What is the global market size of Ride Sharing Market?

Global Ride Sharing Market size was valued at USD 85.8 billion in 2021 and is poised to grow from USD 100.04 billion in 2022 to USD 341.8 billion by 2030, growing at a CAGR of 16.6% in the forecast period (2023-2030).

Who are the key vendors in the Global Ride Sharing Market?

The competitive landscape of the ride-sharing market provides information by competitors. Included information includes an overview of the business, financials, revenue, market potential, investments in R&D, new market initiatives, regional presence, corporate strengths and weaknesses, product launches, product breadth and depth, and application domination. The data presented above only relates to the companies' market focus on ride sharing. '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', 'MyTaxi', 'Shebah', 'Sidecar', 'Via Transportation Inc.', 'Yandex Taxi'.

What is the key driver of Global Ride Sharing Market?

The demand for micro-mobility, that encompasses light vehicles such mopeds, bikes, scooters, and longboards, is increasing and will have a significant impact on market growth. Due to the demand for hassle-free ride options, commuters' awareness level of shared micro-mobility will generate market revenue at the same time.

What is the key market trend for Global Ride Sharing Market?

A growing trend in the market is the increasing utilization dock less bike-sharing services. There has been an increase in the number of docks less bikes in recent years. Without the need for parking or charging points, dock less bikes can be picked up and returned anywhere. These bikes are much less likely to be stolen or damaged because they have GPS sensors. The location of a bike can be determined easily by big ups to these sensors, that are simple to track. However, since constructing a dock or parking station is so very costly, vendors are concentrating on introducing more docks and fewer sharing bikes. The goal of this is to reduce the expense of docking and parking facilities while simultaneously improving user experience by making more bikes available in a given area. Therefore, throughout the forecast period, the growing utilization dock less bike-sharing services is expected to be a key market driver.

Which region accounted for the largest share in Global Ride Sharing Market?

Due to the large concentration of market vendors in the US, North America directs a majority of the global ride-sharing market revenue share. In addition, North America dominates the world both in technology innovation and invention, which helps explain the city's rapid growth in ride-sharing. Furthermore, the region is an industrial hub that supports the regional implementation of the corporate ride-sharing model.

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

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.

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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. '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 '

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.

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.

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.

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What is the global market size of Ride Sharing Market?

Who are the key vendors in the Ride Sharing Market?

What is the key driver of Ride Sharing Market?

What is the key market trend for Ride Sharing Market?

Which region accounted for the largest share in Ride Sharing Market?

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