USD 85.8 billion
Ride Sharing Market Size, Share, Growth Analysis, By Service Type(Car Sharing, E-Hailing, Car Rental, Station-based Mobility), By Vehicle Type(ICE Vehicle, Electric Vehicle, LPG or CNG Vehicle, Micro-mobility (Bike/Bicycle), By Data Service(Information, Navigation, Payment, and Other), By Distance(Short Distance, Long Distance), By Type(P2P Car Sharing, Corporate Car Sharing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2200 |
Region:
Global |
Published Date: July, 2024
Pages:
261
|Tables:
145
|Figures:
78
Ride Sharing Market Insights
The Global Ride Sharing Market size was valued at USD 86.00 Billion in 2022 and is poised to grow from USD 99.59 Billion in 2023 to USD 322.01 Billion by 2031, at a CAGR of 15.8% over the forecast period (2024–2031).
The ride sharing market is witnessing remarkable progress driven by the increasing number of companies that offer transport services via digital platforms, making it convenient for consumers to book their rides in less time and travel safely. This is notably impacted by the growing urbanization, increasing penetration of smartphones and the internet, and consumer inclination towards cost-effective travel options. However, despite this growth, the market is negatively affected by a few security and safety issues like background checks, and passenger and driver safety. Confirming effective and detailed background checks for drivers is crucial but may be difficult to deploy uniformly. Yet, growth of the developing economies and growing spending power of consumers are offering opportunities for the growth of the ride sharing market.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
ICE Vehicle
Fastest Growth
ICE Vehicle
Growth Rate
16.6% CAGR
Country Share for North America Region (%)
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Ride Sharing Market Segmental Analysis
The Global Ride Sharing Market is segmented by Service Type, Vehicle Type, Data Service, Distance, Type, and Region. Based on Service Type, the market is segmented into Car Sharing, E-Hailing, Car Rental, and Station-based Mobility. Based on Vehicle Type, the market is segmented into ICE Vehicle, Electric Vehicle, LPG or CNG Vehicle, Micro-mobility (Bike/Bicycle, Scooters, Other). Based on Data Service, the market is segmented into Information, Navigation, Payment, Other. Based on Distance, the market is segmented into Short Distance, and Long Distance. Based on Type, the market is segmented into P2P Car Sharing, Corporate Car Sharing. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Service Type
Based on service type, the ride sharing market is categorized into car sharing, e-hailing, car rentals, and station-based mobility. The e-hailing segment held the majority share of the market in the previous years and will continue to lead over the estimated period owing to its convenience and increased adoption. E-hailing mobile applications enable consumers to quickly and easily book rides, offering a user-friendly and a seamless experience. This service type also offers user multiple ride options, comprising shared rides, premium, and budget, and more fulfilling different needs of customers. These factors will propel the segment growth over the coming years.
On the other hand, the car sharing segment is expected to hold a significant market share over the estimated period owing to its flexibility for customers. Car sharing comprises rental of cars to users for short time, for example, if users need to travel to any place for a few hours or for the entire day, car sharing option is highly suitable to book the vehicle accordingly. The growth of the segment is attributed to the flexibility and cost-effectiveness offered, offering convenience to customers who need a car for less periods of time and not regularly.
Analysis by Distance
Based on distance, the short-distance segment registered or the larger market share in the past years and is expected to lead over the forecast period as well owing to its frequent use and growing preference by consumers. Short distance rides are very common and satisfy the growing needs of users, such as traveling in the city itself, for shopping purposes, or travel to some places of interest at reasonable prices. The expanding volume of short-distance rides because of the convenience like ease and quick booking via smartphones is fueling the growth of the segment.
The long-distance segment is expected to be the fastest-growing segment owing to the growing demand and a greater revenue portal. Long distance rides like travel within the city are gaining huge popularity since ride sharing businesses are expanding their services to encompass wider geographic locations and provide long distances to consumers. These trips also provide higher revenue per ride than short distance segment owing to larger distance covered and high fare rates. These factors will help the segment grow considerably in the future.
Global Ride Sharing Market By Vehicle Type (%)
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Ride Sharing Market Regional Insights
Region-wise, the North America region held the majority share of the market in the past year and will continue to lead in future as well owing to the well-established market and early adoption. The region is home to a larger number of rides sharing vendors including Lyft, Uber, and more, which have a significant and strong consumer base and market presence. Well-established technological and transport infrastructure is also aiding the growth of the market in North America. Furthermore, heavy penetration of smartphones and the internet is facilitating the broader adoption of ride sharing applications. Strong consumer demand for such options is another driving factor of the market in the region. The key market players operating in North America include Uber, Lyft, Wingz, GoKid Corporation, Curb Mobility, and more.
