Global Ridesharing Market Share Is Expected To Grow At A CAGR Of 13.5% By 2030

18-May-2023 | Facts and Factors

According to the Facts & Factors report, the global ridesharing market size was valued at USD 69.3 billion in 2022 and is likely to reach USD 205.83 by the end of 2030. The market is predicted to grow with a CAGR of 13.5% between 2023 and 2030. The global ridesharing market report covers all aspects, including the potential growth drivers, restraints, and leading market players. Also, it offers detailed key insights into the opportunities and challenges in the market environment. The report also explores the market segmentation and regional developments in the industry.

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Ride sharing is an emerging mode of transformation that offers a shared journey to more than one person via one vehicle. Ride sharing is a cost-effective and more comfortable option than other forms of transport like metro rails, buses, street cars, etc. It is an environmentally friendly mode of transportation as it helps multiple people share rides and reach their destination, thereby saving fuel and controlling greenhouse emissions. However, it helps daily commuters in travel finance protection.

Browse the full “Ridesharing Market Size, Share, Growth Analysis Report By Ridesharing Type (Station-Based Mobility, Car Rental, E-Hailing, And Car Sharing), By vehicle type (Vehicles Running On LPG And CNG, Electric Vehicles, And ICE Vehicles), By Business Model Type (Business-To-Business, Business-To-Consumer, And Peer-To-Peer), By Membership Type (Dynamic Ride Sharing, Corporate Ridesharing, And Fixed Ridesharing), By Service Type ( Web-Based, App-Based, And Web And App-Based), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/ridesharing-market

The global ridesharing market has gained immense popularity over the past several years because ride-sharing service-providing companies have improved transportation by making it more comfortable, economical, convenient, and efficient. The providers further integrate their services with increasing initiatives to lower emissions and reduce traffic conventions.

The major transformations these ride-sharing companies have come up with are dramatically diminishing the trend of self-driving cars along with lowering the cost of ride-hailing services. However, they give rise to the concept of mobility as a service (MaaS). As a result, loan lenders and banks have minimized interest rates to make the market inexpensive to purchase commercial automobiles.

These days automotive companies are also innovating technologies to offer passengers safety and comfort, which are further expected to fuel the growth of the global ridesharing industry. Additionally, the constantly increasing population has raised several issues, like long waiting times for public transportation, lack of appropriate public transportation modes, and highly increased traffic congestion. Consequently, such disadvantages are attracting commuters more towards ride-sharing services as they provide on-demand services.

global-ridesharing-market-size

Segmental Overview:

The global ridesharing market can be segmented into vehicle type, ride sharing type, membership type, business model type, service type, and region.

On the basis of vehicle type, the market can be segmented into vehicles running on LPG and CNG, electric vehicles, and ICE vehicles. The electric vehicle holds the largest share of the global market and is expected to be the fastest-growing segment during the focus period. The companies operating in the ride sharing market are powering up their facilities with advanced technology comfort in safety, thereby boosting the growth of the segment exponentially over the predicted period.

On the basis of ride sharing type, the market can be segmented into station-based mobility, car rental, e-hailing, and car sharing. The e-hailing ride services segment dominates the global market because an increasing number of passengers are adopting a personal driver via employment or contract basis.

Additionally, the growing awareness among people and increasing government initiatives regarding the increasing traffic conjunction, passenger comfort, air pollution, greenhouse emission, and ease of booking is further propelling the growth of the segment.

On the basis of membership type, the ridesharing industry can be segmented into dynamic ride sharing, corporate ridesharing, and fixed ridesharing. Corporate ridesharing accounts for the largest share of the global market. The growing number of international corporations in the metro cities will augment the growth of the segment. The emergence of big IT companies and growing industrialization are other prominent factors propelling the growth of the segment.

On the basis of the business model, the ridesharing industry can be segmented into business-to-business, business-to-consumer, and peer-to-peer. The peer-to-peer business model is gaining much traction among travelers because it allows people to lend their cars to other people and earn commissions.

On the basis of service type, the market can be segmented into web and app-based, web-based, and app-based. The app-based segment is projected to hold the largest share of the global market during the forecast period because of the growing demand for mobile cloud computing to build ride sharing apps.

Regional Overview:

North America dominates the global ridesharing market. The ride-hailing service providers extract a larger volume of their gross income by offering trip bookings in metropolitan areas. A global market leader – Uber generates 14 million daily trips in the US. Furthermore, the technological advancements in the region are further likely to open lucrative opportunities in the forthcoming years.

Asia Pacific is expected to witness huge growth in the global market because of growing support from regional governments to support the go-green initiatives. Growing awareness among people, along with their increasing disposable income, is supporting the growth of the regional market during the forecast period.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 69.3 Billion

Projected Market Size in 2030

USD 205.83 Billion

CAGR Growth Rate

13.5% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

Addison Lee, Gett, My Taxi, ViaVan, Wheely, Xoox, Juno, Via, Lyft, Uber, BlaBla Cars, Tomtom, Ola Cabs, Grab Holdings Inc., idi Chuxing Technology Co., Didi Chuxing Technology Co., DENSO Corporation, Aptiv PLC., and others.

Key Segment

By Ridesharing Type, Vehicle Type, Business Model Type, Membership Type, Service Type, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape:

The key players in the global ridesharing market include Addison Lee, Gett, My Taxi, ViaVan, Wheely, Xoox, Juno, Via, Lyft, Uber, BlaBla Cars, Tomtom, Ola Cabs, Grab Holdings Inc., idi Chuxing Technology Co., Didi Chuxing Technology Co., DENSO Corporation, Aptiv PLC., and others. Also, these companies in the market are adopting different strategies like product innovation, collaboration, partnerships, acquisition, etc., for the expansion and growth of their company profile.

Recent Developments:

  • The GrabPet XL & GrabCar Exec information partnered in May 2021 to offer a wide number of choices for Grab passengers with unique transportation requirements while expanding opportunities for qualified driver-partners.
  • UCR Partners, in September 2021, partnered with Commute Enterprise to offer vanpool services to people living nearby and enable them to share the ride to and from the UCR campus.

The global ridesharing market is segmented as follows:

By Ridesharing Type

  • Station-Based Mobility
  • Car Rental
  • E-Hailing
  • Car Sharing

By Vehicle Type

  • Vehicles Running On LPG And CNG
  • Electric Vehicles
  • ICE Vehicles

By Business Model Type

  • Business-To-Business
  • Business-To-Consumer
  • Peer-To-Peer

By Membership Type

  • Dynamic Ridesharing
  • Corporate Ridesharing
  • Fixed Ridesharing

By Service Type

  • Web-Based
  • App-Based
  • Web And App-Based

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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