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Global Ride Sharing Market
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Global Ride Sharing Market

Home Automotive And Transportation Global Ride Sharing Market

Global Ride Sharing Market- Industry Size, Share, Growth, Opportunity and Forecast, 2020-2028, Segmented By Business Model (P2P, B2C, B2B), By Vehicle Type (ICE, CNG/LPG, Electric), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America);

  • Published Date: February 2022
  • Report ID: BWC20310
  • Available Format: PDF
  • Page: 187

Report Overview

The global ride sharing market is driven by the rising traffic safety public transportation facilities and high risk of infection transmission. Also, the inconvenience of commuting on overcrowded public transportation systems contributes to market growth.

Global Ride Sharing Market Size – Industry Trends & Forecast Report 2028

The global ride sharing market is growing with a CAGR of 16.4% and touched USD 85.1 billion in 2021. The market is expected to reach USD 245.9 billion by 2028. An increase in traffic safety and improvements in public transportation facilities sustain the market for ride-sharing services. Moreover, overcrowded public transportation systems, such as light rail, subways, and buses, cause a high degree of uncertainty when commuting. These services often bear the risk of transmitting infections and other communicable diseases. Thus, a growing demand for comfortable intercity transportation has led to the growth of the global ridesharing market.

Global Ride Sharing Market

Ride Sharing: A Brief Overview:

 

Ridesharing is the most technologically innovative transportation scheme that allows users to book a short ride as and when desired. Carpooling and platform-based travel services, car-sharing, and bike-sharing (e.g., Uber, Lyft, BlaBlaCar) all come under such conveyance systems. The main objective of introducing such a transportation mode is to reduce automotive pollution, road congestion, and car journeys. To schedule a trip in a privately owned car, one must use a mobile app. Nowadays, instead of owning a car, customers are primarily opting for ride-sharing systems, which reduces commuting costs as well as the burden associated with owning a vehicle.

 

Global Ride Sharing Market Forecast and Trends


Growth Drivers

An Increasing Number of Smartphones and Internet Users

Since ridesharing is an internet-enabled service, having access to the internet is a prerequisite for using ride-sharing services in any corner of the world. To use all navigation and information services associated with the app, users need to install an app on their smartphone and use data services. According to the International Telecommunication Union, the internet is used by nearly 81% of developing countries. On the other hand, 40% of developed countries have access to the internet, and this figure is rapidly rising. Thus, the growing number of smartphone and internet users are driving the growth of the global ride sharing market.

Increase in the Cost of Vehicle Ownership

The cost of owning a personal car has increased due to rising fuel costs as well as increase in credit, insurance, and vehicle registration fees. Maintenance rates, which include the replacement of parts and components as well as labor costs, have also risen, contributing to the overall expense of vehicle ownership. Vehicles require complex, advanced, and expensive after-treatment devices in order to meet rigorous emission norms. These reasons have increased the cost of vehicle possession, which in turn has raised the admiration of ride-sharing services.

 

Restraints


Lack of Advanced Technology

 

The primary reason for the market's slow growth is the lack of access to technology and supporting infrastructure. Furthermore, in heavily populated areas, the lack of convenient pick-up and drop-off places for cars prevents carpools from being universally adopted. Another major barriers to entry for new entrants in the market is the high investment needed to develop useful technical support for ride-sharing services in mobile apps.

 

Resistance from Traditional Transport Services

 

Though ride sharing service offers several benefits and advanced features, such as doorstep pickup and drop-off facilities, and better convenience, such advanced features can pose a threat to passengers as ride-sharing apps contain detailed user information as well as the details of users' linked payment apps, thereby creating a high risk of cyber security.

 

Impact of COVID-19 on Global Ride Sharing Market

 

The rapidly spreading COVID-19 pandemic is unfavorably impacting the ride-sharing market demand. Government and healthcare authorities use social distancing laws and regulations to allow residents to keep a two-meter gap from other individuals for safety. As a result, the use of ride-sharing platforms for regular travel has been limited. Owing to health and safety issues, users nowadays prefer driving their own cars, which in turn is severely affecting the ride sharing market worldwide. The market problem, however, will diminish as ride-sharing companies improve their sanitation and safety measures.

Global Ride-Sharing Market: By Business Model

Based on business models, the global ride-sharing market is categorized into P2P, B2C, and B2B. The P2P (peer-to-peer) business model is projected to witness the highest growth rate by 2028 as numerous ride-sharing services across the world are experimenting with a peer-to-peer business model. Users can contact drivers in their locality through GPS and location services in this business model. Furthermore, people who travel regularly can easily communicate with car owners through their smartphones and tablets.

