A transport business known as "ride-sharing" links customers and drivers via a smartphone app. Ride-sharing services like Uber and Lyft enable customers to quickly and easily arrange a ride, and they offer a practical and affordable substitute for conventional taxi services. The ride-sharing business has been significantly impacted by the COVID-19 outbreak. Many ride-sharing companies have observed a fall in demand for their services as a result of lockdowns and social isolation policies that have decreased the number of individuals travelling.
According to MRFR analysis, the globalRide-sharing marketis expected to register a CAGR of ~21% from 2022 to 2030 and hold a value of over USD 200 billion by 2030.
Additionally, the pandemic has led to changes in consumer behavior, with more people avoiding public transportation and opting for private modes of travel, such as ride-sharing services. This has resulted in increased competition for ride-sharing services and increased pressure on ride-sharing companies to provide a safe and convenient experience for their customers. Despite these challenges, the ride-sharing industry is expected to recover in the coming years as travel restrictions are lifted and more people return to their normal travel patterns.
Regional Analysis
North America is one of the largest markets for ride-sharing services and is considered to be a major player in the global ride-sharing industry. The region has a large and growing population of urban consumers, as well as a well-developed transportation infrastructure and a supportive regulatory environment, both of which have driven demand for ride-sharing services. Additionally, the region's strong economy and growing tourism industry have made it an attractive market for ride-sharing companies, further boosting demand for these services.
Ride-Sharing Market Growth Analysis:
The ride-sharing market has seen significant growth in recent years, driven by the increasing adoption of smartphones and the convenience of on-demand transportation services. According to a recent report, the global ride-sharing market is expected to grow from USD 36.8 billion in 2018 to USD 118.1 billion by 2026, at a CAGR of 16.7% during the forecast period.
Several factors have contributed to the growth of the ride-sharing market, including:
1. Convenience: The availability of on-demand transportation services through smartphone apps has made it easier for people to book rides and get to their destination.
2. Increased urbanization: As cities become more populated, the demand for convenient and efficient transportation options has increased, leading to growth in the ride-sharing market.
3. Cost savings: Ride-sharing services are often cheaper than traditional taxi services, making them a more affordable option for many people.
4. Expansion into new markets: Ride-sharing companies have expanded into new markets around the world, which has contributed to the growth of the market.
Despite this growth, the ride-sharing market also faces some challenges, such as regulatory hurdles, safety concerns, and competition from other transportation providers. However, the increasing adoption of technology and the growing demand for on-demand transportation services are expected to drive the continued growth of the ride-sharing market in the coming years.
Market Segmentation
The Global Ride-sharing market has been segmented into type, application, and vertical.
Based on the type, the market has been segmented into Car Sharing, E-hailing, Car Rental, and Station-based Mobility.
Based on the vehicle type, the market has been segmented into ICE vehicles, Electric Vehicles, and Vehicle Running on LPG or CNG.
Based on the business model, the market has been segmented into B2C, P2P, and B2B.
Key Players
Some of the key market players are Taxify, Lyft Inc., ANI Technologies Pvt. Ltd., OLA, Gett, Didi Chuxing Technology Co., car2go, Cabify and GrabTaxi Holdings Pte. Ltd.
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