Global Ride Sharing Market, By Business Model (P2P, B2C, B2B), By Vehicle Type (ICE, CNG/LPG, Electric), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2020-20
Description
Global Ride Sharing Market, By Business Model (P2P, B2C, B2B), By Vehicle Type (ICE, CNG/LPG, Electric), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2020-2028
Ride Sharing Market All Set to Boom: Projected to Grow at a CAGR of over 16% during by 2028
The global ride sharing market is flourishing at a high rate because of the influencing factors, such as use of mobile apps or websites to provide users or passengers with access to vehicles or drivers for hire. Additionally, the increased mobile and internet penetration is also propelling the market forward….
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global ridesharing market is projected to reach USD 85.1 billion by 2021 growing at a CAGR of 16.4% during the forecast period (2022-2028). The use of mobile apps or websites to provide users or passengers with access to vehicles or drivers for hire is known as ride - sharing. Ridesharing is beneficial for the environment and people in general as it involves more than one rider in the same vehicle. The demand for ride-sharing is growing globally because of increased mobile and internet penetration. In addition, the rising cost of vehicle ownership, combined with strict rules and regulations pertaining to the reduction of carbon dioxide is driving the demand for ride-sharing, globally. Furthermore, the industry is heavily influenced by the increasing demand for electric vehicles in ride-sharing services.
Growth Drivers
Increasing use of smartphone and internet
Since ride-sharing is an internet-based service, having access to the internet is a must to use in any part of the world. Users must download any ride-sharing app to their smartphone and use data services to navigate the app as well as to access other relevant information services. According to the International Telecommunication Union, the internet is used by 81% of developing countries. Also, 40% of people in developing countries now have internet access, and this figure is increasingly rising.
Rising cost of vehicle ownership
Due to rising fuel prices, as well as rising financing, insurance, and car registration costs, owning a personal vehicle has become prohibitively expensive. In addition to this, maintenance cost, such as repairs of parts and accessories and labor charges, is also added to the cost of vehicle ownership. Aside from that, stringent rules and regulations pertaining to pollution control, among other things, make owning a personal car a little more difficult, allowing customers to use ride-sharing services.
Impact of COVID-19 in the global ride sharing market
Ride-sharing has been witnessing a major decrease in demand as a result of the COVID -19 outbreak. Owing to an increase in the number of cases of COVID-19, commuters are increasingly becoming concerned about using public transportation, which is negatively affecting the ride-sharing industry. Furthermore, government and healthcare authorities across the world have enforced social distancing norms as well as hygiene protocols that require people to maintain a two-meter distance from other people for safety reasons. These factors have stifled the use of ridesharing services for day-to-day transportation. Users nowadays prefer to travel in their cars due to health and safety concerns, which is likely to have a negative impact on market share. As ride-sharing companies strengthen their sanitization and safety measures, these issues are likely to diminish.
ICE accounts for the largest share in the global ride sharing market
Based on vehicle types, the global ride sharing market is segmented into ICE (internal combustion engine), CNG/LPG, electric vehicle, and micro-mobility vehicle. Out of these, ICE is the dominant segment. Currently, two types of ICEs are used in production: (i) the spark ignition gasoline engine and (ii) the compression ignition diesel engine. Most of these are four-stroke cycle engines, meaning four piston strokes are wanted to complete a cycle. The automotive ICE segment is expected to grow significantly due to high vehicle demand during the forecast period. The rising demand for high-capability engines with reduced carbon emissions is also likely to fuel the sector's growth.
North America is expected to witness significant growth in the market during the forecast period
North America dominated the ride-sharing market in 2021 and is expected to maintain its dominance during the forecast period. Market dynamics highlight a rising trend among commuters in these countries to reduce their reliance on fossil fuels for regular transportation needs. The implementation of strict pollution regulations by the US Environmental Protection Agency (EPA) is propelling the regional market revenue even further. To empower individual commuters to utilize carpooling services for day-to-day commuting, the EPA provides multiple carpool reward programs.
The Asia-Pacific is also predicted to expand at a significant growth rate over the forecast period of 2022 to 2028 due to the massive demand for ride- sharing services in countries such as India and China. The rising cost of vehicle ownership, strict CO2 reduction targets, and the demand for electric vehicles in ride-sharing services have been contributing significantly to the growth of the ride-sharing market in the APAC region. Also, the growing demand for cost-effective and alternative mobility solutions is a driving force in the growth of the ride-sharing industry, which is propelling the target market's development.