 

Global Ride Sharing Market: By Vehicle Type

Based on vehicle types, the global ride sharing market is segmented into ICE, CNG/LPG, and electric-based. Out of these, ICE (internal combustion engines) is the dominant segment. There are two types of internal combustion engines: the compression ignition diesel engine and the spark ignition gasoline engine. Most of these are four-stroke cycle engines, meaning four piston strokes are required to complete a cycle. Additionally, tthe automotive ICE segment is expected to see significant growth due to the growing demand for vehicle, which will lead to a surge in demand for high-performance engines with low carbon emissions.

Global Ride Sharing Market: Regional Insights

North America dominates the ride-sharing market as a result of the shifting inclination of residents in the U.S. and Canada toward lowest environmental emissions. The Asia-Pacific is also predicted to expand at a significant growth rate over the forecast period due to the growing demand for ride- sharing services in countries, such as India and China. Additionally, the soaring demand for electric cars in ride-sharing systems, as well as increasing vehicle ownership costs and stringent CO2 reduction goals, all add to the growth of the ride-sharing industry. Also, the growing need for cost-effective and alternative transportation options is driving the growth of the ride-sharing industry, which is propelling the market forward.

 

Recent Developments

 

  • In January 2022, Ford Motor Company, Lyft and Argo AI launched a self-driving car service in Miami, U.S., in line with their goal of deploying self-driving cars, powered by Argo's self-driving system, on Lyft's ride-share platform.

 

  • In January 2022, Uber announced that it has acquired Car Next Door, an Australian company set up in 2012 to provide easy access to cars for renters, while earning revenue for car owners. It is easy to turn any car into a shared car with the peer-to-peer car-sharing platform.

 

Global Ride Sharing Market - Competitive landscape

Key players in global ride sharing market are Uber Technologies Inc. (U.S.), Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), ANI Technologies Pvt. Ltd. (India), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany) and other noticeable players. The market players consistently adopt new strategies and launched new products to gain traction in the market. Additionally, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

 

Scope of the Report:

 

Attribute Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia
Product/Service Segmentation By Business Model, By Vehicle Type, By Region
Key Players Key players for Global Ride Sharing Market includes: Uber Technologies Inc. (U.S.), Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), ANI Technologies Pvt. Ltd. (India), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany) and other prominent players.


By Business Model

  • P2P
  • B2C
  • B2B

By Vehicle Type

  • ICE
  • CNG/LPG
  • Electric

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Key Market Segments
  2. Research Methodology
    1. Qualitative Research
    2. Methodology
    3. Regional Split of Primary & Secondary Research
    4. Secondary Research
    5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
    6. Market Size Estimation
    7. Assumptions for the Study
    8. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Industry Insight and Growth Strategy
    1. Value Chain Analysis
    2. DROC Analysis
      1. Market Drivers
        1. Increasing Smartphone and Internet Diffusion
        2. Increase in the Cost of Vehicle Ownership
      2. Market Restraints
        1. Lack of Advanced Technology
      3. Market Challenges
        1. Negative Impact of the COVID-19 Pandemic
      4. Market Opportunity
        1. Rising Penetration of Ride Sharing Platforms
    3. Recent Developments
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
  5. Global Ride Sharing Market Overview
    1. Market Size & Forecast by Value, 2018-2028
    2. Market Size and Forecast, By Segment
      1. By Business Model
        1. P2P
        2. B2C
        3. B2B
      2. By Vehicle Type
        1. ICE
        2.  CNG/LPG
        3. Electric
      3. By Region
        1. North America
        2. Europe
        3. Asia-Pacific
        4. Latin America
        5. Middle East & Africa
  6. North America Ride Sharing Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
    2. Market Share and Forecast
      1. By Business Model
      2. By Vehicle Type
      3. By Country
        1. U.S.
        2. Canada
  7. Europe Ride Sharing Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
    2. Market Share and Forecast
      1. By Business Model
      2. By Vehicle Type
      3. By Country
        1. Germany
        2. U.K.
        3. Russia
        4. France
        5. Italy
        6. Spain
        7. Rest of Europe
  8. APAC Ride Sharing Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
    2. Market Share and Forecast
      1. By Business Model
      2. By Vehicle Type
      3. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of APAC
  9. LATAM Ride Sharing Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
    2. Market Share and Forecast
      1. By Business Model
      2. By Vehicle Type
      3. By Country
        1. Mexico
        2. Brazil
        3. Rest of LATAM
  10. MEA Ride Sharing Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
    2. Market Share and Forecast
    3. By Business Model
    4. By Vehicle Type
    5. By Country
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Rest of MEA
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2021)
    3. Competitive Benchmarking By Operating Parameters
  12. Impact of COVID-19 on Global Ride Sharing Market
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Uber Technologies Inc.
    2. Lyft, Inc.
    3. Didi Chuxing Technology Co.
    4. Gett
    5. ANI Technologies Pvt. Ltd.
    6. GrabTaxi Holdings Pte. Ltd.
    7. Taxify
    8. Careem
    9. Cabify
    10. car2go
    11. Other Prominent Players
  14. Key Strategic Recommendations

