The global ride sharing market was valued at USD 85.8 billion in 2021 and is expected to reach USD 185.1 billion by 2026, at a CAGR of 16.6% during the forecast period 2021-2026. The ride sharing market has gained popularity over the past few years because companies are trying to make transportation more reliable, convenient, enjoyable, and safe. The prime purpose of such transportation is to reduce emissions, vehicle trips, and traffic congestion. Ride-sharing allows getting rid of vehicle ownership, maintenance, and component replacement costs, which makes it more popular among the millennials. The initial factors such as inconvenience caused by using public transport, unavailability of first & last mile transportation, and rising awareness among people regarding air pollution are currently driving the demand for ride-sharing, predominantly e-hailing.
The e-hailing segment by type is expected to hold the largest market share in 2021
The growing demand for e-hailing services can be attributed to ease of booking, increasing traffic congestion, passenger comfort, and rising government initiatives to increase awareness among people regarding air pollution are propelling the demand for ride-sharing, predominantly e-hailing. Also, the increasing partnership between domestic and international service providers, such as Uber and Didi in China, will likely help the e-hailing market grow.
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The bikes/Bicycles segment is estimated to be the largest as well as fastest for the micro-mobility market
Bike/bicycle sharing offers an economical option offering adequate comfort for shorter commutes; hence it is gaining popularity in many countries across regions. Bicycles are eco-friendly and consume less time, and as services are readily available, they are suitable for a single person’s ride. Further, electric bikes/bicycles are also becoming popular because electric assist the rider in uphill conditions, and even if the battery dies, he or she can still peddle the bike. Bike sharing is gaining more traction in Asian countries such as China, and Japan, because most cities have paved bicycle lanes, and the topography is a little flat compared to Western countries. Hence, to ease traffic jams, micro-mobility such as bike/bicycle are the most suitable mode of transportation and would remain prominent in urban areas.
Emergence of autonomous ride-sharing
Autonomous vehicles are still in the development stages. Many OEMs have working prototypes, which are being tested in different regions. Many companies are competing to bring a fully autonomous vehicle to the market. These include Lyft, Ford, Uber, Honda, Toyota, and Tesla. Waymo, the autonomous vehicle division of Alphabet, Google’s parent company, has begun testing trip fares with its early riders as it launches its commercial ride-sharing service in Phoenix this year. Considering these factors, developing autonomous vehicles will drive the ride sharing market in the next 6–7 years.
The Asia Pacific is estimated to be the largest market in 2021
The market in the Asia Pacific region is projected to be the largest for the ride sharing market. In the Asia Pacific, ride-sharing services are emerging rapidly in developing countries of India, China, and Indonesia primarily due to the growing migration of skilled workforces into urban areas from rural places. This will act as a growth attribute for ride-sharing as the passenger does not necessarily require a personal vehicle for a short commute, which saves fuel costs and sharing mobility and reduces travel time and congestion due to fewer vehicles on the road. Ride-sharing can help address various issues, such as traffic congestion, air pollution, and greenhouse gas emissions, which have risen due to the rise in urban population. Also, the region is home to some of the dominant players in this market, such as Didi, Go-Jek, Grab, and Ola. These factors are anticipated to fuel the Asia Pacific ride sharing market
Key Market Players
Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore). These companies adopted new product launches and expansion to gain traction in the ride sharing market.
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