The ride sharing market is estimated to be USD 61.3 billion in 2018 and is projected to reach USD 218.0 billion by 2025, at a CAGR of 19.87%
NEW YORK, Jan. 8, 2019 /PRNewswire/ -- Growing need for personal mobility in the wake of rising urbanization and fall in car ownership are expected to fuel the demand for ride sharing
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The ride sharing market is estimated to be USD 61.3 billion in 2018 and is projected to reach USD 218.0 billion by 2025, at a CAGR of 19.87%. The growing need for personal mobility in the wake of rising urbanization and fall in car ownership is driving the demand for ride sharing. The factors which restrain the market are resistance from traditional transport services and complex transport policies of different countries.
Station-based mobility is the fastest growing segment in the global ride sharing market
The station-based mobility market is expected to grow at the fastest CAGR.Governments incentivize Station-based mobility across the world, and dedicated tracks are laid in various countries for the station to station mobility.
Car sharing is the second fastest growing segment.The growth of car sharing is attributed to its benefits such as getting benefits of a private vehicle without the costs and responsibilities of car ownership.
Car sharing companies are entering into different markets to cater the ride sharing market.For instance, BlaBlaCar has expanded to Russia and Ukraine, the two biggest countries in Europe.
Some of the largest players in this market are car2go, Maven, BlaBlaCar, and Getaround.
Navigation service constitutes the largest data service for the ride sharing market globally
Navigation service has the largest market size in data service for the ride sharing market globally.Navigation guides drivers and passengers regarding location and route.
Also, mapping and traffic data provides a better user experience.The use of navigation service is imperative for ride sharing service.
Thus, the increasing number of ride sharing service users influence the demand for ride sharing data services. Availing and maintaining these services is costly, and as ride sharing companies are working toward increasing profitability, it would be beneficial for them to develop services of their own to save cost.
Asia Oceania is estimated to be the largest market for ride sharing during the forecast period.
The Asia Oceania region is expected to lead the ride sharing market in terms of market size.Dense population and increasing urbanization are driving the ride sharing market.
Increasing urbanization leads to traffic congestion, and increasing population boosts the demand for different mobility options in urban areas.E-hailing services such as app-based taxi services, car sharing services, and station-based mobility are expected to flourish in this region because of the increasing population of urban areas.
DiDi is the largest player in the region and has close to 400 million subscribers according to news sources. The company enjoys a monopoly in China and is expanding is business to other South East Asian countries to widen its footprint.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the ride sharing marketplace.
• By Company: Ride Sharing Companies - 20%, Backend Service Providers - 55%, and Others - 25%
• By Designation: C level - 50%, Directors- 25%, Others* - 25%
• By Region: North America - 50%, Europe - 30%, Asia Oceania - 20%
Note: Others includes OEMs and Industry Consultants.
Note: Ride sharing companies are service providers to customers, Backend service providers are companies providing service to ride sharing companies, and others include independent consultants.
Some of the key players in the ride sharing market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Intel (US), TomTom (Netherlands), Aptiv (Ireland), and Denso (Japan). The study includes an in-depth competitive analysis of these key players in the ride sharing market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
The ride sharing market has been segmented on the basis of service type (e-hailing, car sharing, station-based mobility, and car rental), car sharing type (P2P and corporate), vehicle type (electric vehicle mobility, CNG/LPG vehicle, ICE vehicle mobility, micro-mobility), micro mobility (bike/bicycle, scooter, and others), data service (navigation, information service, payment service, and others), autonomous vehicles, vehicle connectivity, and region [Asia Oceania (China, India, Japan, Singapore, Indonesia, and Australia), Europe (France, Germany, UK, Russia, Spain, Netherlands, Turkey, and Italy), North America (US, Canada, and Mexico), and Rest of the world (Brazil, UAE, and South Africa)].
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
• Ride sharing market size, by service type: The report offers in-depth market sizing and forecasts up to 2025, on the basis of service type, such as e-hailing, car sharing, station-based mobility, and car rental. The market sizing for service type is covered at the country and regional levels that are considered under this study
• Ride sharing market size, by car sharing type: The report offers in-depth market sizing and forecasts up to 2025, on the basis of car sharing type, such as P2P and corporate. The market sizing for car sharing type is covered at a regional level considered in the study
• Ride sharing market size, by vehicle type: The report offers in-depth market sizing and forecasts up to 2025, on the basis of vehicle type, such as electric vehicle mobility, CNG/LPG vehicle, ICE vehicle mobility, micro-mobility. The market sizing for off-highway vehicle is covered for regions considered in the study
• Ride sharing market size, by micro-mobility: The report offers in-depth market sizing and forecasts up to 2025, on the basis of micro-mobility, such as bike/bicycle, scooter, and others.
• Ride sharing market size, by data service: The report offers in-depth market sizing and forecasts up to 2025, on the basis of data service, such as navigation, information service, payment service, and others.
• Ride sharing market size, by autonomous vehicle: The report offers in-depth market sizing and forecasts up to 2030, on the basis of autonomous vehicles.
• The report provides insights of a relation between autonomous vehicles and vehicle connectivity of the ride sharing market.
• The report provides "Market Share" of the leading players in the ride sharing market.
• Market Development: The report provides comprehensive information about lucrative emerging markets for ride sharing across regions.
• Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the ride sharing market.
• Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the ride sharing market.
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