The reasons that contribute to the expansion of the ride-sharing industry include time savings, cost savings, car ownership, traffic reduction, and government backing for ride-sharing. By the end of the forecast period, the worldwide Ride Sharing Market is estimated to produce more than 73 billion US dollars in revenue. Ridesharing is a relatively new idea in the mobility sector that has grown in popularity alongside car-sharing, car-hailing, and carpooling.
The ride-sharing system operates by individuals offering and accepting trips at the driver’s convenience. Many applications have been developed by firms all over the world in which a car driver or other vehicle driver may provide a trip and other users can take advantage of the offer based on the route and price specified by the driver.
By providing one-way and two-way rides, ride-sharing facilitates both short and long-distance travel. Because many individuals in economically developing nations do not own cars, they rely on car-hailing services. People may travel long distances in comfort and at a reduced cost.
The COVID-19 pandemic has had a significant impact on human existence. Lockdowns were implemented both locally and globally. During this time, transportation was restricted. People could only leave their homes in emergencies or to purchase supplies. The lack of communication as a result of the virus’s spread has caused some to reconsider carpooling or ride-sharing. On the one hand, the pandemic created a market for personal car trends and rental automobiles.
· By type: The market is divided into four categories: automobile sharing, e-hailing, car renting, and station-based mobility.
· By Vehicle Type: The market is divided into three categories: ICE vehicles, electric vehicles, and vehicles that operate on LPG or CNG.
· By Business Model: The market is divided into three categories based on the business model: B2C, P2P, and B2C.
· By Membership type: The market is divided into three types of membership: Fixed Ridesharing, Corporate Ridesharing, and Dynamic Ridesharing.
· By Service: The market is divided into three service categories: app-based, web-based, and web and app-based.
The ride-sharing market is divided into five regions: North America (US, Canada), Asia-Pacific (China, India), Europe, Latin America, and the Rest of the World. North America is the largest market in the ride-sharing system. The North American market is driven by firms like Lyft and Uber, who are the area’s ride-hailing behemoths. Partnerships between different vehicle rental and ride-sharing organizations to alleviate traffic and congestion have fueled the rise of ride-sharing systems in the region. With the growing threat of air pollution in Asia-Pacific countries, the region’s ride sharing sector is predicted to rise rapidly. In the Asia-Pacific area, China is the clear leader in pushing ride-sharing services. In India, on the other hand, car-sharing is becoming more popular due to a rise in the middle class.
Uber Technologies Inc. (US), Taxify (Estonia), Lyft Inc. (US), ANI Technologies Pvt. Ltd. (India), OLA, Gett (Israel), Didi Chuxing Technology Co. (China), GrabTaxi Holdings Pte. Ltd. (Singapore), Cabify (Spain) and Careem are the dominant and key players in the global Ride-Sharing Industry (UAE).