"We Envision Growth Strategies Most Suited
to Your Business"

Ride Sharing Market Size to Reach USD 212.60 Billion by 2026; Rising Upgradation in Mobile Applications to Favor Growth

July 29, 2020 | Automotive & Transportation

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/ride-sharing-market-103336


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:



  • Uber Technologies Inc. (San Francisco, California, United States)

  • 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 59.10 billion in 2018 and is expected to witness a high growth rate during the forecast period. The growth is attributed to the high adoption of electric cars in countries such as Canada, the US, and Mexico. The growing demand for ride sharing service owing to the surge in daily commuters.

  • 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.


The Ride Sharing Market is Segmented into:











































 ATTRIBUTE



  DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



Segmentation



By Type



  • E-Hailing

  • Station-Based



By Commute Type



  • Intercity

  • Long Distance

  • Corporate



By Application Type



  • iOS

  • Android

  • Others



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea and Rest of Asia- Pacific)

  • Rest of the World


Global Ride Sharing Market
  • PDF
  • 2018
  • 2015-2017
  • 200

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Our Clients

asahi-breweries
Samsung
Coursera
kpmg
Intel_logo
LG_Chem
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X