The global ride sharing market is predicted to register a significant growth at a remarkable 10% CAGR over the forecast period (2018-2023). Ride sharing is a means of transportation where multiple people utilize the same vehicle, truck or van to reach a similar destination. This can include sharing taxis and carpooling too. Ride sharing has indeed emerged as a powerful, smart and clean tool for dealing with urbanization’s fallouts and the creation of megacities. Smartphones, global positioning system (GPS) and faster network speed have transformed the worldwide ride-sharing industry that has enabled users in booking a ride as and when they need and knowing the vehicle’s exact location. This has indeed improved the passenger’s safety.
There are plentiful factors that is boosting the growth of the ride sharing market. These factors as per the Market Research Future (MRFR) report include demand for affordable mode of commute, need to cut down urban traffic congestion, growing penetration of smart devices namely tablets, smartphones and others, high volatility in the prices of fuel, increasing traffic congestion and growing working class population. The additional factors that are boosting the market growth include limited availability of public transport support, supportive initiatives undertaken by the government to expand ride sharing activities, increased requirement to save fuel by offering a ride to colleagues and commuters travelling through the same route, lack of parking spaces, growing congestion and traffic especially in metro cities, lack of adequate public transport systems and increasing adoption of electric cars for ride sharing. On the contrary, safety related concerns during sharing rides with strangers, various unpleasant incidents taking place, resistance provided by local taxi services especially in emerging countries and improving public transport may impede the growth of the ride sharing market over the forecast period.
MRFR report provides an extensive segmental analysis of the ride sharing market on the basis of type, vehicle type and business model.
By type, it is segmented into station-based mobility, car rental, e-hailing and car sharing. Of these, e-hailing will have the largest share in the market over the forecast period. This is owing to the convenience that it offers to consumers and also its user-friendliness.
By vehicle type, the ride sharing market is segmented into electric vehicle, CNG/LPG vehicle and ICE vehicle. Of these, electric vehicle will dominate the market over the forecast period. This is owing to growing awareness regarding CO2 emission, better infrastructure and favorable government policies.
Based on business model, it is segmented into B2C, B2B and P2P. Of these, B2C segment will account for a major share in the market over the forecast period.
By region, the ride sharing market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will outweigh others in the market over the forecast period. The US and Canada are the key contributors here. These countries have strict regulations about vehicle emissions that again is contributing to the market growth. The ride sharing market in the APAC region, dominated by South Korea, Japan and China is anticipated to have the highest growth. The upcoming market especially in emerging countries namely India offers a huge opportunity for worldwide players to expand. It is pretty much evident from Uber Technology’s expansion that has created a niche for itself as a key player here within a brief time span.
Leading players profiled in the ride sharing market include car2go (Germany), Cabify (Spain), Careem (UAE), Taxify (Estonia), GrabTaxi Holdings Pte. Ltd. (Singapore), ANI Technologies Pvt. Ltd. (India), Gett (Israel), Didi Chuxing Technology Co. (China), Lyft, Inc. (U.S.) and Uber Technologies Inc. (U.S.)
April 2019- Electronics giant Sony has of late announced the launch of its latest ride-hailing service, S.Ride in Tokyo to offer people the Uber-like experience. It is built around AI (artificial intelligence) algorithms which predict the demand for dispatch cabs and rides.