Ride Sharing Market by Type (E-hailing, Station-Based, Car Sharing & Rental), Service & Region | MarketsandMarkets

The global Ride Sharing Market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated $85.8 billion in 2021 to $185.1 billion by 2026.

An increase in urbanization, internet and smartphone penetration and the increase in the cost of vehicle ownership is boosting the growth of the ride sharing market.

Mobility service providers are investing in R&D activities to introduce EV’s and other advanced types of vehicles in the ride-sharing industry. For example, in May 2021, Uber announced its partnership with Arrival, the global technology company creating electric vehicles, using its technologies to develop an affordable, purpose-built electric vehicle (EV) for ride-hailing drivers. Uber aimed at becoming a fully electric mobility platform in London by 2025 and by 2030 across North America and Europe.

The report analyzes all major players in the Ride Sharing Market including Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore) are the major companies operating in the global Ride-Sharing Market.

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The e-hailing segment is estimated to be the largest ride-sharing market during the forecast period

Moreover, the growing demand for e-hailing services can be attributed to ease of booking, increasing traffic congestion, passenger comfort, and rising government initiatives to increase awareness among people regarding air pollution are propelling the demand for ride-sharing, predominantly e-hailing. Also, the increasing partnership between domestic and international service providers, such as Uber and Didi in China, is also likely to help the e-hailing market grow. Some of the major e-hailing players are Uber, Didi, Lyft, and Ola. E-hailing is usually done for a short distance, and most of these rides are about 10–15 km (6.2–9.3 miles) on average.

The P2P car sharing segment is projected to lead the car-sharing market

P2P car sharing is a type of vehicle sharing in which people share their cars with co-travellers. Also, the P2P model has the owner in the car while the ride is taking place. The demand for P2P car sharing has been on the rise. A car becomes an asset that costs the owner huge money for travelling; one can save money by travelling with co-passengers and sharing the fuel cost or charging the customer accordingly. Major factors driving peer-to-peer car-sharing are convenience and availability, monetary savings, and expanded mobility options.

The Asia Pacific is estimated to be the dominant regional market

In the Asia Pacific, developing countries are expected to experience significant growth, primarily in urban transportation. The high population growth rate in the region and increasing urbanization have intensified the need for transportation. Most of the countries in the region are shifting their focus on smart personal mobility to reduce travel time and congestion. The Asia Pacific accounts for a significantly lower number of vehicles per 1,000 persons as the per capita income in most of these countries is lower than in Western countries. Hence, ride-sharing offers users a sense of owning a vehicle at a much lower cost than actually owning one. Therefore, consumers prefer ride-sharing services over personal vehicles. Additionally, factors such as a rise in the daily commute to workplaces in urban areas and an increased need to save fuel by providing a ride to commuters and colleagues heading along the same route are anticipated to fuel the Asia Pacific ride-sharing market.

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Recent Developments:

1. In December 2021, Lyft, Ford and Argo AI launched an autonomous rideshare service in Miami, delivering on a shared commitment to deploy Ford’s autonomous vehicles, powered by the Argo Self-Driving System, on Lyft’s ridesharing network.
2. In November 2021, Uber Technologies, Inc. launched Uber One in the US, which is one membership that brings together rides and delivery to make every day more effortless for users with monthly and yearly subscriptions.
3. In May 2021, DiDi Autonomous Driving, the self-driving technology arm of Didi Chuxing and GAC Aion New Energy Automobile, a wholly-owned subsidiary of Guangzhou Automobile Group, reached a strategic partnership agreement on the development of fully self-driving new energy vehicles with the goal of mass production.
4. In May 2021, The GrabPet XL and GrabCar Exec services provide more options for Grab passengers with different mobility requirements while expanding earning opportunities for eligible driver-partners.
5. In April 2021, Uber Technologies, Inc. and Walgreens unveiled a new feature that would allow consumers to book vaccination appointments at a Walgreens location and also schedule their Uber ride to the vaccination appointment, all with a few taps through the Uber app. With all adults in the US eligible to receive the COVID-19 vaccine, Uber and Walgreens remain focused on helping ensure that transportation is never a barrier to receiving a vaccination.
6. In January 2021, Gett raised USD 115 million, led by new backer Pelham Capital Investments Ltd. and also included participation from unnamed existing investors. Including this round, Gett raised USD 750 million, with investors including VW, Access, and its founder Len Blavatnik, Kreos, MCI and more, and its last valuation was USD 1.5 billion, pegged to a USD 200 million fundraise in May 2019
7. In July 2020, Lyft launched The Lyft pass enabled a means to allow organizations to cover the costs of rides for their people—from employees and essential workers to customers, guests, and patients—while prioritizing safety, convenience, and flexibility.
8. In February 2020, Ola expanded its services to London. The Ola platform would be fully operational with three categories: Comfort, Comfort XL, and Exec ride classes. Ola had over 25,000 drivers registered on the platform, bringing scale to its London offering immediately.
9. In February 2020, Grab raised an investment of over USD 850 million from Japanese investors, including Mitsubishi UFJ Financial Group Inc. and TIS Inc. This investment will be used in creating accessible and affordable financial services for Southeast Asia in order to boost financial inclusion in the region.

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