According to the new market research report "Ride Sharing Market by Type (E-hailing, Station-Based, Car Sharing & Rental), Car Sharing (P2P, Corporate), Service (Navigation, Payment, Information), Micro-Mobility (Bicycle, Scooter), Vehicle Type, and Region", Published by MarketsandMarkets™, The global Ride Sharing Market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated USD 85.8 billion in 2021 to USD 185.1 billion by 2026.
The rise in demand for carpooling & bike pool services and an increase in the cost of vehicle ownership are boosting the growth of the market for ride-sharing. The development of autonomous vehicles and robotaxi will further drive the growth of ride-sharing. Many companies are competing to bring a fully autonomous vehicle to the market. These include Lyft, Ford, Uber, Honda, Toyota, and Tesla. Waymo, the autonomous vehicle division of Alphabet, Google’s parent company, has begun testing trip fares with its early riders as it moves closer to launching its commercial ride-sharing service.
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The adoption of electric vehicles has seen tremendous growth in Ride Sharing Market. For instance, Uber launched its ‘Uber Green’ service in London and in January 2021, expanded the Uber Green service in the US after launching in 15 US cities in September.
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The corporate Car sharing segment, by car sharing type, is expected to be the fastest growing segment during the forecast period
Corporate car sharing is also defined as placing a dedicated fleet of vehicles at company premises for shared use among its employees. Corporate car sharing lets companies enhance their fleet management and significantly reduce fleet costs. The corporate car sharing market is growing as It also offers its employees a smart mobility solution. Thus, employees are always moveable even if they do not have a company car, and they even do not have to use public transportation or rental cars. In this way, employees can save a lot of cost and time. The European region leads the corporate car sharing market as the taxi fares are high, and car sharing costs are two to four times less than taxi services. The leading players in this market are 99, Waze, Cabify, and Quick Ride.
The station-based mobility segment, by type, is expected to be one of the fastest growing markets during the forecast period
Station-based mobility provides stacks and racks of vehicles at closely spaced intervals throughout a city. It is convenient and low in cost. Users get the benefits of an automobile without the associated high costs and parking requirements. Station-based mobility is also known as first/last-mile service, and this is predominantly used for travelling short distances. According to the National Household Travel Survey, over 60% of the total trips globally are less than 5 miles in length. This is just the kind of distance that can be covered with a station-based service without making any traffic congestion. Hence, different advantages such as low-cost ride-sharing service for short distances without any associated ownership cost of the vehicle, personal transit and on-demand availability are driving the growth of station-based mobility. The Asia Pacific leads the station-based mobility market as the major leading players in the region are Ofo, Mobike, Lime, Go-Jek, and Bird.
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The Asia Pacific is estimated to be the dominant regional market
In the Asia Pacific, developing countries are expected to experience significant growth, primarily in urban transportation. The high population growth rate in the region and increasing urbanization have intensified the need for transportation. Most of the countries in the region are shifting their focus on smart personal mobility to reduce travel time and congestion. The Asia Pacific accounts for a significantly lower number of vehicles per 1,000 persons as the per capita income in most of these countries is lower than in Western countries. Hence, ride-sharing offers users a sense of owning a vehicle at a much lower cost than owning one. Therefore, consumers prefer ride-sharing services over personal vehicles. Additionally, factors such as a rise in the daily commute to workplaces in urban areas and an increased need to save fuel by providing a ride to commuters and colleagues heading along the same route are anticipated to fuel the Asia Pacific Ride Sharing Market.
Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore) are the major companies operating in the global Ride Sharing Market. These companies adopted new product development, and expansion strategies to gain traction in the Ride Sharing Market.
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