COVID-19 Impact on Ride Sharing Market by Service Type, Data Service and Region - Forecast to 2021
NEW YORK, April 30, 2020 /PRNewswire/ --
Growing need for personal mobility in the wake of rising urbanization and fall in car ownership are expected to fuel the demand for ride sharing
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Post-COVID-19, the global ride sharing market size is estimated to be USD 75.39 billion in 2020 and projected to reach USD 117.34 billion by 2021, at a Y-O-Y growth of 55.6%. The growing need for personal mobility in the wake of rising urbanization and fall in car ownership are driving the demand for ride sharing. The factors that restrain the market are resistance from traditional transport services and complex transport policies of different countries. The projection for 2021 is estimated to be down by 2% as compared to the pre-COVID-19 estimation.
Station-based mobility is the fastest growing segment in the global ride sharing market
The station-based mobility market is expected to grow at the fastest Y-O-Y growth.Governments have incentivized station-based mobility across the world, and dedicated tracks are laid in various countries for station to station mobility.
It is necessary to follow social distancing to control the spread of COVID-19, which can be established through station-based mobility.Car sharing is the second fastest growing segment.
The growth of car sharing is attributed to its benefits such as getting benefits of a private vehicle without the costs and responsibilities of car ownership.Car sharing companies are entering different markets to expand their services.
For instance, BlaBlaCar has expanded to Russia and Ukraine, the two biggest countries in Europe. Some of the largest players in this market are car2go, Maven, BlaBlaCar, and Getaround.
Navigation service constitutes the largest data service for the ride sharing market globally
The data services market is completely proportionate to the ride sharing market.Due to COVID-19, the market for ride sharing is expected to show a stagnant or steady growth during 2020.
The market for navigation services will experience the same.However, the navigation service segment has the largest market size in data service for the ride sharing market globally.
Navigation guides drivers and passengers regarding location and route.Also, mapping and traffic data provides a better user experience.
The use of navigation services is imperative for ride sharing. Thus, the increasing number of ride sharing service users influence the demand for ride sharing data services. Availing and maintaining these services is costly, and as ride sharing companies are working toward increasing profitability, it would be beneficial for them to develop services of their own to save cost.
Asia Pacific is estimated to be the largest market for ride sharing during the forecast period.
Asia Pacific is expected to lead the ride sharing market in terms of market size.Dense population and increasing urbanization are driving the ride sharing market in the region.
Increasing urbanization leads to traffic congestion, and increasing population boosts the demand for different mobility options in urban areas.E-hailing services such as app-based taxi services, car sharing services, and station-based mobility are expected to flourish in this region because of the increasing population of urban areas.
DiDi is the largest player in the region and has close to 400 million subscribers.The company enjoys a monopoly in China and is expanding its business to other South east Asian countries to widen its footprint.
Moreover, China has started to recover from the pandemic faster than any other country.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the ride sharing marketplace.
• By Company: Ride Sharing Companies - 20%, Backend Service Providers - 55%, and Others - 25%
• By Designation: C level - 50%, Directors- 25%, Others* - 25%
• By Region: North America - 50%, Europe - 30%, Asia Oceania — 20%
Note: Others include OEMs and Industry Consultants.
Note: Ride sharing companies are service providers to customers, Backend service providers are companies providing service to ride sharing companies, and others include independent consultants.
Some of the key players in the ride sharing market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Intel (US), TomTom (Netherlands), Aptiv (Ireland), and Denso (Japan). The study includes an in-depth competitive analysis of these key players in the ride sharing market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage
The ride sharing market has been segmented on the basis of service type (e-hailing, car sharing, station-based mobility, and car rental), car sharing type (P2P and corporate), data service (navigation, information service, payment service, and others), and country (US, China, India, Germany, France, Spain, Italy)
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
• Ride sharing market size, by service type: The report offers in-depth market sizing and forecasts up to 2021, on the basis of service types, such as e-hailing, car sharing, station-based mobility, and car rental. The market sizing for service type is covered at country and regional levels, considering detailed impact analysis of COVID-19.
• Ride sharing market size, by car sharing type: The report offers in-depth market sizing and forecasts up to 2021, on the basis of car sharing type, such as P2P and corporate. The market sizing for car sharing type is covered at a regional level, considering detailed impact analysis of COVID-19.
• Ride sharing market size, by data service: The report offers in-depth market sizing and forecasts up to 2021, on the basis of data services, such as navigation, information service, payment service, and others considering detailed impact analysis of COVID-19.
• The report provides insights on the impact of COVID-19 on adjacent markets such as electric vehicles and autonomous vehicles.
• Market development: The report provides comprehensive information about lucrative emerging markets for ride sharing across regions, considering detailed impact analysis of COVID-19.
• Product development/innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the ride sharing market, considering detailed impact analysis of COVID-19.
• Market opportunities: The report offers detailed information about new markets/business opportunities created due to COVID-19.
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