Global Ride Sharing Market - Competitive landscape
Key players in global ride sharing market are Uber Technologies Inc. (U.S.), Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), ANI Technologies Pvt. Ltd. (India), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany) and other noticeable players. Players in the market are constantly launching new products and adopting new strategies to gain traction in the market. In addition, competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., are common in this market.
Ride Sharing Market All Set to Boom: Projected to Grow at a CAGR of over 16% during by 2028
The global ride sharing market is flourishing at a high rate because of the influencing factors, such as use of mobile apps or websites to provide users or passengers with access to vehicles or drivers for hire. Additionally, the increased mobile and internet penetration is also propelling the market forward….
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global ridesharing market is projected to reach USD 85.1 billion by 2021 growing at a CAGR of 16.4% during the forecast period (2022-2028). The use of mobile apps or websites to provide users or passengers with access to vehicles or drivers for hire is known as ride - sharing. Ridesharing is beneficial for the environment and people in general as it involves more than one rider in the same vehicle. The demand for ride-sharing is growing globally because of increased mobile and internet penetration. In addition, the rising cost of vehicle ownership, combined with strict rules and regulations pertaining to the reduction of carbon dioxide is driving the demand for ride-sharing, globally. Furthermore, the industry is heavily influenced by the increasing demand for electric vehicles in ride-sharing services.
Growth Drivers
Increasing use of smartphone and internet
Since ride-sharing is an internet-based service, having access to the internet is a must to use in any part of the world. Users must download any ride-sharing app to their smartphone and use data services to navigate the app as well as to access other relevant information services. According to the International Telecommunication Union, the internet is used by 81% of developing countries. Also, 40% of people in developing countries now have internet access, and this figure is increasingly rising.
Rising cost of vehicle ownership
Due to rising fuel prices, as well as rising financing, insurance, and car registration costs, owning a personal vehicle has become prohibitively expensive. In addition to this, maintenance cost, such as repairs of parts and accessories and labor charges, is also added to the cost of vehicle ownership. Aside from that, stringent rules and regulations pertaining to pollution control, among other things, make owning a personal car a little more difficult, allowing customers to use ride-sharing services.
Impact of COVID-19 in the global ride sharing market
Ride-sharing has been witnessing a major decrease in demand as a result of the COVID -19 outbreak. Owing to an increase in the number of cases of COVID-19, commuters are increasingly becoming concerned about using public transportation, which is negatively affecting the ride-sharing industry. Furthermore, government and healthcare authorities across the world have enforced social distancing norms as well as hygiene protocols that require people to maintain a two-meter distance from other people for safety reasons. These factors have stifled the use of ridesharing services for day-to-day transportation. Users nowadays prefer to travel in their cars due to health and safety concerns, which is likely to have a negative impact on market share. As ride-sharing companies strengthen their sanitization and safety measures, these issues are likely to diminish.
ICE accounts for the largest share in the global ride sharing market
Based on vehicle types, the global ride sharing market is segmented into ICE (internal combustion engine), CNG/LPG, electric vehicle, and micro-mobility vehicle. Out of these, ICE is the dominant segment. Currently, two types of ICEs are used in production: (i) the spark ignition gasoline engine and (ii) the compression ignition diesel engine. Most of these are four-stroke cycle engines, meaning four piston strokes are wanted to complete a cycle. The automotive ICE segment is expected to grow significantly due to high vehicle demand during the forecast period. The rising demand for high-capability engines with reduced carbon emissions is also likely to fuel the sector's growth.
North America is expected to witness significant growth in the market during the forecast period
North America dominated the ride-sharing market in 2021 and is expected to maintain its dominance during the forecast period. Market dynamics highlight a rising trend among commuters in these countries to reduce their reliance on fossil fuels for regular transportation needs. The implementation of strict pollution regulations by the US Environmental Protection Agency (EPA) is propelling the regional market revenue even further. To empower individual commuters to utilize carpooling services for day-to-day commuting, the EPA provides multiple carpool reward programs.
The Asia-Pacific is also predicted to expand at a significant growth rate over the forecast period of 2022 to 2028 due to the massive demand for ride- sharing services in countries such as India and China. The rising cost of vehicle ownership, strict CO2 reduction targets, and the demand for electric vehicles in ride-sharing services have been contributing significantly to the growth of the ride-sharing market in the APAC region. Also, the growing demand for cost-effective and alternative mobility solutions is a driving force in the growth of the ride-sharing industry, which is propelling the target market's development.
