Ride Sharing Market to Reach a Valuation of USD 260.7 billion by 2031, Driven by a CAGR of 11.7% | Exclusive Report by Transparency Market Research, Inc.
Platforms that offer ride-sharing may introduce subscription models to increase customer loyalty and ensure a steady revenue stream in the market.
Wilmington, Delaware, United States, Feb. 07, 2024 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The ride sharing industry was valued at US$ 96.2 billion in 2022. *A CAGR of 11.7%* is expected from 2023 to 2031, *reaching US$ 260.7 billion* by 2031. Electric and sustainable vehicle fleets will likely become more prevalent as environmental concerns become more prevalent. In addition to reducing the carbon footprint, this effort will help combat climate change globally. Electric vehicle manufacturers may be encouraged to partner with incentives to help drive this transition.
Ride-sharing could undergo a revolution as autonomous vehicles are developed and deployed. The self-driving technology industry is investing heavily in reducing operating costs and improving safety. In addition to improving accessibility for people with mobility challenges, autonomous ride-sharing could also reduce traffic congestion.
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Several modes of transportation are likely to be integrated into ride-sharing platforms, giving users more choices. A seamless connection to public transportation, the use of bike-sharing and scooter-sharing services, and even the use of walking routes can all contribute to reducing traffic. A seamless end-to-end solution is provided for users' transportation requirements.
*Key Findings of the Market Report*
· Asia Pacific accounted for the largest share of the global ride-sharing market in 2022.
· Due to pollution awareness and the need for better urban transportation infrastructure, North America and Europe are expected to witness steady growth during the forecast period.
· Based on commuting distance, an intercity market for ride sharing is likely to drive market demand.
· As sedans and hatchbacks become more popular, a ride-sharing market will emerge.
*Global Ride Sharing Market: Growth Drivers*
· Cities around the world are becoming more urbanized and densely populated. The growing urban population makes it difficult for traditional transportation infrastructure to keep up with the growing demand for convenient and efficient transportation.
· The on-demand transportation provided by ride-sharing services has proven viable, providing a flexible and cost-effective alternative to traditional transportation methods.
· Mobile applications designed for ease of use have been widely adopted and developed. Rider-sharing has been seamlessly integrated into mobile platforms, making it easy for passengers to schedule rides, monitor drivers, and pay at the touch of a button. With the advancement of technology, ride-sharing has become more accessible and user-friendly.
· Ride-sharing has become increasingly popular due to the growing focus on sustainability and environmental concerns. Carpooling and shared rides are promoted by several ride-sharing platforms, thereby reducing the number of vehicles on the road and reducing carbon emissions. The demand for sustainable ride-sharing services increases as consumers become increasingly conscious of the environment.
*Global Ride Sharing Market: Regional Landscape*
· Rider sharing is most popular in the Asia Pacific. A convenient alternative to traditional transportation, ride-sharing has become popular in densely populated urban centers. While ride-sharing platforms have helped improve connectivity and accessibility in less urbanized areas, they have also improved accessibility in urban areas.
· The Asia-Pacific region's ride-sharing services have been a huge success because of the broad use of mobile technologies. Due to their convenience and ease of use, smartphone users have widely adopted ride-sharing programs. Mobile payments have allowed consumers to make payments more easily and efficiently through ride-sharing, increasing popularity.
· Various countries in the region have different ride-sharing regulations. In some nations, the taxi industry has resisted the introduction of new services, whereas in others, legislators have opposed them. Successful ride-sharing businesses have proven flexible by working closely with authorities, communicating openly, and modifying models according to local laws.
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*Global Ride Sharing Market: Key Players*
Cooperative transportation and shared mobility innovations implemented by prominent companies worldwide have enhanced urban transportation functionality. Mobile integration and adoption of electric vehicles are key growth strategies adopted by leading companies to grow in the lucrative green transportation sector.
*Prominent Ride Sharing Service Providers*
· Uber Technologies Inc.
· Ola Electric Mobility Pvt. Ltd.
· Lyft, Inc.
· Grab
· Careem
· Bolt Technology OÜ
· Gett
· Didi Chuxing Technology Co
· BlaBlaCar
· Wingz
· Curb Mobility LLC
· Maxi Mobility S.L.
*Key Developments*
· *In August 2023, **Singapore-based Grab (GRAB)* reported a narrower loss in the three months that ended in June and predicted a smaller loss in the coming year. The company's subscription program, GrabUnlimited, has seen a 25% increase in subscriptions since the previous quarter and a 43% increase in subscriptions since a year ago. The number of GrabUnlimited subscribers was twice as high as the number of non-subscribers, on average, and subscribers spent almost four times as much on food deliveries.
· *In January 2024, **Uber* will launch its ride-sharing service in Japan. As part of its new services, Uber Japan only offers services when taxis are scarce in certain areas and times. The central government will soon decide on the parameters. The company will then expand such services throughout Japan.
*Global Ride Sharing Market: Segmentation*
*By Commuting Distance*
· Intercity
· Intra-city
*By Service Provider*
· OEM
· Private
· OEM + Private
*By Vehicle Type*
· Sedan/Hatchback
· Utility Vehicle (UV)
· Van
· Bus & Coach
*By Autonomy Level*
· Manual
· Autonomous
*By Operating Body*
· Government
· Private
*By Electric Vehicle Type*
· Hybrid Electric Vehicle (HEV)
· Plug-in Electric Vehicle (PEV)
*By Business Model*
· Peer-to-Peer (P2P)
· Business-to-Business (B2B)
· Business-to-Consumer (B2C)
*By Region*
· North America
· South America
· Asia Pacific
· Europe
· Middle East & Africa
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