The global ride sharing market size is expected to reach USD 212.60 billion by 2026, exhibiting a CAGR of 2.0% during the forecast period. The lack of proper public transport systems in the developing nations is expected to entice key players to invest heavily in those regions, mentioned in a report, titled “Ride Sharing Market Size, Share & Industry Analysis, By Type (E-Hailing and Station Based), By Commute Type (Long Distance, Corporate, and Inter City), By Application Type (iOS, Android, and Others) and Regional Forecasts, 2019-2026” the market size stood at USD 182.12 billion in 2018.
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Source:
https://www.fortunebusinessinsights.com/ride-sharing-market-103336
The report on the ride sharing market encompasses:
- Exceptional insights on all the key developments
- Comprehensive research
- Key drivers and trends
- Comprehensive information about key players
Market Driver:
Surge in Micro-mobility to Boost Growth
The growing demand for micro-mobility consisting of light vehicles such as mopeds, bikes, scooters, and longboards will have a tremendous impact on market growth. The growing knowledge about shared micro-mobility among commuters will simultaneously generate market revenue owing to the necessity for hassle-free ride options. Moreover, the growing traffic congestions in metro cities has led to numerous problems for daily commuters, besides offering vast opportunities for ride sharing.
For instance, Volkswagen Group has started the promotion of micro-mobility with the introduction of Cityskater and Streetmate electric scooters in Geneva as a part of their electric mobility plan. Similarly, Daimler and BMW have collaborated to offer scooters on rent in more than 6 cities in Europe. Also, the growing carbon emissions have created major concerns regarding the environmental change, which will consequently increase the requirement for ride sharing and boost market prospects in the forthcoming years.
Decline in Cab Services During Coronavirus
The automotive and travel industry has witnessed a steep downfall in the number of consumers and commuters due to the novel coronavirus. The new policies and norms imposed by the government to support social distancing, and hygiene protocols will pose a new challenge for the market.
The panic and fear among people regarding the spread of infection during traveling can further thwart the development of the market amid the COVID-19 pandemic. The avoidance of cab services during the pandemic will directly affect and create new obstacles for the expansion of the global market.
Rising Development of Electric Cars to Aid Expansion in North America
The market in North America is expected to grow rapidly during the forecast period owing to the enormous demand for electric cars in countries such as Canada, the US, and Mexico. The increasing technological advancement in ride services will create vast scope for the market. For instance, Lyft, an American ride sharing company became the first the introduce green mode, which provides electric car ride share to its customers.
The ‘Green City Initiative’ will help to reduce the use of fossil fuels. Europe is expected to witness a substantial growth rate during the forecast period due to the flourishing automotive industry in the region. Also, the rising partnerships between service providers and the government to promote ride sharing services will aid the expansion of the market in Europe.
Key Development:
October 2018: Grab Taxi Holdings announced a strategic partnership with Microsoft Corporation to drive innovation and transform mobility and digital services by leveraging machine learning and artificial intelligence capabilities from Microsoft.
