Ride Sharing Market To Expand With Upsurge In Demand For Carpooling Services

The alarming global pollution levels combined with increased traffic have spurred the adoption of ride sharing apps and services. Reports that deliver insights into the automobile industry has been presented by Market Research Future, which creates reports on industry verticals that judge the market progress and options for growth. The market is expected to be on track to realize a motivating CAGR in the forecast period.

The low cost that can be gained at low prices is expected to motivate the ridesharing market share globally. Also, as the fuel prices soar around the world, the ride sharing market is anticipated to promote the ride sharing market in the approaching period. Furthermore, the rising demand for ride sharing and carpooling services by urban citizens is expected to generate new prospects for progress in the coming years.

Segmental Analysis

The segment-based assessment of the ride sharing market is conducted on the basis of vehicle type, type, business model, and region. Based on the types, the ride sharing market is segmented into e-hailing, car sharing, car rental, and station-based mobility. Based on the vehicle types, the ride sharing market has been segmented into CNG/LPG vehicle, ICE vehicle, and electric vehicle. Based on the business models, the ride sharing market has been segmented into B2B, P2P, and B2C. On the basis of regions, the ride sharing market is segmented into APAC, Europe, North America and the rest of the world.

Detailed Regional Analysis

The regional assessment of the ride sharing market has been segmented into regions such as APAC, Europe, North America, and the other regions in the world. The North American region is appraised to be responsible for a noteworthy market segment in the ride sharing market globally. The North American regional market is dominated by the U.S., which is extremely established with the presence of ride-hailing titans such as Lyft and Uber, who together are responsible for the mainstream market share. The agreements between corporations and ride sharing companies to decrease traffic congestion and handling pollution from vehicle emissions are identified as the chief driving factors of the ride sharing market in this region. The market is also anticipated to observe uppermost development in the Asia Pacific region during the forecast period. The air pollution and parking space problems are motivating the governments of these nations, particularly China, to encourage the concept of ride sharing and carpooling.

Competitive Analysis

The innovation scale of the product offering is improving at an accelerating rate, which will enable the advancement of the market in the coming years. The aptness of manufacturing resources is estimated to furthermore replicate, evidently, on the overall growth development of the market. The market is anticipated to be motivated by increased investment from various sources. The market is expected to be abreast of the trends that are prevalent in the market which will aid in the long term growth of the market. Also, the enhanced access to resources from investment leviathans and venture capitalists is anticipated to authorize an encouraging development viewpoint in the market in the forthcoming period. The reassessment of the logistics budget is expected to open up avenues of expansion in the upcoming years.

The foremost competitors in the Ride Sharing market are Lyft, Inc. (U.S.), Didi Chuxing Technology Co. (China), Gett (Israel), Uber Technologies Inc. (U.S.), GrabTaxi Holdings Pte. Ltd. (Singapore), ANI Technologies Pvt. Ltd. (India), Taxify (Estonia), Careem (UAE), Cabify (Spain) and car2go (Germany).

Industry Updates:

Nov 2019 Ola, an Indian ride-sharing firm, has begun registering drivers in London in advance of its plans to present services in the country’s capital in the approaching weeks. The India based firm was given a license from Transport for London (TfL) in the first part of this year. Ola's momentum for growth in the London capital closely follows as opponent Uber organizes an appeal against TfL's judgment to deprive the firm of its license in the country.