Industry Background:
Online ride-sharing business, a kind of smart mobility, is also gaining traction and this will further offer impetus to the expansion of the ride-sharing market over the ensuing years. Today, nearly 70.1% of the ridesharing sector is still unexplored globally. Citing an instance, Uber, a U.S.-based firm offering ride-sharing services, contributed only 28.8% of the U.S. ride-sharing market in the first half of 2017. In October 2016, car sharing was operating globally in 2,095 cities across 46 different countries, serving 15 million passengers with nearly 157,000 vehicles. This represents a 76% increase in users (passengers) and a 23% increase in vehicles since 2014. Asia accounts for 58% of car-sharing members and 43% of the shared car fleet. The growing shared mobility ecosystem has the potential to create new jobs as the mobility system shifts from product-centric to service-centric. The number of passengers opting for car-sharing has increased from 81,000 to 87 lakhs between 2010 and 2016 and the number of vehicles on this platform has grown from 4,315 to 67,32930.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Uber (United States), Lyft (United States), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (United States), Herts (United States) and Car2go (United States) |
According to AMA, the market for Ridesharing Services is expected to register a CAGR of 19.87% during the forecast period to 2028. This growth is primarily driven by The Fuelling demand for Cost-Saving as well as Time-Saving Transportation and Growing Smartphone and Internet Penetration.
Globally, a noticeable market trend is evident Upsurging Demand due to Micro-Mobility
The Business Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Uber (United States), Lyft (United States), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (United States), Herts (United States) and Car2go (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Rising electric vehicle sales will drive the growth of ride-sharing demand over the forecast period. Similarly, stricter vehicle emissions requirements and increased awareness of public transportation will drive market growth.
Key Developments in the Market:
In 2020 - In response to the COVID-19 crisis, Sevenoaks bus services operated by Go Coach, will temporarily be replaced by a new on-demand service. Branded Go2, the service will be bookable using a mobile app developed and powered by Via Transportation, operating like a shared taxi. This means that journeys will be made only when and where they are required.
In 2020 - Didi Chuxing announced that it would launch its value-for-money ridesharing services in Sydney, New South Wales. Currently, the Company operates across seven cities in four states, providing three services – DiDi Express, DiDi Share (carpooling), and DiDi Max (7-seater) to Australian communities. The launch in Sydney will start with DiDi Express and DiDi Max.
Influencing Trend:
Upsurging Demand due to Micro-Mobility and Stringent Co2 Reduction Targets
Market Growth Drivers:
The Fuelling demand for Cost-Saving as well as Time-Saving Transportation and Growing Smartphone and Internet Penetration
Challenges:
COVID-19 is Expected to Pose a Significant Threat to the Market
Restraints:
The Concern Related to Different Transport Policies from Different Countries
Opportunities:
High Adoption Among Millennials and Potential Generation Z and Introduction of Autonomous Vehicles for Ride Sharing
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Ridesharing Services Market
- Analysis about New Entrants in Ridesharing Services Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Ridesharing Services Study Sheds Light on
The Ridesharing Services Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Ridesharing Services industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Ridesharing Services industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.