Global Ride Sharing Market - Competitive landscape
Key players in global ride sharing market are Uber Technologies Inc. (U.S.), Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), ANI Technologies Pvt. Ltd. (India), GrabTaxi Holdings Pte. Ltd. (Singapore), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany) and other noticeable players. Players in the market are constantly launching new products and adopting new strategies to gain traction in the market. In addition, competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., are common in this market.
Table of Contents
187 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Key Market Segments
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.2. Methodology
- 2.3. Regional Split of Primary & Secondary Research
- 2.4. Secondary Research
- 2.5. Primary Research
- 2.5.1. Breakdown of Primary Research Respondents, By Region
- 2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
- 2.6. Market Size Estimation
- 2.7. Assumptions for the Study
- 2.8. Market Breakdown & Data Triangulation
- 3. Executive Summary
- 4. Industry Insight and Growth Strategy
- 4.1. Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Market Drivers
- 4.2.1.1. Increasing Smartphone and Internet Diffusion
- 4.2.1.2. Increase in the Cost of Vehicle Ownership
- 4.2.2. Market Restraints
- 4.2.2.1. Lack of Advanced Technology
- 4.2.3. Market Challenges
- 4.2.3.1. Negative Impact of the COVID-19 Pandemic
- 4.2.4. Market Opportunity
- 4.2.4.1. Rising Penetration of Ride Sharing Platforms
- 4.3. Recent Developments
- 4.4. Porter’s Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Intensity of Rivalry
- 4.4.4. Threat of New Entrants
- 4.4.5. Threat of Substitutes
- 5. Global Ride Sharing Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.2. Market Size and Forecast, By Segment
- 5.2.1. By Business Model
- 5.2.1.1. P2P
- 5.2.1.2. B2C
- 5.2.1.3. B2B
- 5.2.2. By Vehicle Type
- 5.2.2.1. ICE
- 5.2.2.2. CNG/LPG
- 5.2.2.3. Electric
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia-Pacific
- 5.2.3.4. Latin America
- 5.2.3.5. Middle East & Africa
- 6. North America Ride Sharing Market Overview
- 6.1. Market Size and Forecast
- 6.1.1. By Value (USD Billion), 2018-2028
- 6.2. Market Share and Forecast
- 6.2.1. By Business Model
- 6.2.2. By Vehicle Type
- 6.2.3. By Country
- 6.2.3.1. U.S.
- 6.2.3.2. Canada
- 7. Europe Ride Sharing Market Overview
- 7.1. Market Size and Forecast
- 7.1.1. By Value (USD Billion), 2018-2028
- 7.2. Market Share and Forecast
- 7.2.1. By Business Model
- 7.2.2. By Vehicle Type
- 7.2.3. By Country
- 7.2.3.1. Germany
- 7.2.3.2. U.K.
- 7.2.3.3. Russia
- 7.2.3.4. France
- 7.2.3.5. Italy
- 7.2.3.6. Spain
- 7.2.3.7. Rest of Europe
- 8. APAC Ride Sharing Market Overview
- 8.1. Market Size and Forecast
- 8.1.1. By Value (USD Billion), 2018-2028
- 8.2. Market Share and Forecast
- 8.2.1. By Business Model
- 8.2.2. By Vehicle Type
- 8.2.3. By Country
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. South Korea
- 8.2.3.5. Rest of APAC
- 9. LATAM Ride Sharing Market Overview
- 9.1. Market Size and Forecast
- 9.1.1. By Value (USD Billion), 2018-2028
- 9.2. Market Share and Forecast
- 9.2.1. By Business Model
- 9.2.2. By Vehicle Type
- 9.2.3. By Country
- 9.2.3.1. Mexico
- 9.2.3.2. Brazil
- 9.2.3.3. Rest of LATAM
- 10. MEA Ride Sharing Market Overview
- 10.1. Market Size and Forecast
- 10.1.1. By Value (USD Billion), 2018-2028
- 10.2. Market Share and Forecast
- 10.3. By Business Model
- 10.4. By Vehicle Type
- 10.5. By Country
- 10.5.1. Saudi Arabia
- 10.5.2. UAE
- 10.5.3. South Africa
- 10.5.4. Rest of MEA
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis (2021)
- 11.3. Competitive Benchmarking By Operating Parameters
- 12. Impact of COVID-19 on Global Ride Sharing Market
- 13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- 13.1. Uber Technologies Inc.
