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The Ride Sharing Market is projected to grow at a CAGR of 19.87% from 2018 to 2025, to reach a market size of USD 218.0 billion by 2025 from USD 61.3 billion in 2018. The major drivers of this market include the growing need for personal mobility in the wake of rising urbanization and a fall in car ownership. Also, growing Internet and smartphone penetration and stringent CO2 reduction targets are leading to the high growth of the ride sharing market.
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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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 to 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.
Electric vehicles and autonomous cars to create the 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 ride sharing by 2021. The introduction of fully autonomous cars to ride sharing 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.
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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 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 ride-sharing 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.
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