Global Ride Sharing Market
Global Ride Sharing Market,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); Trend Analysis, Competitive Market Share & Forecast, 2020-2027
- Published Date: April 2021
- Report ID: BWC20310
- Available Format: PDF
- Page: 180
Report Overview
Global Ride-Sharing Market Size – Industry Trends & Forecast Report 2027
The Global Ride Sharing Market is growing with a CAGR of 15.54% and touched USD 71.23 billion in 2020. The market is expected to reach USD 221.76 billion by 2027. Rising traffic safety public transportation facilities sustain the market drift in ride-sharing services. 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. The global ridesharing market is growing because of the increased demand for comfortable intercity transportation.
Source: BlueWeave Consulting
Global Ride Sharing Market 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 and the burden associated with owning a
vehicle.
Global Ride Sharing Market Forecast and Trends
Growth Drivers
Increasing Smartphone
and Internet Diffusion
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. Users must install an app on their smartphone and
make use of data services to utilize the app as well as all
navigation and information services connected to it. 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.
Increase in the Cost of
Vehicle Ownership
The cost of owning a personal car
has increased due to rising fuel costs as well as increases 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 hindering the market growth is
the incomplete accessibility of technology and supporting infrastructure. In
heavily populated areas, the lack of convenient parking spaces and pick-up and
drop-off places for cars derange the universal adoption of carpooling
services.One of the 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
Additionally, traditional taxi drivers in developing
countries such as India are resisting ride sharing service providers as the
latter offers more benefits and advanced features, such as doorstep pickup and
drop-off facilities, and better convenience. However, the advanced features can
pose a threat to passengers because ride-sharing apps contain detailed user
information as well as the details of users' linked payment apps, creating a
high risk of cybersecurity.
Impact of COVID-19 in the industry
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 in their cars, thereby affecting the
market size. The effect of this market problem is expected to diminish as
ride-sharing firms improve their sanitization and safety initiatives.
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 2026 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 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 required to complete a cycle.
The automotive ICE segment is expected to see significant growth due to high
vehicle demand over the prediction period. A surge in demand for
high-performance engines with low carbon emissions is also expected to drive
fuel-section production.
Global Ride Sharing
Market: Regional insights
North America
dominates the ride-sharing market because of the stable re-engineering of
residents' shifting inclination toward lower environmental emissions in the
U.S. and Canada. The Asia-Pacific is predicted to expand at a significant
growth rate over the forecast period of 2021 to 2028 due to the massive demand
for ride-sharing services in the countries such as India and China. The
growing 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 fueling the growth of the
ride-sharing industry, which is propelling the target market forward.
Recent Development
In September 2018, Uber revved up its Canadian
operations with the opening of a new tech hub in Toronto and the extension of
its self-driving vehicle center in the capital. The company said the
engineering hub—which will be Uber's eighth outside of the United States will
serve as the "building blocks" for a stronger and quicker global
rollout of innovative services including Jump bikes and e-scooter rentals,
according to the business.
In October 2018, Microsoft and
Grab announced a strategic partnership that will transform the delivery of
digital services and mobility in the region by leveraging Microsoft’s
world-class expertise in machine learning and other Artificial Intelligence
(AI) capabilities. As a first step in the broad collaboration between the two
companies, Grab will adopt Microsoft Azure as its preferred cloud platform and
Microsoft will make a strategic investment in Grab.
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.
Uber: Uber is a leading provider
of ride-sharing services. It offers services through mobile applications (app)
and websites. Uber was founded in 2009 and is headquartered in San Francisco,
California. In September 2018, Uber broadcasted revving up its Canadian
operations with a new engineering hub in Toronto and the development of its
self-driving vehicle center in the city.
Lyft- Lyft, founded in 2012 and headquartered
in San Francisco, California, US., offers on-demand ridesharing services. Lyft
is one of the fastest-growing rideshare companies in the US and accessible in
more than 200 U.S cities.
Scope of the Report
Attribute |
Details |
Years Considered |
Historical data –
2016-2019 Base Year – 2019 Forecast – 2020 – 2027 |
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 |
ByBusiness Model,By Vehicle Type,By Region |
Key Players |
Key players for
Global Ride Sharing Marketincludes: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
Ø P2P
Ø B2C
Ø B2B
By Vehicle Type
Ø ICE
Ø CNG/LPG
Ø Electric
By Region:
Ø The Asia-Pacific
Ø North America
Ø Europe
Ø The Middle East & Africa
Ø Latin America
What
is the current size of the Global Ride Sharing Market?
Answer
: The global Ride Sharing Market has
reached USD 71.23 billion in 2020and
is projected to reach USD 221.76
billion by 2027, growing at a CAGR of 15.54%.
What
are the major factors driving the growth of the Global
Ride Sharing Market?
Commuters' growing concerns about the safety of
public transportation systems is fueling the growth of ride-sharing services. Overfull
public transport facilities, including underpasses and buses causes a high
degree ofuneasiness while traveling. These services also pose a risk of
scattering infections and viral diseases. The rowing demand for relaxed
intercity transport is pouring the market growth.
Who
are the key players in the Global Ride Sharing Market?
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.
Which
segment accounted for the largest Global Ride Sharing Market share?
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.
1.
