Ride Sharing Market Continues to Grow as Demand for Convenient and Affordable Transportation Increases
SkyQuest projects that the ride sharing market will attain a value of USD 341.8 billion by 2030, with a CAGR of 16.6% over the forecast period (2023-2030). The market is being propelled by the growth of real estate sector, increased private sector investments and improving economic conditions in emerging countries. Additionally, expanding government infrastructure development projects and public-private partnerships for constructing public infrastructure systems in countries such as the United States, Indiaand China have contributed to market growth. For instance, the U.S. government has invested heavily in constructing roads, railway tracks, airports and other infrastructure, necessitating excavators, loaders and other heavy equipment.
Westford, USA, June 19, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the ride sharing market has experienced significant growth in recent years owing to several beneficial factors. However, the market is projected to experience a significant decline as a result of the COVID-19 pandemic. In addition, the introduction of government regulations and hygiene protocols to maintain social distancing has also impacted the market.
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- Pages – 261
- Tables – 145
- Figures – 78
The ride sharing service is a convenient platform for passengers and drivers to connect, and book rides through online sites or smartphone applications. This service type offers several benefits, such as affordable and eco-friendly door-to-door ride services, easy booking options and freedom from parking troubles. The global market growth is accelerated by the introduction of advanced technologies such as big data analytics, IoT and A.I. which provide smart riding options and facilitate the availability of cab booking services. Service providers also offer discounts and facilities, such as monthly passes at low rates, to reduce the expenses of daily commuters.
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Prominent Players in Ride Sharing Market
- Lyft, Inc
- Wingz, Inc
- Curb Mobility
- GoKid Corporation
- Via Transportation, Inc.
- Hertz Corporation
- AVIS Budget Group
- Hitch Technologies, Inc
- Bhuumi Ride
- OLA Cabs
- DiDi Global Inc
Intercity Segment is Anticipated to Grow Due tothe Enhanced Comfort and Convenience
The intercity segment is currently the largest and most significant segment in the market. This segment mainly involves single-way tours between two citiesand daily commuters frequently use for work purposes. As public transportation congestion increases and driving fatigue becomes more common, private vehicles are becoming increasingly popular for intercity travel owing to the enhanced comfort and convenience they provide at an affordable cost. This trend has led to significant growth in the intercity segment and is expected to continue in the future.
North America was the leading market for ride sharing, with the U.S. alone holding around 95.0% of the market share in the region. However, Asia is expected to surpass North America in the near future. Uber and Lyft are two major players in the ride sharing industry operating in North America. Although Uber holds most of the market share, Lyft has successfully gained a significant regional share. It is important to note that this information is publicly available and widely reported in various industry publications.
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E-Hailing Segment is Dominating the Market Due to the Rising Demand ofRide Sharing
The ride sharing market is being dominated by the e-hailing segment, which is predicted to have the highest growth rate during the forecast period. E-hailing services provide transportation to customers through personal drivers who are contracted or employed. Additionally, ride-sharing demand, particularly e-hailing, is increasing due to government initiatives to educate the public about issues such as air pollution, passenger comfort, rising traffic congestion and ease of booking.
Asia Pacific has a lower number of vehicles per 1,000 individuals compared to Western countries. This is mainly owing to the lower per capita income in the region. As a result, ride sharing services are becoming more popular among consumers as they provide a sense of vehicle ownership at a lower cost than owning a personal vehicle. Moreover, the market is anticipated to grow due to factors such as an increase in daily commutes to workplaces in urban areas and the need to save fuel by sharing rides with colleagues heading in the same direction.
A comprehensive analysis of the major players in the ride sharing market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Ride Sharing Market
- Uber launched a new service called UberX Share, which allows riders to share rides with others traveling in the same direction in 2022. This service is similar to Uber’s carpooling feature that was available before the COVID-19 pandemic but with a monetary incentive. Riders who opt for UberX Share will receive a 20% discount on the overall fee in exchange for the extra time spent on the road. In addition, even if riders are not matched with a co-rider, they will still receive a discount on their ride.
- Avolon and AirAsia announced their partnership to create a ridesharing platform in Southeast Asia by 2025. As part of the partnership, AirAsia will lease at least 100 VX4 eVTOL aircraft from Avolon. These aircraft will allow AirAsia to offer advanced air mobility services to a broader range of passengers. Avolon and its innovation affiliate, Avolon-e, will also collaborate with AirAsia to develop a zero-emissions eVTOL aircraft and create an urban air mobility platform in Southeast Asia.
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Key Questions Answered in Ride Sharing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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