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Ride Sharing Market Segmentation: By Business Type (B2B {Business to Business}, B2C {Business to Consumer} and P2P {Peer to Peer}); By Vehicle (Car, Bike/Scooter and Others); By Services (Ride-hailing and Car Pooling) and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Ride Sharing market to surpass USD 316.7 Billion by 2030 from USD 62 million in 2020 at a CAGR of 17.70% throughout the forecast period, i.e. 2020-30.
Ridesharing facilitates individuals in need of transportation access with the most popular and preferred cost-effective means to commute from one place to another. Passengers and drivers are connected through an online platform that provides discrete services, individuals may enter their destination location and the current location can be identified with help of the GPS installed on the user’s phone according to which the nearest available driver is allotted. Each city has fares set on a different formula, either rate per minute or rate per mile which is quoted as and when the passenger enters’ the pick and drop location, also, fares may differ depending upon the type of service requested by the passenger. Ridesharing is a convenient method and emerged as a powerful alternative to deal with the consequences of urbanization in developing megacities.
Global Ride Sharing market to surpass USD 316.7 Billion by 2030 from USD 62 million in 2020 at a CAGR of 17.70% throughout the forecast period, i.e. 2020-30. The Global Ride Sharing market is expected to observe a growth in the future due to its convenience, economical pricing, and easy accessibility which has led to a gradual shift in the perception of individuals for automobile travel over time which would also positively impact the automotive industry along with the ride-sharing market. Consumers are integrating ride-sharing options into their daily lives considering it the most feasible alternative since it eliminates parking hassles, reduces stress, and enables them to do other things while traveling.
Global Ride Sharing market is segmented by business type into B2B, B2C, and P2P. The B2C segment held the largest market share in the year 2018 and is anticipated to dominate the global market throughout the forecast period. B2C type of business model provides direct services to the consumers and is popularly preferred across the global-ride sharing industry. B2B business model provides pick and drop services from a transport service operator to the employees of other companies.
Global Ride Sharing market is segmented by vehicle into Car, Bike/Scooter, and Others. The car segment held the largest market share in the year 2018 and is expected to maintain this trend throughout the forecast period. Car is easy to accommodate 3-4 passengers or luggage and ensures a comfortable journey. Bike/Scooter is usually opted by single passengers.
Global Ride Sharing market is also segmented by services into Ride-hailing and Car Pooling. Ride-hailing segment held the largest market share in the year 2018 and is anticipated to grow with the highest CAGR throughout the forecast period. Ride-hailing services are used when the ride is not shared with any other passengers and the vehicle does not stop at different points along a route that is more convenient and comfortable.
Convenience
Ridesharing services are convenient to access due to their door-to-door pick and drop services, unlike conventional taxi services. Consumers are integrating ride-sharing options into their daily lives considering it as the most feasible alternative since it eliminates parking hassles, reduces stress and enables them to do other things en-route, and is easier to arrange a ride in urgency.
Cost-effective
With the rising fuel prices and prices of vehicles, ride-sharing services have witnessed an upsurge in demand which is a driving key factor. Services like car-pooling have provided the advantage of splitting up the ride cost between passengers which is economical.
Security Concerns
Security concern is one of the key factors restraining the growth of the global ride-sharing market as all these services are provided through online platforms such as smartphone apps or websites, and data acquired and recorded is vulnerable to hacking.
With the advent of coronavirus, many services associated with different sectors have been affected. Likewise, due to a complete shutdown ride-sharing markets have also witnessed the disruption of their services which has adversely affected the global market. Physical distancing has been the most important precautionary measure which has impacted the market, fear of the spread of infection has shifted consumers’ preference toward more personalized services. Low business activity due to declining demand for ride-sharing services and the rising inclination of corporations toward a work-from-home policy to cope with the pandemic has led to a fall in the demand for the ride-sharing market. Drivers have suffered to meet daily expenses and overheads, might not observe immediate relief, and continue to witness a fall in the demand. Incorporating additional precautions to ensure contactless commuting service would certainly increase the operating costs subsequently leading to a rise in fares.
Uber Technologies Inc.
Global Ride Sharing market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Ride Sharing market in Asia-Pacific held the largest market share in the year 2019. Mounting urbanization and busy schedules have led to a rise in demand for ride-sharing services. In addition to this lower GDP per capita, lower personal vehicles per 1000 people, and flexible government policies for ride-sharing services are anticipated to boost the growth of the global sharing market in the region.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Ride-Sharing Market Segments:
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