Ride Sharing Market to exceed $218.0 billion by 2025

(I-TravelNewswire.Com, June 08, 2019 ) "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 - Global Forecast to 2025", 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 market is primarily driven by rising urbanization and declining car ownership.

Browse 74 market data Tables and 48 Figures spread through 202 Pages and in-depth TOC on "Ride Sharing Market"

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Electric vehicles and autonomous cars to create disruption in the ride-sharing market in the future

The growth is attributed to the existing lower penetration of such vehicles in the ride-sharing fleets, favorable government policies, improving charging infrastructure, and growing awareness about CO2 emission. At the initial stage, ride sharing with electric vehicles would be costly as it is difficult to operate and maintain. However, in the future, it would be beneficial for the driver as well as the customer. Based on calculations, a full-time driver working can save an average of USD 5,000-5,500 per year in total vehicle expenses with an EV as compared to a typical gas vehicle. The service providers can leverage this opportunity by providing a suitable sustainability model of ride sharing with electric vehicles which could attract drivers and people to opt for the same. Additionally, the advent of autonomous cars augurs well for the growth of the ride-sharing market. For instance, Waymo has driverless cars picking up passengers, while General Motors plans to roll out its service in 2019 and Ford indicates that it will have a self-driving fleet ready for ridesharing by 2021. The introduction of fully autonomous cars to ridesharing fleets would drastically help to reduce overhead costs and increase profitability in the long term. According to Tesla, running an autonomous taxi will cost around USD 0.18 or less per mile. This challenges the USD 2- USD 3 cost per mile of the ride-sharing companies.

Station-based mobility is projected to be the fastest growing segment in the ride-sharing market

Station-based mobility provides stacks and racks of vehicles at closely spaced intervals throughout a city; it is convenient and of low cost. Governments across the world incentivize Station-based mobility, and dedicated tracks are laid in various countries for the station to station mobility. Station-based mobility options are also important in smart city scenarios as small vehicles placed at strategic locations would help in solving the first-mile last-mile problem. The service providers can leverage this opportunity by providing more vehicles for station-based mobility in the form of bicycles, scooters, and even four-wheelers.

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Asia Oceania to have the largest market size and Rest of the World region is expected to account for the fastest growth during the forecast period

The growth in the Asia Oceania market is attributed to the wide customer base due to a growing population and rising urbanization in emerging economies such as China and India. Factors such as increasing urbanization and rising traffic congestion are likely to drive the demand for ride-sharing services. For countries such as India and China, the consumer preference is changing, and with the rising population, the need for ridesharing is increasing to cater to the increase in the consumer basket. The key countries considered in RoW include Brazil, South Africa, and UAE. These countries have a well-established urban infrastructure. The ride-sharing market is growing in the RoW region as countries such as UAE and Brazil are increasing their investment in urban infrastructure.

The ride-sharing market is dominated by global players and comprises several regional players. 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), Lime (US), and Herts (US).

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