Ridesharing Services Market is Booming Worldwide | Uber, Lyft, DiDi
Updated · May 11, 2023
Published Via 11Press : According to HTF MI, the present estimated market size of USD 55.4 billion for Ridesharing Services worldwide is predicted to increase by 17.4% annually to reach USD 108.3 billion by 2028.
Ridesharing services are companies that connect owners of private vehicles with people looking for local transportation akin to a taxicab. In several nations’ large cities, ridesharing services are generally accessible. Uber, which operates in 58 countries and whose name is almost associated with ridesharing services, and Lyft, which serves many American cities, are among the biggest names in the industry. For a number of reasons, some people have seen ridesharing services as contentious. Even though these services continue to be offered, their legality has come into doubt due to the fact that local laws differ. Corporations that operate taxis have voiced complaints about the rivalry. There has also been a concern regarding the safety of the drivers, who many feel have not had adequate screening. Utilizing a customer-to-customer (C2C) business model, ridesharing agencies connect drivers and passengers by utilizing the most recent technological advancements. As a result, this sort of business provides a substitute platform that enables those who are pleased to possess a car to serve as a taxi whenever they so want.
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Ridesharing Services Market Key Players
Below are the most prominent enterprise Ridesharing Services industry players.
- Uber (US)
- DiDi (China)
- Lyft (US)
- Grab (Singapore)
- Ola (India)
- Gett (Israel)
- BlaBlaCar (France)
- Herts (US)
- Lime (US)
- Car2go (US)
Ridesharing Services Market Key Business Segments
By Product Type
- Car Sharing
- Car Rental
- Station-based Mobility
By End Use Application
- Fixed Ridesharing
- Dynamic Ridesharing
- Corporate Ridesharing
“On July 28, 2021, Swvl, a Cairo-based bus-sharing platform, announced its plan to go public on Nasdaq by merging with special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital. This deal valued Swvl at $1.5 billion and marked the first unicorn listing from the Middle East on Nasdaq. The merger was expected to provide Swvl with up to $445 million in cash proceeds, which was to be used to fund its expansion plans in the Middle East, Africa, and Asia.”
“In June 202, Uber introduced a new ride-sharing service called UberX Share, which is eerily similar to Uber’s carpooling option from before the epidemic but comes with a financial incentive. If they choose UberX Share, they will be paired with any other co-passenger traveling in the same direction. Uber will give customers a 20% reduction off the standard fare as compensation for the inconvenience and extended travel time. Riders will receive an upfront discount on their ride even if they are currently not paired with another rider.”
Ridesharing Services Market Regional Analysis
Based on region, the market for ridesharing services has been divided into:
- South America (Brazil, Peru, Argentina, Chile, Colombia, and the remaining South American nations);
- North America (the United States, Canada, and Mexico);
- Europe (which includes Germany, the United Kingdom, France, Switzerland, the Nordic nations, Benelux, Spain, Italy, and the rest of Europe).
- Asia-Pacific region (APAC) (Australia, China, Japan, India, and other countries) excludes Southeast Asia.
- The Middle East & Africa (including Nigeria, South Africa, Egypt, the United Arab Emirates, and the Kingdom of Saudi Arabia)
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Market Growth Drivers
- The growing prevalence of smartphones and mobile applications, which have made it simpler for passengers to discover and book trips, is one of several reasons driving the worldwide market for ridesharing services.
- Additionally, a shift in consumer behavior towards alternative forms of transportation like ridesharing has been brought on by growing urbanization, increased traffic congestion, and the rising cost of car ownership.
- Other factors that are promoting the growth of the global ridesharing market include the availability of flexible payment options, the practicality of cashless transactions, and the capacity to track rides in real-time.
- Additionally, in order to draw in more customers and keep a competitive edge, ridesharing companies are making significant investments in technology and growing the range of services they offer.
- The use of autonomous vehicles to increase safety and efficiency, the adoption of electric vehicles to reduce emissions, and the incorporation of artificial intelligence and machine learning to improve the overall rider experience are some of the most recent trends and developments in ridesharing services.
- The extension of ridesharing services to include goods delivery and other services outside personal transportation is another trend.
- Additionally, ridesharing companies are adding new security features like driver background checks, emergency features built into the app, and facial recognition technology.
- Additionally, in order to give users more integrated and seamless transportation options, ridesharing companies are collaborating with public transit systems.
- Regulatory barriers, safety concerns, and escalating competition are some of the reasons limiting the growth of the worldwide ridesharing services industry. In many areas, officials are closely monitoring the activities of ridesharing businesses, which might lead to higher expenses.
- Consumer trust in the service can also be severely impacted by safety issues, such as accidents involving rideshare drivers.
- Additionally, as more businesses enter the ridesharing market, there is more competition, which puts pressure on prices and necessitates differentiating through technology or services.
- Using new technologies to increase the effectiveness and dependability of ridesharing services, such as artificial intelligence and machine learning
Major Development in the Ridesharing Services Market
|Market Forecast (2029)||USD 108.3 Billion|
|Current Market Size (2022)||USD 55.4 Billion|
|Dominating Segment||Car Sharing|
|Major Players Profiled||Grab, Lyft, Uber, DiDi, Ola, Gett, BlaBlaCar, Car2go, Lime, Herts|
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Frequently Asked Question
Q1: How big is the market for ridesharing services right now?
A: Between 2022 and 2032, the market for ridesharing services, which was estimated to be worth USD 55.4 billion in 2022, is expected to grow at a CAGR of 17.4%, reaching USD 108.3 billion.
Q2: What are the major market categories for ridesharing services?
The global ridesharing services market is segmented by membership type (fixed ridesharing, corporate ridesharing, dynamic ridesharing), kind (e-hailing, station-based mobility, car rental, car sharing), and region (Europe, Asia Pacific, North America, Latin America).
Q3: Name players in the Ridesharing Services Market.
A: Uber, Lyft, Gett, DiDi, Grab, Ola, Lime, Herts, BlaBlaCar, and Car2goare a few of the major companies in the ridesharing services market.
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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