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The global ride sharing market size is predicted to reach USD 212.60 billion by 2026. The surge in fuel prices and lack of parking spaces are factors expected to enable speedy expansion of the market during the forecast period, mentioned in a report, titled “Ride Sharing Market Size, Share & COVID-19 Impact Analysis, By Type (E-Hailing and Station Based), By Commute Type (Long Distance, Corporate, and Inter City), By Application Type (iOS, Android, and Others) and Regional Forecasts, 2019-2026” the market size stood at USD 182.12 billion in 2018 and is expected to exhibit a CAGR of 2.0% between 2019 to 2026.
Introduction of Uber’s RideCheck to Revivify Market Demand
Uber, an American pioneer in ridesharing, ride service hailing and micro-mobility system announced that it has launched new safety features for India. The enormous investments in new processes and technologies to improve safety standards by the company will consequently increase retention. The new in-app emergency button, RideCheck includes a feature to detect trip irregularities; audio recording, and PIN verification to ensure riders are getting into the matched car. The new feature can also detect long stops and possible crashes using this data and other sensors in drivers’ smartphones.
Both a rider and the driver will receive a notification after the imitation of RideCheck, riders can take actions through the app by pressing the emergency button or reporting the issue to Uber’s Safety Line, which will be later followed by the safety team through RideCheck. The evolving technological advancement in ride-sharing apps to ensure the safety and protection of the riders will subsequently redefine the use of such apps, which, in turn, will boost its popularity among commuters in near future. Besides, the growing progress and safety in ride-sharing applications to protect the privacy and prevent misuse will have a positive effect on the market trajectory in the foreseeable future.
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Emergence of High-tech Smartphones to Aid Expansion
The rising penetration of smartphones and smart wearable will influence the healthy growth of the market. The growing use of the internet has created numerous opportunities for ride sharing services owing to its necessity for booking a ride and gaining access and information about the availability of the rides. The growing cognizance and utilization of ride-sharing application in smartphones will propel the healthy growth of the market during the forecast period.
The rising need for internet connectivity for efficient V2V communication, navigation, and telematics is expected to contribute positively to the growth of the market. In addition, the ride sharing smartphone apps offer various security features such as name, number, and driver’s photo, vehicle number, route tracing details, and previous ride records. Nonetheless, the lack of awareness regarding the convivence and ease of ride sharing apps compared to traditional three-wheeler and the taxis will restrict the market growth during the forecast period.
Didi Chuxing’s Product Offering to Retain Market Position
Didi Chuxing, a global leader in the mobile transportation platform has dominated the industry. The company offers app-based transportation services to more than 550 million users in South Asia, Australia, and Latin America. Their product and transportation services include bus, Luxe, Taxi, designated driving, bike, and e-bike sharing, and enterprise solutions. The company has launched an in-app Health-Guard program AI solution to verify daily vehicle disinfection, mask-wearing, and driver temperature during the pandemic. Also, the ongoing advancement in mobile applications by key players will consequently create lucrative business opportunities for the market in the forthcoming years.
The Report Lists the Main Companies in the Ride Sharing Market:
Further Report Findings:
The Ride Sharing Market is Segmented into:
Value (USD billion)
By Commute Type
By Application Type