Description
Global Ride Sharing Market by Service Type (E-Vehicles, Car sharing, Station-based mobility, Car rental and E-hailing); By Vehicle Type {(ICE (internal combustion engine) vehicle, CNG/LPG vehicle, Electric vehicle and Micro mobility vehicle (Bike/Bicycle, Scooter, Others)} and Region – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030
Product Overview
Ridesharing providers are companies that connect private vehicle drivers with those findings taxi-like transportation. Ridesharing services are accessible in many countries mainly in major cities. Two of the industry’s biggest stars are Uber, which operates in nearly 58 countries and whose brand is almost associated with ridesharing services, and Lyft, which serves many cities across America.
Market highlights
Global size of the ride sharing industry is expected to rise to 20% from 2020 to 2030, reaching USD XXXX billion from USD 75.39 billion in 2020. The growth in this COVID 19 can be contributed to numerous well-being measures, such as building a fiberglass barrier between driver and passenger (as suggested by the government), offering passenger sanitizers, driver using face masks, etc.
Ride Sharing: Segments
Throughout the forecast era, car sharing services are projected to have the most influence in the ride sharing industry, on the basis of service type
Car sharing has grown in popularity over the past couple of years due to many beneficial factors such as decreased travel costs, road congestion and pollution. However, with the effect of COVID-19, it is projected that the car sharing market to lose its share in 2020 by 55–65 percent. It is also anticipated to increase its business by 75–85 percent by 2021 due to new approaches, such as offering partitions to maintain the gap between driver and passenger, supplying the vehicle with disinfectants, and adding sensors to monitor customer body temperatures to reduce the possibility of such infections in the future. Around the same time, though, due to the introduction of safety systems, fares are likely to increase.
Ride Sharing: Market Dynamics
Drivers
Rising Smartphone and Internet Penetration
As shared mobility is an internet-enabled system, internet access is the prerequisite for accessing ride-sharing services in any part of the globe. Users are expected to download an app to their mobile and to navigate the device and other relevant navigation and data technology using the data services. Navigation, telematics, and V2V communication require Internet access as well.
Restraints
Conventional Transport Systems Showing Resistance
The rising number of ride-sharing companies such as Uber, Ola, and Lyft have affected the conventional taxi operator’s business. A lot of people have lost jobs and income from established businesses. In many countries, traditional taxi drivers have established cartels to oppose app-based ride-sharing service providers.
COVID 19 Impact on Ride Sharing
Due to the new social standard, physical distancing is the accepted norm of the Covid world, ride sharing business model was the most affected. Whether leasing lodging or renting a car, people are forced to opt for more personalized and sanitized facilities due to the scare of infection. This is another explanation other than low business and economic interest which affects the business models of the shared economy. In fact, most companies that chose to operate from home have effectively taken off the consumption for taxi services. As vehicle sales are roaring back into the third month of Corona-disruption, as customers choose for personal mobility to escape public transport and purchase cars and two-wheelers.
Ride Sharing: Regions
Ride Sharing is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
In terms of market share the Asia Pacific is projected to dominate the ride sharing industry and have the highest CAGR in the forecast period. Large population and growing urbanization are pushing the region’s ride sharing industry. Rising urbanization contributes to traffic congestion, and growing population in urban areas is raising consumption of various mobility options. Due to the growing population of urban areas, e-hailing platforms such as app-based taxi services, car sharing services and facility-based mobility are anticipated to thrive in this region. DiDi is the region’s biggest regional player, and has approximately 400 million subscribers. In addition, China has begun recovering quicker from the disease outbreak than any other region. Regional market growth is due to humorous demand for ridesharing services in countries such as India and China during the span from 2020 to 2026. In turn, a population growth and a increasing trend among the working population in these countries to take advantage of car-sharing and vehicle-pooling services to save time would fuel regional industry trends. The growing presence of reputable ridesharing firms in countries such as India, Indonesia, Singapore and China would further add to the region’s business profits. The North America region have the highest revenue generation followed by Europe.
Ride Sharing: Key Players
• Uber (US)
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Lyft (US)
• DiDi (China)
• Grab (Singapore)
• Gett (Israel)
• Ola (India)
• BlaBlaCar (France)
• Lime (US)
• Herts (US)
• Other Prominent Players
The Ride Sharing report also contains analysis on:
• Ride Sharing Segments:
o By Service Type
E-Vehicles
Car sharing
Station-based mobility
Car rental
E-hailing
o By Vehicle type
ICE (internal combustion engine) vehicle
CNG/LPG vehicle
Electric vehicle
Micro mobility vehicle (Bike/Bicycle, Scooter, Others)
• Ride Sharing Dynamics
• Ride Sharing Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
