Ride sharing market size to grow by USD 86.33 billion from 2023-2027 | APAC is estimated to account for 45% of the growth of the global market - Technavio

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- According to Technavio, the global ride sharing market size is estimated to grow by USD 86.33 billion from 2022 to 2027. The market is expected to grow at a CAGR of 17.45%. Moreover, the growth momentum will accelerate. Based on geography, the global ride sharing market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global ride sharing market. APAC is estimated to account for 45% of the growth of the global market during the forecast period. The demand for smart transportation network systems is driven by the increasing number of cities and population growth in developed and developing economies. The growth of the ride sharing market in the region is attributed to factors such as the rising middle-class population, growth in urbanization, and increasing emphasis by consumers on health and fitness. Thus, the market in APAC is expected to grow during the forecast period. For more insights on market size, Request a sample report

Global ride sharing market - Five forces
The global ride sharing market is fragmented, and the five forces analysis covers – 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For an interpretation of Porter's five forces model – buy the report!

Global ride sharing market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global ride sharing market - Segmentation assessment

Segment overview
Technavio has segmented the market based on end-user (individual and business) and type (car and others). 

• The individual segment will grow at a significant rate during the forecast period. In ride sharing, privately-owned car drivers partner with a ride-sharing company to provide rides to commuters. These services are economical, which makes the ride cheaper for riders and more efficient for the driver. These factors will fuel segment growth during the forecast period.

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Global ride sharing market - Market dynamics

Key factor driving market growth

• The increasing traffic congestion is driving the market growth.
• Traffic congestion is a result of factors such as rapid population growth, increasing GDP per capita, a surge in the number of working women, and exponential growth in urbanization.
• Other factors include the rise in the number of affordable entry-level cars and motor or electric bikes and the availability of low-interest loans by financial institutions.
• Ride sharing is considered a solution for traffic congestion, as it is a hassle-free, eco-friendly, and cost-effective mode of transport.
• These factors will fuel the market growth during the forecast period.

Leading trends influencing the market 

• The rising adoption of dockless bike-sharing services is a key trend in the market.
• Dockless bikes can be picked up and dropped off anywhere without the need for parking or dock stations.
• They come with GPS sensors, which reduces the chances of them being stolen or damaged.
• Vendors are focusing on introducing a large number of dockless sharing bikes, as building a dock or parking station incurs huge costs.
• Thus, the rising adoption of dockless bike-sharing services is expected to support the global market growth during the forecast period.

Major challenges hindering market growth

• The risk of theft and the need for frequent maintenance are challenging market growth.
• The widespread theft of bicycles is resulting in their scarcity.
• Moreover, vendors need to send bicycles for maintenance frequently due to improper riding practices, frequent falls, and other reasons.
• These factors are expected to hamper the global market growth during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this ride sharing market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the ride sharing market between 2023 and 2027
• Precise estimation of the size of the ride sharing market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the ride sharing market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of ride sharing market vendors

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by End-User
7. market Segmentation by Type
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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SOURCE Technavio