The global ride sharing market is increasing with the rising traffic congestion problems and awareness for cost-effective ways to commute. Car-pooling and bike-pooling are the most effective ways that provide a solution for overcoming these barriers. With the introduction in new taxi services such as Uber and Lyft over the traditional ones is increasing the market size of ride sharing industry, as people are more inclined towards sharing the vehicles, to reduce the unnecessary cost. With the increase in technology, the usage of smartphones, tablets, faster network, and GPS the commuters frequently use taxi services through various applications provided by ride sharing companies. These applications are available 24*7 and know the exact location of the vehicle hence, ensuring the safety of passengers.
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The global ride sharing market operates through different product types such as buses and coaches, utility vehicles and sedan-hatchback. The increasing concern towards environment affects the industry. With the increased usage of vehicles, the level of pollution has increased as these vehicles emit a higher amount of smoke and harmful gases that hamper the environment. Ride sharing such as car-pooling, bike pooling allows to commute and have significantly expanded the reach of the idea of shared traveling among regular commuters. The main features that attract the customer towards ride sharing include the elimination of the need to drive, easy availability of pool services, lower cost of commuting as compared to owning a vehicle. The government policies such as toll fee waivers and high-occupancy vehicle (HOV) lanes are contributing in market size of ride sharing.
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The key players in the global ride sharing market include Uber Technologies Inc., Lyft Inc., ANI Technologies Pvt. Ltd. (OLA), Bolt (Taxify OÜ), BYKEA Technologies Pvt. Ltd., Carma Technology Corp., Comuto SA (BlaBlaCar), and others. The US-based company Uber as revolutionized the ride-hailing market. The application provided by it enables to commute by providing private car, rideshare or taxi from a mobile phone. It is the most significant ride-sharing company that guarantees one-tap rides, transparent pricing, and reliable pickups. The company offers to share rides through its UberPOOL service by offering a ride from normal cars to high end-SUVs. Another US-based company named Via is engaged in providing corner-to-corner service that means the driver will pick and drop the passenger from the nearest corner from his location thus providing cheap fare for the services.
Current Market Trends in the report
• North America has a significant share in the global ride sharing market
• Asia-Pacific region is the potential market of ride-sharing platforms as the development of cities and towns is at a rapid pace.
• The trend for autonomous self-driving vehicles for ride sharing purpose is estimated to increase.
• Major automobile manufacturers will expand their operations in the ride-sharing industry owing to factors such as improved demand, higher revenues, and rising adoption by consumers.
Global Ride Sharing Market- Segmentation
By Vehicle Type
• Sedan & Hatchback
• Utility Vehicle
• Buses & Coaches
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