 

List of Figures

 

Figure 1: Global Ride Sharing Market Segmentation

Figure 2: Global Ride Sharing Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2021

Figure 4: Global Ride Sharing Market Size, By Value (USD Billion), 2018-2028

Figure 5: Global Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028

Figure 6: Global Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028

Figure 7: Global Ride Sharing Market Share (%), By Region, By Value, 2018-2028

Figure 8: North America Ride Sharing Market Size, By Value (USD Billion), 2018-2028

Figure 9: North America Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028

Figure 10: North America Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028

Figure 11: North America Ride Sharing Market Share (%), By Country, By Value, 2018-2028

Figure 12: Europe Ride Sharing Market Size, By Value (USD Billion), 2018-2028

Figure 13: Europe Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028

Figure 14: Europe Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028

Figure 15: Europe Ride Sharing Market Share (%), By Country, By Value, 2018-2028

Figure 16: Asia-Pacific Ride Sharing Market Size, By Value (USD Billion), 2018-2028

Figure 17: Asia-Pacific Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028

Figure 18: Asia-Pacific Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028

Figure 19: Asia-Pacific Ride Sharing Market Share (%), By Country, By Value, 2018-2028

Figure 20: Latin America Ride Sharing Market Size, By Value (USD Billion), 2018-2028

Figure 21: Latin America Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028

Figure 22: Latin America Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028

Figure 23: Latin America Ride Sharing Market Share (%), By Country, By Value, 2018-2028

Figure 24: Middle East & Africa Ride Sharing Market Size, By Value (USD Billion), 2018-2028

Figure 25: Middle East & Africa Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028

Figure 26: Middle East & Africa Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028

Figure 27: Middle East & Africa Ride Sharing Market Share (%), By Region, By Value, 2018-2028

 

List of Tables

 

Table 1: Global Ride Sharing Market Size, By Business Model, By Value, 2018-2028

Table 2: Global Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028

Table 3: Global Ride Sharing Market Size, By Region, By Value (USD Billion), 2018-2028

Table 4: North America Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028

Table 5: North America Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028

Table 6: North America Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028

Table 7: Europe Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028

Table 8: Europe Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028

Table 9: Europe Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028

Table 10: Asia-Pacific Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028

Table 11: Asia-Pacific Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028

Table 12: Asia-Pacific Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028

Table 13: Latin America Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028

Table 14: Latin America Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028

Table 15: Latin America Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028

Table 16: The Middle-East & Africa Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028

Table 17: The Middle-East & Africa Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028

Table 18: The Middle-East & Africa Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028

Table 19: Uber Technologies Inc. Financial Analysis

Table 20: Uber Technologies Inc. Business Overview

Table 21: Lyft, Inc. Financial Analysis

Table 22: Lyft, Inc. Business Overview

Table 23: Didi Chuxing Technology Co. Corporation Financial Analysis

Table 24: Didi Chuxing Technology Co. Corporation Business Overview

Table 25: Gett Financial Analysis

Table 26: Gett Business Overview

Table 27: ANI Technologies Pvt. Ltd. Financial Analysis

Table 28: ANI Technologies Pvt. Ltd. Business Overview

Table 29: GrabTaxi Holdings Pte. Ltd. Financial Analysis

Table 30: GrabTaxi Holdings Pte. Ltd. Business Overview

Table 31: Taxify Financial Analysis

Table 32: Taxify Business Overview

Table 33: Careem Financial Analysis

Table 34: Careem Business Overview

Table 35: Cabify Financial Analysis

Table 36: Cabify Business Overview

Table 35: car2go Financial Analysis

Table 36: car2go Business Overview

Market Segmentation

By Business Model

  • P2P
  • B2C
  • B2B

By Vehicle Type

  • ICE
  • CNG/LPG
  • Electric

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America
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Frequently Asked Questions (FAQs):

Ans: The global ride sharing market reached USD 85.1 billion in 2021.
Ans: Commuters' growing concerns about the safety of public transportation systems is fueling the growth of ride-sharing services. Also, the inconvenience of commuting on overcrowded public transportation systems contributes to market growth.
Ans: The key players in the global ride sharing market are Uber Technologies Inc. (U.S.), Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), ANI Technologies Pvt. Ltd. (India), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany) and other prominent players.
Ans: Global ride sharing market is segmented into ICE, CNG/LPG, Electric based on the ride-sharing market. Out of these, ICE is the dominant segment. There are two types of internal combustion engines presently in production: The compression ignition diesel engine and the spark ignition gasoline engine. Most of these are four-stroke cycle engines, meaning four piston strokes are wanted to complete a cycle. The automotive ICE segment is expected to see significant growth due to high vehicle demand over the prediction period. Surging demand for high competence engines with low carbon release is also predictable to drive the growth of the sector.
Ans: North America holds the largest share in the global ride sharing market.