Ride Sharing Market to Touch USD 263.21 Billion by 2030 owing to Growing Preference for On-Demand Services and Government Regulations and Initiatives | Published By SNS Insider

According to SNS Insider analysis, the trend of urbanization, with more people living in densely populated cities, has also contributed to the growth of the ride-sharing market. With limited parking and congested traffic, many urban dwellers find it more convenient to use ride-sharing services rather than owning a car

Pune, May 12, 2023 (GLOBE NEWSWIRE) -- The Ride Sharing Market, as reported by SNS Insider, had a value of USD 92.27 billion in 2022 and is projected to expand to USD 263.21 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14% during the forecast period spanning from 2023 to 2030.

Market Report Scope

Ride sharing is a concept that involves multiple individuals sharing a vehicle to reach their destination. This innovative transportation solution has gained popularity in recent years due to its various benefits, including cost savings, reduced carbon emissions, and increased convenience. Ride sharing allows individuals to share a ride with others who are traveling in the same direction.

Market Analysis

One of the main drivers of the ride sharing market growth is the rising demand for convenient and sustainable transportation. With the increasing concern over carbon emissions and climate change, people are looking for ways to reduce their carbon footprint. Ride sharing options provide an efficient and eco-friendly alternative to traditional modes of transportation such as cars, buses, and trains. Moreover, the increasing traffic congestion in metro cities has created a pressing need for hassle-free ride options. Micro-mobility vehicles are agile and can easily navigate through crowded streets, offering a quicker and more convenient way to get around town. The convenience of these vehicles has led to the rise of bike and scooter sharing programs, making them accessible to a broader range of people.

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Impact of Recession

A recession can have a significant impact on the ride sharing market. The decrease in demand, increase in competition, impact on the workforce, and limited growth potential are just a few of the ways that ride-sharing companies are impacted during a recession. While these challenges are significant, ride-sharing companies that are able to adapt and innovate during a recession can emerge stronger and more successful in the long run.

Key Regional Development

The ride sharing market is experiencing significant growth worldwide, and North America is no exception. With the increasing demand for electric cars in Canada, the US, and Mexico, the market is expected to experience substantial growth in the coming years. The shift towards electric vehicles is due to the growing concern over environmental pollution, the need to reduce carbon emissions, and the availability of government incentives. In Europe, the market is expected to experience significant growth due to the flourishing automotive industry and the increasing partnerships between service providers and governments.

Ride Sharing Market Report Scope:

Report AttributesDetails
Market Size in 2022US$ 92.27 Billion
Market Size by 2030US$ 202.53 Billion
CAGRCAGR of 14% From 2023 to 2030
Key Segments• by Type (P2P car sharing, Corporate Car Sharing)
• by Service Type (E-hailing, Car sharing, Station-based mobility, Car rental)
• by Commute Type (Long Distance, Corporate, Short Distance)
Company ProfilesUber Technologies Inc. (U.S.), Ola, Gett (Israel), Taxify (Estonia), Lyft Inc. (U.S.), ANI Technologies Pvt. Ltd. (India), Didi Chuxing Technology Co. (China), GrabTaxi Holdings Pte. Ltd. (Singapore), car2go (Germany), Cabify (Spain), and Careem (UAE)
Market Drivers•Demand for carpool and bike pool services has increased.
•Demand for internet booking platforms has increased.

Key Takeaway from Ride Sharing Market Study

  • The P2P car sharing is an emerging segment that is set to dominate the market in the coming years. Its cost-effectiveness, convenience, and flexibility make it a more attractive option than traditional car rental services.
  • The e-hailing segment is poised to dominate the ride-sharing market in the coming years due to its convenience, cost-effectiveness, innovation, and sustainability. As more people turn to e-hailing for their transportation needs, we can expect to see further growth and development in this segment of the industry.

Recent Developments Related to Ride Sharing Market

  • French ride-sharing giant BlaBlaCar has announced that it will be acquiring Klaxit, a service that provides ride-sharing for daily commutes. The move is seen as a significant step towards BlaBlaCar's goal of becoming the go-to platform for all kinds of mobility solutions.
  • Uber, the ride-sharing giant, is planning to introduce electric vehicles (EVs) in India as part of its efforts to promote cleaner mobility solutions in the country. With the increasing concern over air pollution in major cities of India, Uber's move towards EVs will undoubtedly be welcomed by environmentalists and commuters alike.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Global Ride Sharing Market Segmentation, By Type

9. Global Ride Sharing Market Segmentation, By Service Type

10. Global Ride Sharing Market Segmentation, By Commute Type

11. Regional Analysis

12. Company Profiles

13. Competitive Landscape

14. Conclusion 

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