- 13.2. Lyft, Inc.
- 13.3. Didi Chuxing Technology Co.
- 13.4. Gett
- 13.5. ANI Technologies Pvt. Ltd.
- 13.6. GrabTaxi Holdings Pte. Ltd.
- 13.7. Taxify
- 13.8. Careem
- 13.9. Cabify
- 13.10. car2go
- 13.11. Other Prominent Players
- 14. Key Strategic Recommendations
- List of Figures
- Figure 1: Global Ride Sharing Market Segmentation
- Figure 2: Global Ride Sharing Market Value Chain Analysis,
- Figure 3: Company Market Share Analysis, 2021
- Figure 4: Global Ride Sharing Market Size, By Value (USD Billion), 2018-2028
- Figure 5: Global Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028
- Figure 6: Global Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 7: Global Ride Sharing Market Share (%), By Region, By Value, 2018-2028
- Figure 8: North America Ride Sharing Market Size, By Value (USD Billion), 2018-2028
- Figure 9: North America Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028
- Figure 10: North America Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 11: North America Ride Sharing Market Share (%), By Country, By Value, 2018-2028
- Figure 12: Europe Ride Sharing Market Size, By Value (USD Billion), 2018-2028
- Figure 13: Europe Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028
- Figure 14: Europe Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 15: Europe Ride Sharing Market Share (%), By Country, By Value, 2018-2028
- Figure 16: Asia-Pacific Ride Sharing Market Size, By Value (USD Billion), 2018-2028
- Figure 17: Asia-Pacific Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028
- Figure 18: Asia-Pacific Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 19: Asia-Pacific Ride Sharing Market Share (%), By Country, By Value, 2018-2028
- Figure 20: Latin America Ride Sharing Market Size, By Value (USD Billion), 2018-2028
- Figure 21: Latin America Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028
- Figure 22: Latin America Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 23: Latin America Ride Sharing Market Share (%), By Country, By Value, 2018-2028
- Figure 24: Middle East & Africa Ride Sharing Market Size, By Value (USD Billion), 2018-2028
- Figure 25: Middle East & Africa Ride Sharing Market Share (%), By Business Model, By Value, 2018-2028
- Figure 26: Middle East & Africa Ride Sharing Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 27: Middle East & Africa Ride Sharing Market Share (%), By Region, By Value, 2018-2028
- List of Tables
- Table 1: Global Ride Sharing Market Size, By Business Model, By Value, 2018-2028
- Table 2: Global Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028
- Table 3: Global Ride Sharing Market Size, By Region, By Value (USD Billion), 2018-2028
- Table 4: North America Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028
- Table 5: North America Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028
- Table 6: North America Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 7: Europe Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028
- Table 8: Europe Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028
- Table 9: Europe Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 10: Asia-Pacific Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028
- Table 11: Asia-Pacific Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028
- Table 12: Asia-Pacific Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 13: Latin America Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028
- Table 14: Latin America Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028
- Table 15: Latin America Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 16: The Middle-East & Africa Ride Sharing Market Size, By Business Model, By Value (USD Billion), 2018-2028
- Table 17: The Middle-East & Africa Ride Sharing Market Size, By Vehicle Type, By Value (USD Billion), 2018-2028
- Table 18: The Middle-East & Africa Ride Sharing Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 19: Uber Technologies Inc. Financial Analysis
- Table 20: Uber Technologies Inc. Business Overview
- Table 21: Lyft, Inc. Financial Analysis
- Table 22: Lyft, Inc. Business Overview
- Table 23: Didi Chuxing Technology Co. Corporation Financial Analysis
- Table 24: Didi Chuxing Technology Co. Corporation Business Overview
- Table 25: Gett Financial Analysis
- Table 26: Gett Business Overview
- Table 27: ANI Technologies Pvt. Ltd. Financial Analysis
- Table 28: ANI Technologies Pvt. Ltd. Business Overview
- Table 29: GrabTaxi Holdings Pte. Ltd. Financial Analysis
- Table 30: GrabTaxi Holdings Pte. Ltd. Business Overview
- Table 31: Taxify Financial Analysis
- Table 32: Taxify Business Overview
- Table 33: Careem Financial Analysis
- Table 34: Careem Business Overview
- Table 35: Cabify Financial Analysis
- Table 36: Cabify Business Overview
- Table 35: car2go Financial Analysis
- Table 36: car2go Business Overview
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