Ride Sharing Market Size to Hit USD 205.83 Billion, Globally, by the end of 2030, Growing at a CAGR of 13.5%

NEW YORK, May 19, 2023 /PRNewswire/ -- As per Facts and Factors study, the global ridesharing market size was valued at USD 69.3 billion in 2022 and is likely to reach USD 205.83 by the end of 2030.

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Ride Sharing Market: Overview

Ride sharing helps passengers share the journey with another person going in the same way or direction. The ride is shared via some middleman like booking apps, etc. These apps help to connect & find transport rides and avail sharing options. Passengers can book their rides via call or message with the help of websites or smartphone applications using the internet. However, the passengers can also select the specification of the vehicles as per their requirements. For instance, if a passenger wants a white car with AC, then he can go to the booking page and check the 'filters' or the 'preference' option to find the vehicle of their choice.

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Key Insights:

• As per the analysis shared by our research analyst, the global ridesharing market is estimated to grow annually at a CAGR of around 13.5% over the forecast period (2023-2030).
• In terms of revenue, the global ridesharing market size was valued at around USD 69.3 billion in 2022 and is projected to reach USD 205.83 billion by 2030.
• The high penetration rate of smartphones and falling data pack prices are likely to boost the ridesharing market growth.
• Based on the vehicle type, the electric vehicle segment holds the largest share of the global market.
• Based on the ride sharing type, the e-hailing ride services segment dominates the global market.
• Based on the business model type, the peer-to-peer business model dominates the global market.
• Based on the membership type, corporate ridesharing accounts for the largest share of the global market.
• Based on the service type, the app-based segment is projected to hold the largest share of the global market.
• Based on region, North America is expected to dominate the market during the forecast period.

Facts and Factors published the latest report titled "Ridesharing Market Size, Share, Growth Analysis Report By Ridesharing Type (Station-Based Mobility, Car Rental, E-Hailing, And Car Sharing), By vehicle type (Vehicles Running On LPG And CNG, Electric Vehicles, And ICE Vehicles), By Business Model Type (Business-To-Business, Business-To-Consumer, And Peer-To-Peer), By Membership Type (Dynamic Ride Sharing, Corporate Ridesharing, And Fixed Ridesharing), By Service Type ( Web-Based, App-Based, And Web And App-Based), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.

Industry Dynamics:

Global Ride Sharing Market: Growth Drivers

• The high penetration rate of smartphones and falling data pack prices are likely to propel the growth of the global market.

The growing demand for smart devices like smart variables and smartphones is the major reason behind the growth of the global ridesharing market. Also, the falling prices of internet data are further encouraging people to use internet technology. Increasing awareness among people regarding digital products and services is also amplifying global ridesharing market growth. Additionally, the service providers have improved their technology to offer robust internet connectivity, thereby reducing the hassle and encouraging more people to use digital services.

The increasing rates of vehicle emission are another major reason driving the growth of the global market. The automotive sector contributes heavily to carbon emissions. Therefore, private organizations, governments, and automotive companies are striving to control the constantly growing CO2 emissions. Organizations like the Indian Ministry of environmental climate change and the International Institute of sustainable development of Canada are setting up norms and targets to reduce carbon footprints in the coming years. Therefore, the global ridesharing market is likely to thrive exponentially during the forecast period.

Global Ride Sharing Market: Restraints

• Resistance from traditional transport services is likely to impede the growth of the global market.

The growing trend of ride-sharing services all around the globe is creating disagreements and conflicts between traditional vehicle drivers and taxi drivers. The ride-sharing services are gaining more traction among users because of the higher convenience, availability of complete ride details, and affordable doorstep pick-up and drop service. But traditional vehicle drivers in regions like India and Japan are opposing the ride-sharing service providers, which is likely to negatively affect the growth of the global ridesharing market.

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Ride Sharing Market: Opportunities

• High demand for micro-mobility is expected to encourage lucrative growth opportunities in the global market.

The term micro-mobility refers to the capability to go for short distances via vehicles that can only accommodate one or two people. Such vehicles include longboards, scooters, bikes, and mopeds. Shared micro-mobility is a smart way for people looking for short rides without going for mass transit. However, the concept of micro-mobility significantly impacts the global ridesharing industry. It earns a huge profit for micro-mobility vehicle manufacturers. The surging traffic congenial, particularly in the metro cities, open more scope for micro-mobility. For instance, the Volkswagen group has come up with the concept of micro-mobility under the electric mobility plan. Aligning with its initiatives, the company has launched Streetmate electric scooters in Geneva.

Ride Sharing Market: Challenges

• Cyber threat is a major challenge in the global market.

