Rising demand for carpooling, growing preference for online booking, and increasing vehicle ownership costs drive the growth of the ride-sharing market.
WILMINGTON, DE, UNITED STATES, November 20, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, the global ride sharing market size was valued at $59.53 billion in 2020, and is projected to reach $205.83 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030.Ride sharing involves adding passengers to a private trip in which the driver and passengers share a destination. Such an arrangement provides additional transportation options for riders while allowing drivers to fill otherwise empty seats in their vehicles. Traditional forms of ridesharing include carpooling and vanpooling. This service can be for short long-distance trips. Travelers share trip costs through ridesharing platforms that charge a fee for making the connection.
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A passenger can book a shared ride with the help of a smartphone application or website using internet, and via a call & message, or by going directly to the service provider’s physical location. Also, customer can hire a taxi for a decided route, which would be pre-defined by the service provider.
Factors such as rise in demand for ride-hailing and ride-sharing services, increase in demand from online taxi booking channels and an increase in cost of vehicle ownership are anticipated to drive the market growth. However, improvements of public transportation and varying government regulations on taxi services in different countries across the world hinder the market growth. Further, the development of robo-taxies and the emergence of eco-friendly electric cab services are some of the factors expected to offer lucrative opportunities for market growth during the forecast period.
Europe is the highest revenue contributor, followed by Asia-Pacific, North America, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to lead during the forecast period, owing to technological advancements, rise in preference amongst the people for ride-sharing services which is expected to reduce traffic congestion, and supportive government policies for shared mobility services.
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COVID-19 Impact Analysis:
Following the directions of the WHO to minimize the spread of the virus, governments of various countries have set up lockdowns and trade restrictions. In most countries across the world, shops and businesses have shuttered and offices have emptied out, and this has resulted in a decrease in demand for taxi or cab services, which in turn, for ride-sharing services. Social distancing norms and regulations implemented by government and healthcare authorities encourage citizens to maintain a two-meter distance from other persons for safety. This has restricted the usage of ride-sharing services for daily commutes.
Users prefer to travel in their own vehicles due to health and safety concerns, hampering the market size in 2020. However, major ride-sharing companies such as Ola, Uber, Grab, Didi, Lyft, and others are already feeling the pressure from the coronavirus pandemic as travel restrictions and lockdowns are increasing across the world. For instance, Lyft experienced a decrease in revenue by 36% year-on-year. In addition, according to the Canaccord Genuity pricing tracker, ride-share fares dropped by 6% month-over-month in 2020.
Based on booking type, the online booking segment accounted for 87% of the total market share in 2020, and is expected to rule the roost by 2030. The same segment would also garner the fastest CAGR of 13.7% throughout the forecast period.
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Based on commute type, the intracity segment contributed to nearly four-fifths of the total market revenue in 2020, and is projected to lead the trail by 2030. The intercity segment, however, would exhibit the fastest CAGR of 15.2% during the forecast period.
Based on region, the market across Europe held the major share in 2020, garnering nearly one-third of the global market. LAMEA, on the other hand, would manifest the fastest CAGR of 16.0% throughout the forecast period. The other provinces discussed in the report include North America and Asia-Pacific.
The key market players analyzed in the global ride-sharing market report include Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), BlaBlaCar, Cabify Espana S.L.U., Uber Technologies Inc., Careem, Gett, GrabTaxi Holdings Pte. Ltd., Lyft, Inc., Yandex, and ANI Technologies Pvt. Ltd. (OLA). These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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