Dallas, Texas, May 20, 2019 (GLOBE NEWSWIRE) -- The global ride-sharing market is likely to grow at a CAGR of 18.6% during the forecasted period. In 2017, the market was valued at USD 43.23 billion, owing to the increasing need for personal mobility in the wake of growing urbanization and reducing car ownership is boosting the ride-sharing market.
The global ride-sharing market research report assesses market demand and scenario over the period from 2015 to 2025. The report highlights the historic trends between 2015 and 2017 and the 2019 to 2025 market forecast. The report studies both at global and country level the current status and future market prospects. The global market for ride-sharing is segmented by type and region.
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The report also throws light on various aspects of the analytics industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the ride-sharing industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The ride-sharing market encompasses companies that link-up drivers of private vehicles to the ones who are seeking local taxicab-like for the commute. In general, ridesharing services are available in large and big cities due to the huge population. Prominent players of the ride-sharing market include Uber, which has current services in more than 58 countries with ridesharing services. Lyft is another industry giant which covers many American cities.
The “Global Ride Sharing Market Size by Type (On-demand, Commute and Long Distance), by Region (North America, Europe, Asia Pacific and Rest of World) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Based on the type, the ride-sharing market is segmented into three categories which include on-demand, commute, and long distance. On-demand is expected to dominate the market whereas commute is projected to have the highest growth rate at 19.3% CAGR in the forecast period. Asia-Pacific is leading the ride-sharing market with surged adoption of on-demand rides due to growing population and rising traffic congestion.
The U.S. dominated the overall North America ride-sharing market in 2017. However, Canada is witnessing demand for ride-sharing services with the increasing population due to the migration of people from abroad in search of education and jobs. For instance, in 2015, Canada had 20 car-sharing services with more than 3,36,000 members and more than 5,200 vehicles between January 2014 and January 2015, car-sharing memberships grew by 50% in Canada.
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At present, the competitive landscape of the global ridesharing market is consolidated. However, over the period of time, the market is expected to become highly fragmented which would include more global and regional companies. As there are no major barriers for new entrants many new players are entering into the market.
In order to meet the rising demand of transportation services, new age technology solutions and adoption of such solutions by the population has given birth to innovative mobility models, such as ridesharing and on-demand cars in developing countries. For instance, from 2016 – 2018 in Myanmar, four ridesharing companies are catering to the rising transportation demands, two of them are domestic, and while the other two are international.
At the momentum of the ride-sharing market, there are two major global companies which include Uber and Lyft. However, regional companies like Ola, Didi Chuxing, and Grab has a strong market presence in the ride-sharing market, hence, giving tough competition to global players. The competitive landscape of the global ride-sharing market is consolidated in 2017 as Uber held the major of the ride-sharing market with the presence in 65 countries and over 600 cities worldwide.
Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Ride Sharing Overview, By Types
Chapter 5. Ride Sharing Market Overview, By Region
Chapter 6. Company Profiles
Continued…
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