The global ride sharing market was estimated at a value of USD 43.24 billion in the year of 2017 and is expected to grow during the forecast period. Ride-sharing, is popular as carpool, dynamic ride-sharing, and instant ride-sharing. It is a way of traveling where a single ride is shared by number of travelers going on the same route. Though ride-sharing is an old concept it is currently garnering attention due to growing technology and implementation of Global Positioning Systems (GPS) and smartphones.
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The global ride sharing market is growing due to need of reduced road collision, air pollution and congestion. Growing speed, Global Positioning System (GPS), and smartphones have transformed the concept of global ride-sharing industry. The system allows users to book rides as per requirement and at the same time share the location of vehicles to ensure improved safety of passengers. The global ride sharing market is growing due to the financial constraints allowing riders of mid-lower income group to buy a car. Ride-sharing gives the traveler a feeling of owning a vehicle without actually owning it.
The growing volatility in fuel prices, growing traffic congestion, increasing working population has caused demand for better modes of travel, especially in the urban cities of major countries. The limited number of government initiatives to improve the transport systems has further led to growth of the global ride sharing market. Growing awareness among population, with respect to environment and air pollution caused due to vehicles has further led to increased adaption of ride sharing systems. With ride sharing there is a reduction in vehicles circulation every day. This has led to reduction of CO2 and parking space. In the region of Myanmar, ride sharing led to reduction of CO2 emission by almost 423 million kg. The reduced number of on-road vehicle will also help in reducing the demand for parking space required by private vehicles. In Yangon, the space was utilized to plant addition 230,000 trees, to make the city greener and rich in vegetation.
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Global ride-sharing market has many hurdles to cross and is facing restraints from various taxi operatives. Ride-sharing concept is securing popularity among customers, which has negatively impacted the local taxi business. As a result, various taxi operators are openly opposing ride sharing due to decline in business, especially in countries like Japan. Security of traveler is an important factor, due to incidents in China of murdering of young female passengers. These incidents are reasons to worry by passengers and thus in turn is hampering the market growth.
The global ride sharing market is divided on the base of type and region. Segmentation on the basis of type is done as on-demand, Commute and long distance. Segmentation on the basis of region is done as North America, Europe, Asia Pacific and Rest of World. Among the regions Asia-Pacific contributes the maximum to market share due to convenience and growing adoption by the population. In North America, 82% of the market is contributed by the U.S. due to growing support by the government and various initiatives taken. The report on global ride sharing market studies about the various key players. Key players of the market are Lyft, Ola and Uber among others. The report discusses various market strategies and initiatives adopted by the companies.
What does the report include?• The report focuses on ride sharing market types• The study on the global ride sharing market includes qualitative factors such as value chain analysis, drivers, restraints and PESTLE analysis.• The study covers qualitative and quantitative analysis of the market segmented on the basis of types. Moreover, the study provides similar information for the key geographies• Actual market sizes and forecasts have been provided for all the above-mentioned segments• The study includes the profiles of key players in the market with a significant global and/or regional presence
Key segments of the global ride sharing market
Type Overview, 2015-2025 (USD million)• On-demand• Commute• Long Distance
Regional Overview, 2015-2025 (USD million)• North Americao USo Canada• Europeo Germanyo United Kingdomo France• Asia Pacifico Chinao Indiao Japan• Rest of the World
Some Points from TOC:1. Executive Summary2. Research Methodology3. Market Outlook4. Ride Sharing Overview, By Types5. Ride Sharing market Overview, By Region6. Company Profiles
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