COVID Impact on Global Ride Sharing Market: Ken Research

Global Ride Sharing Market

Ride sharing is a type of facility designed to move passengers from one location to another. This service is generally used over the Internet, where customers book their rides and benefit from means of transport. It is an advantage for the environment and consumers as there is generally more than one driver involved in the same vehicle.

The rapid rise in vehicle operating costs combined with strict CO2 reduction targets and the growing demand for electric vehicles in ridesharing services are also having a strong impact on the growth of the ridesharing market. Additionally, the growing demand for low cost alternative mobility solutions is another factor driving the growth of the ridesharing market, which in turn increases the growth of the target market.

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In addition, the growing user base among millennial and the potential generation together with the presence of OEMs as providers of mobility services and the high level of development of autonomous vehicles for ridesharing in the above period offer further growth opportunities for the ridesharing market.

As per analysis, “Global Ride Sharing Market: By Business Type (B2B {Business to Business}, B2C {Business to Consumer} and P2P {Peer to Peer}); By Vehicle (Car, Bike/Scooter and Others); By Services (Ride-hailing and Car Pooling) and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global ride sharing market include ANI Technologies Pvt. Ltd. (OLA), Carma Technology Corp., Uber Technologies Inc., BYKEA Technologies Pvt. Ltd, Didi Chuxing Technology Co. Ltd., Camuto S.A. (BlaBlaCar), Grab Holdings Inc, RideCharge, Inc., Lyft, Inc and among others.

In terms of business type, ride sharing market can be segregated as B2C (Business to Consumer), B2B (Business to Business) and P2P (Peer to Peer). The P2P business model segment is expected to be the fastest growing segment as a growing number of startups venture into peer-to-peer ridesharing. In terms of vehicle type, market can be segregated as bike/scooter, car and others (buses and vans). Additionally, in terms of service type, market can be segregated as car pooling and ride-hailing.

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Rise in demand from online booking channels, followed by growth in urbanization and internet & smart-phone penetration, rise in demand for carpool & bike pool services and increase in cost of vehicle ownership are some major factors, which are responsible for growth of the ride sharing market. However, increase in government regulations in different countries, resistance from the local transport services and growth in improvement of public transportation may impact the market. Moreover, Emergence of eco-friendly electric cab services and development of robo-taxies are leading opportunities for market.

Based on regional analysis, the North-America is a leading region in global ride sharing market owing to rapid adoption of technologically advanced features by the ride service providers coupled with growth in development of electric cars across the region. The Europe and Asia-Pacific regions are estimated to witness higher growth rate due to growth in population in developed & developing countries and increase in number of megacities over the forecast period. It is projected that future of the global ride sharing market will be optimistic as a result of increase in need to reduce urban traffic congestion coupled with surge in penetration of smart devices including tablets and Smartphone during the forecast period.

Related Report: –

Global Ridesharing Services Market 2019 by Company, Regions, Type and Application, Forecast to 2024

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