Transparency Market Research has released a new market report titled “Ride-sharing Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global ride-sharing market is expected to expand at a CAGR of about 20% during the forecast period.
Increase in traffic congestion, raised pollution levels, enhanced connectivity of shared vehicles, availability of mobile-based ride-sharing apps, and increase in fuel prices are boosting the demand for global ride-sharing services. Ride-sharing is a mode of travel in which passengers traveling along the same route readily share a ride in order to save expenses over fuel and traveling. Driving in traffic stresses the vehicle’s driver and hence, several passengers do not prefer to drive in congested traffic, especially senior citizens. Such passengers prefer to use a shared mode of travelling in which driving is not necessary.
Lower number of vehicles per 1000 persons is a prominent driver of the global ride-sharing market. Ride-sharing enables users to experience owning a vehicle at a much lower cost than that of actually owning a vehicle. Therefore, consumers are preferring ride-sharing services. Increase in global temperature and pollution levels is majorly attributed to the increase in number of on-road vehicles. Agreements and accords are being signed at the global level in order to limit the pollution and temperature rise. Consequently, governments of several countries are focused on the reduction of number of on-road vehicles. Governing bodies are promoting ride-sharing and ride-hailing services in order to reduce pollution occurring from vehicles, which in turn is fueling the demand for ride-sharing services.
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Ride-sharing services are highly preferred within city limits, where traffic congestion is a major issue. Unavailability of public transport mode, increased fuel prices, and lower number of vehicles per 1000 people are fueling the demand for ride-sharing services across cities. Growing working class population in metropolitan areas that needs to commute daily, supplemented by limited provision of public transit support in some countries and supportive government initiatives for expansion of ride-sharing activities are fueling the demand for intra-city ride-sharing services, which in turn is propelling the global ride-sharing market. The intra-city segment of the global ride-sharing market accounted for a major share of the market, in terms of revenue, due to availability of ride-sharing operators, consumer awareness, and legality of ride-sharing services. The intra-city segment of the market accounted for 78% share of the global market, in terms of revenue, in 2017. It is projected to expand at a CAGR of about 21% between 2018 and 2026.
Vehicle automation and electrification are emerging trends across the automotive industry. Increase in level of automation in vehicles is expected to enhance passenger safety, vehicle performance, and reduce travel time. Consequently, key global players operating in the ride-sharing market are heavily adopting autonomous vehicles. Merger and partnerships are being formed across autonomous vehicle manufacturers and ride-sharing and ride hailing companies, such as Uber Technologies Inc. and Volvo, which is expected to boost the number of autonomous vehicles operating in the global ride-sharing market.
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Electric vehicles are anticipated to reduce the burden over fossil fuels and reduce pollution occurring from different modes of transportation. Enhanced electric vehicle charging infrastructure, subsidies provided by governing bodies, and decline in electric vehicle prices are driving the demand for electric vehicles across the globe. Adoption of electric vehicles for ride-sharing services is also rising, especially battery electric vehicles. Consequently, the PEV segment of the market is predicted to expand at a CAGR of about 32% during the forecast period.
Key players operating in the global ride-sharing market include Uber Technologies Inc., ANI Technologies Pvt. Ltd. (OLA), Lyft, Inc., Grab, Careem, Taxify OÜ, Gett, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), BlaBlaCar, Wingz, Inc, Curb Mobility, and Cabify. Several Tier 1 suppliers and auto manufacturers are expanding their business across the ride-sharing and ride hailing market by forming alliances and acquiring companies that are operating in the global ride-sharing market.
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