. Families
3. Daily commuters
4. Others
Ride Sharing Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Ride Sharing Market Key Players
• Uber Technologies Inc (US)
• Lyft, Inc (US)
• Wingz, Inc (US)
• Curb Mobility (US)
• GoKid Corporation (US)
• Via Transportation, Inc. (US)
• Hertz Corporation (US)
• AVIS Budget Group (US)
• Hitch Technologies, Inc (US)
• Flywheel (US)
• Ziro (US)
• Alto (US)
• Turo (US)
• BlaBlaCar (France)
• Gett (UK)
• Cabify (Spain)
• Bhuumi Ride (India)
• OLA Cabs (India)
• DiDi Global Inc (China)
• Grab (Singapore)
• Bridj (Australia)
• Bolt Technology OÜ (Estonia)
• GO-JEK (Indonesia)
• Angkas (Philippine)
• SafeBoda (Uganda)
Key questions answered in the Ride Sharing Market are:
- What is Ride Sharing?
- What was the Ride Sharing market size in 2022?
- What are the different segments of the Ride Sharing Market?
- What growth strategies are the players considering to increase their presence in Ride Sharing?
- What are the upcoming industry applications and trends for the Ride Sharing Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Ride Sharing Market?
- Who are the key players in the Ride Sharing market?
- What segments are covered in the Ride Sharing Market?
- Who are the leading companies and what are their portfolios in Ride Sharing Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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