Ride Sharing Market to Reach $242.73 Billion by 2028; Rising Upgradation in Mobile Applications to Favor Growth

The global ride sharing market size is predicted to grow from USD 84.30 billion in 2021 and reach USD 242.73 billion by 2028. 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, 2021-2028” the market size stood at USD 76.48 billion in 2020 and is expected to exhibit a CAGR of 16.3% between 2021 to 2028.

Launch Ridesharing Services by DiDi Chuxing in Sydney to Revivify Market Demand

In Sydney, Australia, DiDi Chuxing, a global pioneer in mobile transportation services, introduces its cost-effective ride-sharing services. DiDi Max (7 seaters), DiDi Share (carpooling), and DiDi Express are some of the services offered to Australian commuters by the firm. Huaxiaozhu fares start at 5.5 yuan ($0.79), and users may earn discount coupons for rides by participating in the app's activities, such as recommending the service to friends. Huaxiaozhu follows Didi's growth of its operations in China this year, which included the debut of additional delivery and logistics services.

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 the 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 trajectory of the market 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 accelerate the ride sharing market growth. 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 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 Market:

• Uber Technologies Inc. (California, U.S.)


• Didi Chuxing Technology Co. (Beijing, China)


• Gett (Tel Aviv, Israel)


• ANI Technologies Pvt. Ltd. (Bengaluru, India)


• GrabTaxi Holdings Pte. Ltd. (Singapore)


• Bolt Technology OÜ (Tallinn, Estonia)


• Careem (Dubai, UAE)


• Maxi Mobility S.L. (Madrid, Spain)


• car2go NA, LLC (Stuttgart, Germany)

Further Report Findings:

• Regional Analysis: The market size in North America stood at USD 35.02 billion in 2020 and is expected to hold the largest ride sharing market share in the foreseeable future. The growth is attributed to the high adoption of electric cars in countries such as Canada, the US, and Mexico.


• Leading Segment: The intercity segment is predicted to hold the largest market share during the forecast period owing to its wide use among daily commuters that commute from one city to another for work-related purposes. The rising congestion in public transports will accelerate the segment’s growth in the forthcoming years.

Table of Segmentation: