AS most of the peoples are advised to stay at home to prevent the spread of the COVID-19, therefore, impact the use of cabs and taxis across the globe further affected the ride sharing market. As per the latest data by the WHO on 25thApril 2020, the Coronavirus cases are accounted for nearly 2.6 million and further increasing rapidly day by day. The novel COVID-19 disease has pushed contract workers for ride sharing service providers such as Uber and Lyft to struggle with how to stay healthy while keeping an income. Some free lancers and cab drivers have already suspended working as the health risks increase due to COVID-19 across the globe. As the COVID-19 pandemic is increasing rapidly across the globe the ride sharing companies such as Uber Technologies Inc., Lyft Inc., and others are closing their services across the globe that affect the market size of ride sharing industry. For instance on 17 March 2020, Uber technologies announced that it was suspending its Uber Pool service in the US and Canada, and would begin issuing messages to users attempting to request any ride in those countries that would encourage them to “flatten the curve” or ”travel only when necessary.” The company services are available in 69 countries across the globe, principally in the US and Canada, Latin America, Europe, the Middle East, Africa, and Asia (excluding China and Southeast Asia).
Uber Response to the COVID-19 Crises
The senior vice president of rides and platform for Uber said that ‘’ Our goal is to help flatten the curve of community spread in the cities we serve. With that in mind, we are suspending the Uber Pool service in the US and Canada”. They also said that “We remain in close contact with local leaders and will continue to work with them to discourage non-essential travel.” Moreover, on 23 March 2020, the company announced the Uber Pool and Uber Intercity services have been suspended in accordance with Government directives to restrict traffic for reducing the spread of COVID-19 in India. The company suspended its services in various cities across India including Agra, Ahmedabad, Chandigarh, Delhi NCR, Hyderabad, and other major cities that further negatively impact the overall business of the company in ride sharing industry.
Moreover, on April 17 2020, Uber announced the update on COVID-19 financial assistance policy that provided financial assistance to drivers and delivery people diagnosed with COVID-19 or ordered to self-quarantine or self-isolate by a doctor or public health authority. The new policy is in effect for all active drivers and delivery people in the UAE. Therefore, this policy by the company support the those drivers and delivery people who are still actively driving and delivering during this crisis.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/covid-19-economic-impact-on-ride-sharing-market
The Report Covers
- Comprehensive research methodology of the global ride sharing Industry.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global ride sharing Industry.
- Insights about market determinants that are stimulating the global ride sharing Industry.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Global Ride sharing Market – Segmentation
- Sedan & Hatchback
- Utility Vehicle
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