Ride Sharing Market Size By Business Model (P2P, B2C, B2B), By Vehicle Type (ICE, CNG/LPG, Electric), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2020  |  Report ID: GMI3733  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 150   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Ride Sharing Market size exceeded USD 34 billion in 2019 and is anticipated to grow at a CAGR of over 6.5% between 2020 and 2026. Stringent vehicle emission regulations implemented by government authorities across the globe are increasing the adoption of shared mobility solutions for routine commute.
 

Growing safety concerns related to the usage of public transport facilities among commuters are supporting the amplifying market trend of ride sharing services. Overcrowded public transport facilities including subways and buses cause high level of discomfort while travelling. These facilities also pose a risk of spreading of infections and viral diseases. Increasing demand for comfortable intercity transport is driving the market growth.
 

Ride Sharing Market

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Significant increase in ownership of private cars coupled with insufficient network of roads in populated cities has led to a rapid increase in traffic congestion. According to the industry update by the Federal Highway Administration, congestion on roads takes up more than 37% of the travel time of daily commuters in the U.S. High traffic congestion in cities has increased the overall travel time by an average of 3.5 hours in the last 20 years. Shifting preference toward reducing the daily travel time is fueling the market for ride sharing services.
 

The major factor hampering the market expansion is the limited availability of technology and supportive infrastructure. The unavailability of convenient parking spots and pick-up & drop locations for cars in densely populated cities is challenging the wide acceptance of carpooling services. One of the major barriers of entry for new market players is the high investment required to develop a supportive technological support for ride sharing services in terms of mobile applications and location tracking.
 

The rapidly spreading COVID-19 pandemic is adversely impacting the ride sharing market demand. Social distancing norms and regulations implemented by government and healthcare authorities encourage citizens to maintain a two-meter distance from other persons for safety. This has restricted the usage of ride sharing services for daily commute.
 

Users prefer to travel in their own vehicles due to health and safety concerns, hampering the market size in 2020. The impact of this industry challenge is expected to reduce owing to the increasing sanitization and safety measures undertaken by ride sharing companies.
 

Ride Sharing Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 34 Billion
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.5% 2026 Value Projection: USD 50 Billion
Pages: 150 Tables, Charts & Figures: 130
Geographies covered (16): U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa
Segments covered: Business Model, Application
Companies covered (15): BlaBlaCars, Careem, Inc., DiDi Chuxing Technology Co., Ltd., Grab Holdings, Inc., Lyft, Inc., Ola Cabs, Quick Ride, Scoop Technologies, Inc., sRide, TwoGo, Uber Technologies, Inc., Via Transportation, Inc, Waze Mobile Ltd., ZIFY S.A.S, Zipcar
Growth Drivers:
  • High demand for cost effective and alternative mobility solutions
  • Stringent vehicular emission regulations in North America
  • Growing demand for electric vehicles in ride sharing services in Europe
  • Increasing traffic congestion in Asia Pacific
  • Rising awareness related to shared mobility in Latin America & MEA
Pitfalls & Challenges:
  • High competition from similar business models
  • Lack of confidence and trust among users

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Growing trend of P2P (Peer-to-Peer) ride sharing services propelling the market revenue

The P2P business model is projected to witness around 7.5% growth rate till 2026. The demand for shared mobility services on a very short notice for commute to the desired location is increasing the usage of P2P carpooling services. This business model allows users to contact drivers in their vicinity through GPS and location services. Commuters can conveniently connect to car owners through their smart devices such as phones and tablets.
 

Increasing market demand for electric vehicles led by stringent emission regulations

Ride Sharing Market Size

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Electric cars segment accounted for 3% of the market share in 2019impelled by rising vehicular emission concerns. The companies operating in the market are focusing on minimizing the carbon footprint of their business operations by adding electric cars to their fleet. Shifting consumer preference toward using sustainable mobility solutions for routine commute is further supporting the growing market expansion from electric cars.
 

Market leaders are collaborating with automobile manufacturers to expand their fleet of electric cars for ride sharing purposes. For instance, in September 2020, Uber partnered with Volkswagen to add more electric cars to its ride hailing and sharing services in Europe. Through this partnership, Uber will add new e-Golf cars to its carpooling fleet in Germany. The company aims to offer 100% of its rides in electric cars by 2030 in major North American and European countries.
 

Rising adoption in North America due to shifting consumer preferences

North America Ride Sharing Market

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The North America ride sharing market size surpassed USD 4.5 billion in 2019 on account of the increasing inclination of residents of the U.S. and Canada toward reducing environmental pollution. Market trends emphasize the growing tendency of commuters in these countries to reduce their dependency on fossil fuels for daily transport requirements.
 

The establishment of stringent emission regulations by authorities, such as the Environment Protection Agency (EPA), is further boosting the regional market revenue. The EPA offers several carpool incentives programs to encourage individual commuters to use carpooling services for day-to-day transport. It also offers tax benefits to corporate players, encouraging their employees to use carpooling services for their commute to work. Increasing awareness among corporate players to promote ride sharing services will influence the North America market growth.
 

Merger & acquisition strategy adopted by market leaders

The major companies operating in the ride sharing market are focusing on acquisition of small players to increase their shares and revenues. Small market players are emphasizing on raising capital to grow their business operations.
 

Key participants operating in the market include Bla Bla Cars, Uber, Ola, Careem, Lyft, Grab, Via, Scoop, sRide, ZIFY SAS, Quick Ride, and DiDi Chuxing.
 

This market research report on ride sharing includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026 for the following segments:
 

Market, By Business Model

  • P2P
  • B2B
  • B2C

Market, By Vehicle Type

  • ICE
  • CNG/LPG
  • Electric
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
       

Frequently Asked Questions (FAQ) :

The global ride-sharing industry size exceeded USD 34 billion in 2019 and is projected to grow at over 6.5% CAGR through 2026, owing to the government’s stringent vehicle emission regulations around the world.
The global ride-sharing market revenue in North America exceeded USD 4.5 billion in 2019. The growing inclinations towards reducing environmental pollution will drive regional growth.
The P2P business model of the global ride-sharing market share expanded at a 7.5% rate through 2026 due to the rising demand for shared mobility services on short notice for traveling.
Electric cars held 3% of the global ride-sharing market share and the segment is expected to witness substantial growth in the coming years owing to the rising concerns regarding vehicular emission.

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Premium Report Details

  • Published Date: Oct 2020
  • Pages: 150
  • Tables: 109
  • Charts / Figures: 21
  • Companies covered: 15
  • Countries covered: 16

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