Increasing cyber incidents all around the globe are restricting people from sharing their personal details digitally. Additionally, keeping all the data of the users safely in the app requires high technology along with advanced security software, which is an expensive task. The app contains all the user's personal details, like payment platforms, mobile numbers, home addresses, etc. Therefore, the growing cyber threat is expected to be a major challenge in the global ridesharing industry.

Global Ride Sharing Market: Segmentation

• The global ridesharing market can be segmented into different categories, namely ride-sharing type, vehicle type, business model type, membership type, service type, and region.

By ride-sharing type, the market can be segmented into station-based mobility, car rental, e-hailing, and car sharing. The e-hailing segment dominates the global market. E-hailing ride-sharing services are offered via apps connecting passengers and drivers with personal vehicles. It is an affordable pick-and-drop door-to-door service.

By vehicle type, the ridesharing industry can be segmented into vehicles running on LPG and CNG, electric vehicles, and ICE vehicles. The electric vehicle segment is likely to grow significantly in the global market during the forecast period due to the growing technology advancements by major companies dealing in ride-hailing companies like Indriver, Bolt, Lyft, Uber, Ola, etc. These companies have improved their facility, which in turn is also likely to positively impact the growth of the global market.

By business model, the market can be segmented into business-to-business, business-to-consumer, and peer-to-peer. The peer-to-peer segment holds the largest share of the global market. Peer-to-peer car sharing refers to the sharing of vehicles where people lend their vehicles to other travelers. The business-to-consumer segment is also likely to witness huge growth during the forecast period because of growing marketing campaigns by businesses to acquire a larger client base.

By membership type, the ridesharing industry can be segmented into dynamic ride-sharing, corporate ridesharing, and fixed ridesharing. The corporate ride-sharing segment dominates the global market because most international corporate companies' employees commute via ride-sharing services. Rising industrialization and growth of the IT sector are some of the major factors boosting the growth of the segment in the global ridesharing market.

By service type, the market can be segmented into web and app-based, web-based, and app-based. The app-based segment accounts for the largest share of the global market due to the high use of mobile cloud computing to develop such applications. Also, the ease of use and ease of reach are some advantages of using app-based ridesharing. However, the web and app-based segment is expected to grow significantly during the forecast period because service providers are now building their software that run via both the websites and apps.

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List of Key Players in Ride Sharing Market:

• Addison Lee
• Gett
• My Taxi
• ViaVan
• Wheely
• Xoox
• Juno
• Via
• Lyft
• Uber
• BlaBla Cars
• Tomtom
• Ola Cabs
• Grab Holdings Inc.
• idi Chuxing Technology Co.
• Didi Chuxing Technology Co.
• DENSO Corporation
• Aptiv PLC.

Key questions answered in this report:

• What are the growth rate forecast and market size for Ride Sharing Market?
• What are the key driving factors propelling the Ride Sharing Market forward?
• What are the most important companies in the Ride Sharing Market Industry?
• What segments does the Ride Sharing Market cover?
• How can I receive a free copy of the Ride Sharing Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• North America to capture a considerable share of the global market.

North America accounts for the largest share of the global ridesharing market. The region is expected to grow with a CAGR of 44% during the forecast period. The regional growth can be attributed to the surging trend of adopting electric vehicles in countries like Mexico, the United States, and Canada.

Furthermore, the growing adoption of advanced technology by ride service companies in the region is also likely to contribute heavily towards the regional market's growth. The green growth initiatives by the government are also a prominent growth factor. Increasing the number of agreements between the government and ride service providers to promote ride-sharing will also help the regional market to grow significantly.

Asia Pacific is likely to witness tremendous expansion in the global ridesharing market due to the developing transportation services and the growing number of government initiatives to save gasoline and promote green transportation in the future. The significant spike in the daily commuters in urban workplaces in countries like Japan, China, and India is also likely to boost the growth of the regional market in the forthcoming years.

Global Ride Sharing Market is segmented as follows:

Ride Sharing Market: By Ridesharing Type Outlook (2023-2030)

• Station-Based Mobility
• Car Rental
• E-Hailing
• Car Sharing

Ride Sharing Market: By Vehicle Type Outlook (2023-2030)

• Vehicles Running On LPG And CNG
• Electric Vehicles
• ICE Vehicles

Ride Sharing Market: By Business Model Type Outlook (2023-2030)

• Business-To-Business
• Business-To-Consumer
• Peer-To-Peer

Ride Sharing Market: By Membership Type Outlook (2023-2030)

• Dynamic Ridesharing
• Corporate Ridesharing
• Fixed Ridesharing

Ride Sharing Market: By Service Type Outlook (2023-2030)

• Web-Based
• App-Based
• Web And App-Based

Ride Sharing Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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