Ride Sharing Market Size, Share, Growth & Forecast 2031

Report Description

The global ride sharing market size is projected to reach USD 252.8 billion by 2028, expanding at a CAGR of 16.7% during the forecast period, between 2021 and 2028. Growing demand for ride sharing is associated with the affordable pick-rise and drop, economical rides fares, co-passenger information, and higher convenience than traditional transport service providers.

Ride sharing, also known as carpooling, is an arrangement in which drivers of usually private-owned vehicles offers rides and passengers obtain ride using a network such as one accessed through a website or an app. The middleman offers an app for riders and drivers to find and connect to avail services. Passengers can book or hire a taxi or cab for the decided route.

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Ridesharing offers benefits to the customers such as being able to transport people from one place to another, reducing travel costs as compared to solo riding, keeping people mobile and less isolated, and environmental benefits by reducing less mobility of vehicles on roads. Motorcycles, scooters, buses, vans, minivans, and auto-rickshaws are used for ride sharing services.

Market Trends, Drivers, Restraints, and Opportunities:

• Rising efforts taken to reduce carbon emission, growing adoption of electric vehicles, and increasing use of smart transportation are boosting the market.
• Growing adoption of smartphones and penetration of the internet associated with increasing urbanization is fueling the market.
• Increasing prices of fuel, vehicle ownership, and maintenance is driving the ride sharing market.
• Implementation of stringent regulatory framework for transportation, and policies imposed by government on ride sharing service providers related to license and vehicle registration are hampering the market.
• Concern related to last-mile connectivity among consumers is hindering the market.
• The emergence of autonomous ride sharing and mobility as a service (MaaS) are creating opportunities in the market.

Scope of Ride Sharing Market Report

The report on the global ride sharing market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Ride Sharing Market Segment Insights

E-hailing segment to hold significant market share

In terms of types, the global ride sharing market is segmented into e-hailing, car rental, car sharing, and station-based mobility.

The portable digital radiology systems segment is expected to hold a significant share of the market during the forecast period, due to ease of booking, passenger comfort, and traffic congestion. Rising government initiatives for increasing awareness related to air pollution is propelling the market. Additionally, growing number of partnership between domestic and international players is fueling the segment during the forecast period.

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App-based segment to expand in the forecasted period

On the basis of services, the global ride sharing market is segregated into web-based, app-based, and web- and app-based.

The app-based segment is expected to hold a significant share of the market during the forecast period attributed to the growing trend of ride sharing app, and smart transportation. Moreover, ride sharing apps are extensively used by the urban population in their daily life. This, in turn, is anticipated to propel the segment during the forecast period.

Intercity segment estimated to grow in the near future

In terms of communities, the ride sharing market is segregated into intracity and intercity.

The intercity segment is expected to hold a significant share of the market during the forecast period, as ride sharing services provide more traveling convenience. Intercity is the short-distance traveling or traveling within a city. Share riding is highly preferred by customers as compared to intracity travel, which is expected to boost the segment during the forecast period.

Corporate ride sharing segment to account for key market share

Based on memberships, the market is fragmented into fixed ridesharing, corporate ridesharing, and dynamic ridesharing.

The corporate ridesharing segment is expected to hold a significant share of the market during the forecast period, due to the rapid growth in industrialization in developing countries. Moreover, many multinational companies are favoring green mobility solutions. Hence, these companies are partner or collaborate with ride sharing services to avail the facility of daily ride sharing for their employees.

Online segment to grow in the forecasted period

On the basis of bookings, the global ride sharing market is bifurcated into online and offline.

The online segment is expected to hold a significant share of the market during the forecast period due to ease in convenience while booking a ride. Online ride booking offers various benefits to customers such as anytime booking, clarity, and special offers and discounts. These factors are anticipated to propel the segment during the forecast period.

P2P segment estimated to grow in the near future

In terms of business models, the market is classified as P2P, B2B, and B2C.

The P2P segment is expected to hold a significant share of the market during the forecast period. In the P2P model, the vehicle owner drives the car while the ride takes place. Rising demand for the P2P business model is associated with increasing prices of fuel and vehicle maintenance. This model helps the owner and passenger in money-saving, ease in availability and convenience by expanding mobility options, which is expected to boost the segment during the forecast period.

Market in Asia Pacific to grow in the forecasted period

In terms of regions, the global ride sharing market is split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Asia Pacific is expected to constituted a significant share of the market in 2020, due to rapid population growth and increasing urbanization. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period, owing to the per capita income in developing region as compared to those in the West. Additionally, consumers prefer ride-sharing services over personal vehicles due to their lower income, which is propelling the market in Asia Pacific.

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