NEW YORK, Aug. 30, 2018 (GLOBE NEWSWIRE) -- The global ridesharing market is expected to witness a CAGR of 16.4% to reach USD 148.7 billion by 2024. Increasing vehicular emission leading to move towards a green economy, and demand for reduction of on-road traffic is likely to give impetus to the market growth over the forecast period. Furthermore, integration of smart phone technology with ridesharing services is also expected to fuel the market growth during 2018 to 2024.
Ridesharing is an arrangement connecting passengers with drivers, in a privately or business owned vehicle. Major transport network companies (TNC) use peer-to-peer (P2P) ridesharing business model and charge a commission fee to provide the connecting tools to the customers in the form of a website or an smart phone application. With the move towards a green economy, nations across the globe are looking for a way to restructure their urban transport network, which is likely to give impetus to the market over the forecast period.
Key findings from the report:
Intra-city segment : Poised to experience fastest growth over the forecast period
Intra-city segment held the largest share of the market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the major market share of dynamic and daily commuting demographic. Moreover, the traffic congestion problem is likely to propel the market growth over the forecast period.
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Ridesharing market - Regional insight
Geographically, Asia-Pacific (APAC) is likely to witness the fastest CAGR during 2018-2024. This can be attributed to the huge population in the region. The commuting demographic of this region is likely to be the fastest growing segment in China and India. Moreover, increasing focus on restructuring the urban transport network in the region and major transport network companies (TNC) investing in the APAC market are likely to give impetus to the market growth over the forecast period. Europe and North America are expected to experience significant growth during 2018-2024, owing to strict government regulations limiting vehicular emissions.
The report segments ridesharing market on the basis of type, expanse, target demographic, ownership, business model, and region.
By Type
By Expanse
By Target Demographic
By Ownership
By Business Model
By Region
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