Ride Sharing Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Commute, Type and Region.

Ride Sharing Market Definition:

The term "ride sharing" refers to a service that transports customers and passengers from one location to another. Customers plan excursions and employ transportation as needed with this service, which is often done over the Internet. The ride-sharing system connects drivers and riders by allowing them to arrange a journey through an online site or a smartphone app. Ride sharing market report's segment analysis is studied and analysed on the basis of commute, type and region.

 

 

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Ride Sharing Market Dynamics:

The demand in the ride sharing market is being driven by a huge growth in carpool and bike-pool choices among regular office commuters. Consumers are choosing ride-sharing because of the growing number of services offered by market-leading players such as Uber and Ola, as well as the ability to choose convenient pickup and drop-off locations. The number of multiple ride-sharing services such as intercity carpooling, bus-sharing, bicycle-sharing, and car-sharing services has increased significantly even for short trips.

 

The cost of owning a car is rising due to rising gasoline prices, as well as increased financing, insurance, and registration charges. Maintenance expenses, such as parts and part replacement, as well as labour costs, are rising, and vehicles now require better, more sophisticated, and more expensive after-treatment equipment in order to meet rigorous emission rules. As a result, the cost of owning a vehicle will rise. Consumers are being drawn to the ride sharing market.

 

The demand for ride sharing is being driven by a rise in road traffic and congestion, as well as a lack of a proper public transportation infrastructure. For car owners, rising gasoline prices and a lack of parking spaces are big issues. Finding parking places has become easier thanks to ride sharing. These advantages are propelling the ride sharing market forward.

 

A robo-taxi is a self-driving taxi or autonomous vehicle that is managed by shared and on-demand mobility services for the purpose of enhancing fleet management and lowering ownership costs. Robo-taxis are expected to be used as a result of substantial advancements in the field of autonomous cars, which focuses on reducing road accidents, energy consumption, vehicle emissions, and traffic congestion. It is likely to fuel the growth of the ride sharing market.

 

Ride Sharing Market Segment Analysis:

By Commute, Intercity segment dominated the ride sharing market with a 55.23% share in 2023. Intercity travel is when you travel between two cities. A one-way trip from one city to another is referred to as commuting. Daily commuters who go from one city to another for work purposes frequently employ intercity travel. Congestion on public transportation and fatigue when driving a private automobile combine to provide a solid reason to choose urban transportation, which is more pleasant and convenient at a lower cost.

 

 

Through the forecast period, Intracity is expected to grow at a CAGR of 5.1%. The demand for ride sharing is being driven by the city's growing population, which is causing traffic and a lack of parking places. Rising gasoline prices, rising air pollution, and rising ownership costs.

 

By Type, E-hailing dominated the market in 2023, with a 60% share. Passengers are transported by e-hailing ride providers who hire a personal driver on a contract or job basis. Rides are scheduled in advance and paid for through the transportation network company's smartphone application in e-hailing ride services. These reasons are propelling the segment growth in the ride sharing market.

 

Through the forecast period, station-based is expected to grow at a CAGR of 4.33%. Rising online wait times, driver cancellation concerns, and other factors are expected to boost demand for this market sector. Due to opposition from taxi stands, market growth is being restrained.

 

Ride Sharing Market Regional Insights:

In 2023, the ride sharing market was dominated by the North American region, which held a 39% share. Factors driving market growth include transportation service providers' quick adoption of technologically enhanced features and the rapid development of electric cars. This region was an early adoption of the business model, giving it a competitive advantage over the competition.

 

Through the forecast period, the Asia Pacific region is expected to grow at a CAGR of 13.17%. Increased population in nations such as China, India, and others has resulted in traffic congestion and a scarcity of parking places. Demand in the region is expected to be driven by these factors.

 

Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in Europe and North America, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Ride Sharing market to the stakeholders in the industry. The report provides trends that are most dominant in the Ride Sharing market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Ride Sharing Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Ride Sharing market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Ride Sharing market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Ride Sharing market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Ride Sharing market. The report also analyses if the Ride Sharing market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Ride Sharing market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Ride Sharing market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Ride Sharing market is aided by legal factors.

 

Ride Sharing Market Scope:

Ride-Sharing Market
Market Size in 2023	USD 294.37 Bn.
Market Size in 2030	USD 606.16 Bn.
CAGR (2024-2030)	10.87%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Commute Intercity Intracity
	by Type E- hailing Station-based
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Ride Sharing Market Key Players: 

• Uber
• Lyft
• Fasten
• Haxi
• Ola Cabs
• Grab
• Go-Jek
• myTaxi
• Zimride Inc.
• Kangaride
• CarpoolWorld
• Via Transportation Inc.
• SPLT (Bosch)
• Scoop Technologies Inc.
• BlaBlaCar
• GoMore ApS

 (* Key Players List Not Exhaustive)