The market in Asia-Pacific is expected to showcase significant growth in the coming years owing to the growing population urbanization and penetration of smartphones. Asia-Pacific is speedily urbanizing cities with growing population that creates notable demand for effective and convenient transport solutions. Also, the growing middle-class population in India and China is fueling the spending on convenient solutions like ride sharing. Furthermore, Asia-Pacific is a hub for innovations in ride sharing, comprising improvements in mobile applications and in-built payment systems. These factors are propelling the market growth in the region, thus the market growth.
Global Ride Sharing Market By Region
- Largest
- Fastest
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Ride Sharing Market Dynamics
Drivers
Innovations in App Technology and Use of AI and Data Analytics
- The growing use of smartphones is notably aiding the installation of several rise sharing applications. They streamline easy accessibility to these apps and make bookings highly convenient. Improvements in applications like smooth payment options, real-time tracking, and user-friendly interfaces improve overall experience for customers. Companies are also actively using AI and advanced data analytics to predict demand, enhance routes, and for better operational efficiency.
Sustainability and Environmental Concerns
- Growing awareness regarding environmental concerns leads to ride sharing businesses investing in hybrid and electric vehicles, attracting eco-conscious customers. Recently, there have been a major number of ride sharing and carpooling options for customers since they help reduce the vehicle number on road, supporting less environmental impacts.
Restraints
Legal and Regulatory Challenges
- Ride sharing companies are witnessing a complex regulation landscape that differs from country to country or state to state, and in cities. This leads to operational barriers and compliance prices. Moreover, strict licensing needs and mandatory insurance may give rise to operational costs and result in additional expenses and uncertainties.
Driver Associated Issues and Income Volatility
- Maintaining satisfied and stable driver personnel could be difficult for ride sharing companies, essentially in the scenario of low pay scales, increasing operational costs, and growing job insecurity. Drivers mostly face variating prices because of dynamic pricing and variable demand which could affect their job stability and job satisfaction.
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Ride Sharing Market Competitive Landscape
The global ride sharing market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Ride Sharing Market Top Player’s Company Profiles
- Uber Technologies, Inc.
- Lyft, Inc.
- Didi Chuxing Technology Co., Ltd.
- Grab Holdings Inc.
- Ola Cabs
- BlaBlaCar
- Careem
- Gett
- Go-Jek
- Bolt (formerly Taxify)
- Cabify
- DiDi Express
- Easy Taxi
- Free Now
- Jugnoo
Market Recent Developments
- In April 2024, BlaBlaCar announced that it gained Euro 100 million spinning credit facility. This will offer it a novel war chest to decide to keep driving for growth and the future, comprising via acquisitions.
- In July 2024, Bolt introduced a convoy of Tesla ride hailing transport cars in 10 European cities to speed up the adoption of EVs. Bolt will co-finance the initial convoy of 350 Tesla cars in alliance with local owners of fleet and will plan to scale up the activity in 2025.
- In May 2024, Bolt, a prominent ride sharing business, emphasizes innovation and security for customers and drivers. It was discovering 2FA delivery option through rich media channels for offering branded experience. It selected RCS business messaging, with backup SMS channel for unified omni-channel solution via Infobip, a global communication platform.
Ride Sharing Key Market Trends
- Growing Adoption of E-Bike Sharing: E-bikes can travel 15mph/per hour and provide different assisted pedaling levels, which is regarded as a perfect means to travel within the city. These bikes can appeal to a larger demographic than the ones who prefer riding bikes. They offer better load-carriage capacity and have permission to be driven on roads. They offer trip flexibility, like smart lock technology, GPS tracking, thus eliminating the need for reliance on set docking stations.
- Growing Trend of Micro-Mobility Services: Services like shared bikes, shared e-scooters, shared-e-bikes are called ‘micromobility’. These services have recently gained popularity in well-established and developing cities across the globe owing to their environmental benefits and convenience. Moreover, with the growing urbanization, most trips individuals prefer this category, so travelers are the leading users of scooters and bikes.
Ride Sharing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, increasing traffic congestion and technological advancements are fueling the market growth. However, economic fluctuations and technology and infrastructure limitations are a few obstacles that affect market growth. North America is anticipated to dominate the market owing to strong consumer demand, growing investments and innovations, and diverse service offerings. Moreover, the growing integration with public transport, enhanced customer experience, and collaborations and partnerships are a few opportunities for the growth of the ride sharing market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 86.00 Billion |
| Market size value in 2031 | USD 322.01 Billion |
| Growth Rate | 15.8% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ride Sharing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ride Sharing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ride Sharing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ride Sharing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ride Sharing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ride Sharing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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