20 April 2022
Visiongain has published a new report Ride Sharing Market Report 2022-2032: Forecasts by Service Type (E-hailing, Station-Based Mobility, P2P Car Sharing, Micromobility, Others), by Vehicle Type (Electric Vehicle Mobility, CNG/LPG Vehicle Mobility, ICE Vehicle Mobility, Micromobility), by Micromobility Type (Bikes, Scooters, Others), by Distance (Short, Long), by Data Service (Navigation, Information, Payment, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global ride sharing market was valued at US$98.81 billion in 2021 and is projected to grow at a CAGR of 18.1% during the forecast period 2022-2032.
Growing Urbanization and Regional Economic Growth
Growth of the global ride sharing market is directly coupled with the growing urbanization and regional economic growth. The ongoing expansion of cities into urban clusters together with continued regional economic growth is expected to drive the urbanization rate to 70% in 2030 in China, adding an additional 200 million city residents by 2030, according to CIC. The growing urban population is expected to increase city density, promote consumption, and prefer a new way of urban living supported by on-demand networks. According to CIC, user penetration for shared mobility, defined as average monthly active users as a percentage of total population, among Tier 3 and below cities in China was approximately 7% in the fourth quarter of 2020, compared to 24% in Tier 1 and Tier 2 cities. This represents a massive opportunity for expansion, especially in lower tier cities.
How has COVID-19 had a significant negative impact on the Market?
The COVID-19 epidemic has had a significant impact on the transportation sector as a whole. In 2020, demand for ride-hailing and car-sharing services declined over the world as a result of the COVID-19. The worldwide ridesharing business saw a 21 percent decline in income creation in 2020 compared to 2019, owing in part to the lockout and in part to consumers' reluctance to utilize ride-sharing services even after the requirements were released. Ride-sharing firms are always attempting to maintain driver and passenger confidence in terms of safety and sanitation. Short-term worries regarding car-sharing/e-hailing services are anticipated to be alleviated as customers get more familiar with high hygiene standards. Furthermore, several regulatory regulations, such as vehicle sanitization techniques after each trip, compartmentalization, and other preventative steps, have increased ride sharing firms' per-ride rates.
How this Report Will Benefit you?
Visiongain’s 700-page report provides 405 tables and 399 charts & graphs. This report is intended to provide an in-depth analysis of the latest trends prevailing in the global ride sharing market and its growth and development in the next decade. Growing urbanization and regional economic growth, increasing internet penetration and smartphones usage, rising costs of vehicle ownership, growth in internet of things, better consumer experience, rising standards of living, generational preference shift, increasing global demand for EVs in double digit, rising consumer awareness about the use of sharing vehicles, growing innovation along with advanced technology, growing need to minimize greenhouse gas and air pollutant emissions, reducing travelling cost, and tackling climate change, which will affect the market.
What are the Current Market Drivers?
Increasing Internet Penetration and Smartphone Usage
Rising penetration of internet and smartphone usage across the globe is the one of the prime factor fueling the demand of ride sharing market. Mobile devices have become a fixture of every-day life for millions of people. Across the globe, web-enabled devices such as smartphones and tablets have evolved into essential tools for communication, information, and entertainment alike. In 2020, the number of unique mobile internet users stood at 4.28 billion, indicating that over 90 percent of the global internet population use a mobile device to go online.
Rising Cost of Vehicle Ownership
Finance, gasoline, upkeep, registration/taxes, and maintenance & repair, as well as depreciation, all contribute to the cost of owning a car. The expense of owning a vehicle rises year after year. Depreciation accounts for 43% of the total ownership cost, according to the American Automobile Association (AAA), however the other expenditures, such as maintenance and gasoline, account for 25%. Fuel prices and maintenance expenses have risen dramatically in recent years, and the trend is expected to continue with no signs of abating. Automobile ownership has become more of a problem than an asset as cities become increasingly congested with people and automobiles.
The major players operating in the ride sharing industry are DiDi Global Inc., Uber Technologies, Inc., Lyft, Inc., Grab Holdings Limited, ANI Technologies Pvt. Ltd. (Ola), Curb Mobility, Via Transportation, Inc., Careem Inc., Bolt Technology OÜ, Brunel, BlaBlaCar, Gojek, Cabify España S.L.U., SHARE NOW GmbH, and Meru Mobility Tech Private Limited. Top 5 companies acquired the combined share of 51.3% in the ride sharing market in the year 2020. To overcome the COVID-19 situation the companies adopted new product launches and expansion actitivies to gain traction in the ride sharing market. Further, consumers may be paying more for their rides as the ridesharing business recovers from the epidemic and some companies implement fuel surcharges in response to rising gas prices.
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Growth of the global ride sharing market is directly coupled with the growing urbanization and regional economic growth.
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