LONDON, Dec. 12, 2016 /PRNewswire/ -- Investors are racing to claim a stake in the potential multibillion-dollar ridesharing market. Advances in Technology that aid in the adoption of ridesharing, and governmental policy support, such as high-occupancy vehicle (HOV) lanes and toll-fee waivers, are bolstering market evolution. The North American and European ridesharing market will see strong growth, with rideshare operators rolling out new business models to target niche customer segments. And in the European market a fixed ridesharing is expected to dominate by 2025, although dynamic ridesharing is also picking up pace.
Frost & Sullivan's Automotive & Transportation Growth Partnership Service program, which offers, among other things insights into powertrains, carsharing and smart mobility management has recently released the following analyses of ridesharing:
- North American Ridesharing Market Opportunities
- European Ridesharing Market Opportunities
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"Ridesharing has emerged as a smart, clean and powerful tool to deal with the fallouts of urbanisation and the development of mega cities," said Mobility Research Analyst Albert Geraldine Priya. "Ridesharing can reduce the number of cars needed on urban roads globally by up to 2.49 million vehicles, decrease vehicle kilometres travelled by 40.19 billion and lower the corresponding end-of-life (EOL) emissions by 15.9 megatons."
As business models continue to evolve in this new market, the most popular ones like RidewithVia and Matchrider combine the benefits of ridesharing and taxi hailing activity in this space, vehicle original equipment manufacturers (OEMs) are interested in partnering with or in investing in ridesharing ventures. Some prominent deals in the ridesharing market include BMW's investment in Scoop, GM's investment in Flinc and Daimler's investment in Via. Technology companies have also joined in Facebook, for example, recently announced plans to add a ridesharing option to its events page.
In Europe, France is the biggest market for ridesharing, holding almost 26 percent of it, though this spot may well be relinquished to Germany by 2025.
- Germany, France, the UK, Italy and Spain together make up 85 percent of the ridesharing market
- The largest player in France is BlaBlaCar, which serves almost 10 percent of the population
- New dynamic ridesharing operators like Heetch, Karos, and Citygoo are testing the waters in major countries like France and Germany only. With support from local governments other players such as Carma are also expanding their presence
- Corporate ridesharing is the most popular in the UK. The country boasts major corporate ridesharing players like Liftshare and Faxi. Corporate ridesharing is also picking up in other countries with players such as Wayzup and Twogo offering customized solutions to corporates
However, large sections of prospective users are still relatively unaware of the ridesharing concept or the actual differences between ridesharing, hailing and carsharing.
"Nevertheless, the growing synergies among various ridesharing stakeholders will bring about a sea change in the shared mobility ecosystem," noted Priya. "Ridesharing is expected to become a mainstream mode of mobility in cities by 2025 and is likely to expand to include different models on the same platform. Autonomous vehicles are expected to disrupt ridesharing models by merging 'self-driven' and 'to-drive' options beyond 2025."
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North American Ridesharing Market Opportunities / European Ridesharing Market Opportunities
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SOURCE Frost & Sullivan