Research
Framework
1.1.
Research Objective
1.2.
Product Overview
1.3.
Market Segmentation
2.
Research
Methodology
2.1.
Qualitative Research
2.1.1. Primary &
Secondary Research
2.2.
Quantitative Research
2.3.
Market Breakdown & Data Triangulation
2.3.1. Secondary
Research
2.3.2. Primary Research
2.4.
Breakdown of Primary Research Respondents, By
Region
2.5.
Assumption & Limitation
3.
Executive Summary
4.
Global Ride Sharing
Market Insights
4.1.
DROC Analysis
4.1.1. Growth Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2.
Recent Development
4.3.
Regulatory Framework
4.4.
Porter’s Five Forces Analysis
4.4.1. Bargaining Power
of Suppliers
4.4.2. Bargaining Power
of Buyers
4.4.3. Threat of New
Entrants
4.4.4. Threat of
Substitutes
4.4.5. Intensity of
Rivalry
4.5
Value Chain Analysis
4.6
Strategic Outlook
5.
Global Ride Sharing
Market Overview
5.1. Market Size &
Forecast by Value, 2020-2027
5.1.1. By Value (USD
Million)
5.1.2. By Volume
(Million Unit)
5.2. Market Share
& Forecast
5.2.1. By Business Model
5.2.1.1.
P2P
5.2.1.2.
B2C
5.2.1.3.
B2B
5.2.2. By Vehicle Type
5.2.2.1. ICE
5.2.2.2. CNG/LPG
5.2.2.3. Electric
5.2.3.By
Region
5.2.3.1.
North America
5.2.3.2. Europe
5.2.3.3. Asia Pacific
5.2.3.4. Latin America
5.2.3.5. Middle East &
Africa
6.
North America Ride
Sharing Market
6.1. Market Size &
Forecast by Value, 2020-2027
6.1.1. By Value (USD
Million)
6.1.2. By Volume
(Million Unit)
6.2. Market Share
& Forecast
6.2.1. By Business Model
6.2.2. By Vehicle Type
6.2.3. By Country
6.2.3.1.
United States
6.2.3.2.
Canada
7.
Europe Ride Sharing Market
7.1. Market Size &
Forecast by Value, 2020-2027
7.1.1. By Value (USD
Million)
7.1.2. By Volume (Million
Unit)
7.2. Market Share
& Forecast
7.2.1. By Business Model
7.2.2. By Vehicle Type
7.2.3. By Country
7.2.3.1.
Germany
7.2.3.2.
Poland
7.2.3.3.
Russia
7.2.3.4.
Italy
7.2.3.5.
France
7.2.3.6.
United Kingdom
7.2.3.7.
Spain
7.2.3.8.
Rest of Europe
8.
Asia Pacific Ride Sharing Market
8.1. Market Size &
Forecast by Value, 2020-2027
8.1.1. By Value (USD
Million)
8.1.2. By Volume
(Million Unit)
8.2. Market Share
& Forecast
8.2.1. By Business Model
8.2.2. By Vehicle Type
8.2.3. By Country
8.2.3.1.
China
8.2.3.2.
India
8.2.3.3.
Japan
8.2.3.4.
Malaysia
8.2.3.5.
Singapore
8.2.3.6.
Rest of Asia Pacific
9.
Latin America Ride Sharing Market
9.1. Market Size &
Forecast by Value, 2020-2027
9.1.1. By Value (USD
Million)
9.1.2. By Volume
(Million Unit)
9.2. Market Share
& Forecast
9.2.1. By Business Model
9.2.2. By Vehicle Type
9.2.3. By Country
9.2.3.1.
Brazil
9.2.3.2.
Mexico
9.2.3.3.
Rest of Latin America
10.
Middle East
&Africa Ride Sharing Market
10.1. Market Size &
Forecast by Value, 2020-2027
10.1.1.
By Value (USD Million)
10.1.2.
By Volume (Million Unit)
10.2. Market Share
& Forecast
10.2.1.
By Business Model
10.2.2.
By Vehicle Type
10.2.3.
By Country
10.2.3.1.
Saudi Arabia
10.2.3.2.
GCC
10.2.3.3.
UAE
10.2.3.4.
South Africa
10.2.3.5.
Rest of Middle East & Africa
11.
Competitive
Landscape
11.1. List of Key Players and Their Offerings
11.2. Market/Ranking Share Analysis
11.3. Competitive Benchmarking, By Operating Parameters
12.
COVID-19
Impact
12.1.
Future Impact
12.2.
Key Developments during COVID-19
12.3.
Impact on Market
12.3.1.
Different Scenario
12.3.2.
Impact on Companies
12.4.
Regional Impact
13.
Key Strategic
Recommendations
14.
Company Profile (Company
Overview, Financial Matrix, Competitive landscape, Key Personnel, Key
Competitors, Contact Address, and Strategic Outlook)
·
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)
·
car2go (Germany)
·
Other prominent players.
Market Segmentation
By Business Model
Ø P2P
Ø B2C
Ø B2B
By Vehicle Type
Ø ICE
Ø CNG/LPG
Ø Electric
By Region:
Ø The Asia-Pacific
Ø North America
Ø Europe
Ø The Middle East & Africa
Ø Latin America
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