As per the Zion Market Research analysts, the global ride sharing market is anticipated to record a cumulative growth of nearly 18.96% from 2020 to 2026, to attain a value of USD 261.71 billion by 2026 . Few of the prominent players active in the — global ride sharing market include DiDi, Herts, GoJek, Lyft, Gett, Uber, Lime, Grab, Ola, SoCar, and BlaBlaCar . These companies have implemented several approaches such as new product development, expansion, merger & acquisition, and partnership to set a firm foot in the market. To cite, Uber, in September 2018, has accelerated its operations in Canada with a new engineering unit in Toronto and the extension of its self-driving vehicle unit in the city. The firm stated the engineering hub—the 8th of Uber beyond the US—will be accomplished by early 2019 and will be the “building blocks” for faster and stronger global use of new offerings like e-scooter rentals and Jump bikes.
Rising Need To Decrease Urban Traffic Congestion To Boost Demand For Ride Sharing
The rising requirement to decrease urban traffic jamming and need for cost-effective traveling mode with improved comfort are the few of the major factors propelling the growth of the rise sharing market. Further, the rising access to smart electronic devices, like smartphones, laptops, and tablets, is also projected to propel the growth of the market. In business model of ride sharing, smart electronic devices are deemed as the most noteworthy platforms on which the ride-sharing applications are installed. Moreover, the rapid use of the Internet and smartphones across the globe have surfaced several opportunities for ride-sharing in several regions. The numerous security features provide like license plate, route tracking, number & name of the driver, along with past records to the users prior to the driver arrives are also expected to fuel market growth. In addition, car owners are prefer using the ride share intermittently, for instance when they have to go for a party, which is further anticipated to boost the growth of the global ride sharing market.
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Station-Based Mobility Segment Is Expected To Witness Rapid Expansion In The Coming Period
The station-based mobility market segment is projected to show rapid expansion in the coming period. Station-based mobility is incentivized by governments around the globe and dedicated roads are laid in several nations for the station to station mobility. The 2nd rapidly expanding segment is the car sharing owing to its advantages like receiving benefits of a personal vehicle with no responsibilities and costs of car ownership.
Asia Pacific Region To Register A Remarkable Growth During The Forecast Period
In 2018, the major share of the global ride sharing market was held by North America. Nevertheless, Asia Pacific is projected to beat North America in the years to come. Lyft and Uber are the key players active in this region. Asia Pacific is a promising ride sharing market for platforms with a huge count of speedily developing towns and cities. Already, the ride sharing market is ruled by China and is projected to show considerable expansion during the years to come.
The global ride sharing market is segmented as follows:
By Service Type
By Vehicle Type
Internal Combustion Engine Vehicle
Micro Mobility Vehicle
By Data Service
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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