Ride Sharing Resurgence Market Size and Demand Projections for 2032

What is Uber?

Uber is a ride-hailing company that allows users to request a ride from a driver using a mobile app. Uber was founded in 2009 and is now available in over 70 countries and 10,500 cities worldwide.

To use Uber, users simply need to download the Uber app and create an account. Once they have created an account, users can enter their destination and request a ride. Uber will then match the user with a nearby driver.

Once a driver has been matched, the user can track the driver's location on the app. The driver will pick up the user at their chosen location and take them to their destination.

Uber is a popular choice for transportation because it is convenient and affordable. Users can request a ride at any time and pay for it using their credit card. Uber also offers a variety of features, such as the ability to share your ride with friends and family and to track your ride in real time.

Here are some of the benefits of using Uber:

Convenience: Uber is a convenient way to get around, especially if you don't have a car or if you're in an unfamiliar city. You can simply request a ride from your phone and the driver will pick you up at your location.
Affordability: Uber is generally more affordable than taxis, especially for short rides.
Safety: Uber has a number of safety features in place, such as background checks for drivers, GPS tracking, and the ability to share your ride with friends and family.
Versatility: Uber offers a variety of ride options, including cars, SUVs, and vans. You can also choose to ride with a group or to request a wheelchair-accessible vehicle.

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Global Ride Sharing Market Growth Driven by Urban Customers

Over the course of the forecast period, the worldwide ride-sharing market is anticipated to grow at a 19.2% CAGR. By 2030, its worth may surpass USD 194.01 billion. Time-saving transportation options are in great demand, which drives the industry. The demand for ride-sharing applications may be driven by a growing suburban population and a large number of clients in metropolitan locations. In the upcoming years, the advent of electric vehicles and the dearth of public transit choices are projected to increase market demand.

Market Scope

The COVID-19 pandemic has negatively affected the market as national and state level lockdowns have been initiated to curb the spread of the virus. Customers have avoided car hailing applications to prevent being infected in the initial stages of the pandemic. Restrictions placed by governments to curb pollution levels can impact the market growth. But shift from ride hailing to car rentals and long-term vehicle subscriptions can bode well for the market.

But concerns of safety and tough government regulations can impede the market growth.

Competitive Landscape

Careem,
GrabTaxi Holdings Pte. Ltd.,
car2go, Taxify,
Didi Chuxing Technology Co.,
Lyft Inc., Gett,
ANI Technologies Pvt. Ltd.,
OLA,
Cabify, and Uber Technologies Inc.

are key players of the global ride sharing market. Expansions, new product features, mergers acquisitions, fund raising, and partnerships are strategies explored by prominent players to gain leverage in the market. Recently, BlaBlaCar has raised USD 115 million in seed funding to expand its services and explore uncharted territories.

Segmentation

By type, the market is segmented into car sharing, station-based mobility, e-hailing, and car rental. The car sharing segment is likely to command a huge share of the market owing to pricing plans by prominent mobile applications and large number of people with mobile apps. On the other hand, the station-based mobility is estimated to witness huge growth owing to government incentivized tracks to be laid down rapidly for connection to rural areas as well as station mobility to reach far-off places.
By vehicle type, it is segmented into electric vehicle, ICE Vehicle, and vehicle running on LPG or CNG.
By business model, it is segmented into B2C, P2P, and B2B.
By membership type, it is segmented into fixed ridesharing, corporate ridesharing, and dynamic ridesharing. The corporate ridesharing membership segment is bound to expand owing to large number of urban commuters and office commuting carpools gaining traction.
By service, it is segmented into web and app-based, app-based, and web-based.

Regional Analysis

North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global ride sharing market.

North America can dominate the global market owing to presence of prominent companies such as Lyft and Uber. The regional ride sharing market is expected to grow owing to high interest among venture capital firms and demand for mobile applications for resolving urban mobility problems.

APAC is touted to expand at a rapid pace due to rise in pollution levels and preference for ride hailing applications by consumers in India and China. High maintenance costs of owing vehicles can work in favor of the market. The large population and surge in popularity of ride hailing services can augur favorably for market growth.

Industry News

Gojek and Tokopedia have merged to form a new entity, GoTo Group, to become the biggest company in Indonesia. The ride sharing application offers its services in Thailand, Singapore, and Vietnam.