Reports estimate that global ride sharing market size will record commendable gains over the next few years, with growing popularity of car sharing services and the benefits associated with them. The penetration of smartphones and internet along with ongoing technological innovations will certainly bolster the industry outlook.
Ride sharing services have gained traction throughout the world in recent years, largely among young millennials who rely on public transport regularly for daily commute but need passenger vehicles for shopping, reaching places less accessible through public transportation services faster, or for weekend trips and outings. The popularity of carsharing services has been mainly driven by factors such as high costs associated with owning vehicles and rising fares of public transit services in many regions.
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Global ride sharing market is segmented into P2P, B2B, and B2C on the basis of business model. The P2P segmented accounted for a market share of more than 25% in terms of revenue during 2019 and is likely to grow substantially by 2026. The P2P business model provides customers with a high degree of flexibility in terms of pick up and drop off options as per their preference.
P2P ride sharing trends have been increasingly emerged as a suitable travel alternative that can help address the growing urban travel demand while at the same time help tackle problems such as excessive vehicular emissions. With the growing popularity of P2P carsharing, various companies have been launching new peer-to-peer ride sharing services. Citing an instance, in November 2019 DiDi Chuxing had disclosed plans to relaunch the trial of its P2P-based ride sharing services in several major cities across China.
Depending upon the type of vehicle, global ride sharing market is bifurcated into CNG/LPG, ICE, electric vehicles, and others. The adoption of CNG/LPG vehicles as a carsharing option is likely to experience notable growth by 2026 compared to other vehicles.
Considering the regional landscape, the ride sharing market in Latin America is poised to record substantial gains through 2026, mainly augmented by increasing penetration of new ride sharing service providers. Ride sharing services are increasingly popularity in the region due to benefits such as lower costs and availability of convenient options.
Several players are looking to expand their carsharing services into the region. For instance, in 2019 China’s DiDi Chuxing had announced plans to expand its ride sharing operations in Latin America.
In addition to providing user-friendly services and mobile applications, these companies are also aiming to offer convenient payment options to customers. For example, in February 2020, ride sharing giant Uber and fintech Ebanx had partnered to enable Brazilian customers to top up their Uber Cash balance using Brazil’s voucher-based payment system to pay for these services.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Ride sharing market 360° synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Business model trends
2.1.3 Vehicle type trends
2.1.4 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on ride sharing market landscape
3.2.1 Global outlook
3.2.2 Regional impact
22.214.171.124 North America
126.96.36.199 Asia Pacific
188.8.131.52 Latin America
3.2.3 Industry value chain
184.108.40.206 Research & development
3.2.4 Competitive landscape
220.127.116.11 Distribution network
18.104.22.168 Business growth
3.2.5 Preventive measures on COVID-19 challenge
22.214.171.124 Social trackability
126.96.36.199 Mask Detection
3.3 Industry ecosystem analysis
3.3.1 Technology providers
3.3.2 End use landscape
3.3.3 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.3 Asia Pacific
3.5.4 Latin America
3.6 Number of ride sharing members, by region, 2016 – 2019
3.6.1 North America
3.6.3 Asia Pacific
3.6.4 Latin America
3.7 Industry impact forces
3.7.1 Growth drivers
188.8.131.52 High demand for cost effective and alternative mobility solutions
184.108.40.206 Stringent vehicular emission regulations in North America
220.127.116.11 Growing demand for electric vehicles in ride sharing services in Europe
18.104.22.168 Increasing traffic congestion in Asia Pacific
22.214.171.124 Rising awareness related to shared mobility in Latin America & MEA
3.7.2 Industry pitfalls & challenges
126.96.36.199 High competition from similar business models
188.8.131.52 Lack of confidence and trust among users
3.8 Growth potential analysis
3.9 Porter’s analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
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