Global Ride Sharing Market Size By Service Type (E-Hailing, Car Sharing, Car Rental), By Vehicle Type (CNG/LPG Vehicle, Electric Vehicle, Micro Mobility Vehicle), By Data Service (Navigation, Payment Service, Information Service), By Geographic Scope and Forecast
Report ID: 9732|No. of Pages: 202
Global Ride Sharing Market Size By Service Type (E-Hailing, Car Sharing, Car Rental), By Vehicle Type (CNG/LPG Vehicle, Electric Vehicle, Micro Mobility Vehicle), By Data Service (Navigation, Payment Service, Information Service), By Geographic Scope and Forecast
Ride Sharing Market Size And Forecast
Ride Sharing Market size was valued at USD 87.71 Billion in 2024 and is projected to reach USD 317.6 Billion by 2031, growing at a CAGR of 17.45% from 2024 to 2031.
- Ride sharing is a service that allows people to share transportation with others going in the same direction, typically through smartphone apps such as Uber or Lyft. It enables on-demand transportation, decreasing the need for individual vehicles and encouraging shared commuting.
- Urban commuting, airport transfers, long-distance travel, and corporate transportation are all possible applications, making it a versatile solution for both daily and occasional travel.
- The future of ride sharing seems optimistic, with potential advances in driverless vehicles, electric vehicle integration for sustainability, expansion into emerging economies, and integration with public transportation systems to form integrated mobility networks.
Global Ride Sharing Market Dynamics
The key market dynamics that are shaping the global ride sharing market include:
Key Market Drivers:
- Increasing Urbanization and Congestion in Cities: Rapid urbanization is driving demand for alternative modes of transportation, such as ride sharing. According to the United Nations Department of Economic and Social Affairs, 56.2% of the world’s population lived in cities in 2021, with the percentage expected to rise to 68% by 2050. In the United States, the Department of Transportation predicted that urban congestion caused drivers to spend an average of 54 hours in traffic in 2021, up from 49 hours in 2019, making ride sharing an appealing choice for commuters looking to avoid traffic.
- Increasing Smartphone Penetration and Internet Connectivity: The ubiquitous use of cellphones and greater internet connection have aided the expansion of ride-sharing systems. According to the International Telecommunication Union (ITU), 67% of the world’s population will be online by 2023, with 6.7 billion mobile broadband subscriptions. According to the Pew Research Center, 85% of Americans will own a smartphone by 2023, up from 81% in 2019, making it easier for more people to access ride sharing services.
- Environmental Concerns and the Push for Sustainable Transportation: The growing awareness of climate change is fueling interest in shared mobility options. According to the US Environmental Protection Agency (EPA), transportation will account for 29% of total greenhouse gas emissions in the United States in 2021. In February 2024 A study published in the journal “Transportation Research Part D, Transport and Environment” discovered that ride sharing services might potentially reduce carbon emissions by up to 20% in urban areas if extensively implemented and optimized for shared journeys.
- Cost-effectiveness Compared to Car Ownership: The growing expenses of car ownership are making ride-sharing more appealing. According to the American Automobile Association (AAA), the average yearly cost of owning and operating a new car in the United States increased from $9,666 in 2021 to $10,728 in 2023. In contrast, a 2023 study by the University of California, Berkeley’s Transportation Sustainability Research Center discovered that regular users of ride sharing services in major U.S. cities spent an average of $4,650 per year on transportation, demonstrating significant cost savings for those who prefer ride sharing to car ownership.
Key Challenges:
- Regulatory Obstacles: Many jurisdictions impose strict rules on ride-sharing firms, such as license requirements, driver background checks, and insurance mandates. Compliance with various municipal, state, and international rules can drastically impede operations and raise costs.
- Driver and Rider Safety Concerns: Ensuring the safety of both drivers and passengers is a top priority. Incidents of harassment, accidents, and risky behavior can tarnish the company’s reputation and increase legal responsibilities.
- High Competition and Price Wars: Companies are giving big discounts and promotions to attract riders and drivers. This frequently results in lower profit margins and more difficulties achieving long-term profitability.
- Driver Retention and Satisfaction: Ride-sharing platforms rely largely on a big driver base, yet keeping drivers happy can be difficult owing to changing pay, working conditions, and a lack of benefits, resulting in high turnover rates.
Key Trends:
- Increasing Use of Electric Vehicles (EVs): Ride-sharing firms are rapidly incorporating electric vehicles into their fleets to cut carbon emissions and operating expenses. This movement is aided by government laws and incentives for greener transportation, which is propelling the trend toward sustainable ride-sharing.
- Rising Popularity of Autonomous Vehicles: Autonomous (self-driving) vehicles are becoming increasingly popular in the ride sharing market. Companies such as Uber and Waymo are heavily investing in autonomous car technology to minimize reliance on human drivers, increase safety, and reduce operational costs.
- Expansion into Rural and Suburban Areas: Ride-sharing platforms, which were formerly concentrated in metropolitan areas, are now growing into underserved rural and suburban areas. This trend is motivated by the need for more accessible transportation in less densely inhabited areas, as well as the opportunity to enter new markets.
- Focus on Multi-modal Integration: Ride-sharing businesses are increasingly providing integrated transportation solutions that allow customers to mix several forms of transportation, such as bikes, scooters, and public transportation, within a single app. This trend strives to fulfill the different demands of commuters by providing smoother and flexible transportation options.
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Global Ride Sharing Market Regional Analysis
Here is a more detailed regional analysis of the global ride sharing market:
North America:
- North America has one of the greatest rates of smartphone adoption and internet usage in the world, making ride sharing services more accessible to the general public. According to Pew Research Center, by 2023, 85% of Americans will own a smartphone, up from 81% in 2019. In Canada, the Canadian Radio-television and Telecommunications Commission (CRTC) estimated that 94.9% of Canadian households would have access to high-speed internet by 2023, allowing for the widespread usage of ride-sharing apps.
- Increasing traffic congestion in major North American cities is encouraging the use of ride sharing as an alternative to personal vehicle ownership. According to the U.S. Department of Transportation, urban congestion would cost American drivers an average of 54 hours in traffic per year in 2022, up from 49 hours in 2019. This movement promotes a transition away from car ownership, particularly among younger people. According to a 2023 study conducted by the University of Michigan Transportation Research Institute, the number of young adults (ages 20-24) holding a driver’s license fell from 87% in 2008 to 71% in 2023, showing an increasing preference for alternate modes of transportation such as ride sharing.
Asia-Pacific:
- The Asia Pacific region’s rapid urbanization and population growth have created a demand for efficient transportation solutions. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the region’s urban population is predicted to increase from 2.3 billion in 2020 to 3.5 billion in 2050. According to the National Bureau of Statistics, China’s urbanization rate will reach 64.7% in 2023, up from 60.6% in 2019. This fast urbanization is posing enormous transportation difficulties, which ride-sharing businesses are uniquely positioned to handle.
- The increasing use of smartphones and greater internet connection in the Asia Pacific area have aided the rise of ride-sharing platforms. According to the GSM Association (GSMA), the number of unique mobile internet subscribers in Asia Pacific will reach 1.6 billion in 2023, accounting for 44% of the population, up from 1.2 billion in 2019. In India, the Telecom Regulatory Authority of India (TRAI) estimated that smartphone users would reach 750 million in 2023, a 25% increase over 2021, creating a big user base for ride-sharing apps.
Global Ride Sharing Market: Segmentation Analysis
The Global Ride Sharing Market is segmented on the basis of Service Type, Vehicle Type, Data Service, and Geography.
Ride Sharing Market, By Service Type
- E-Hailing
- Car Sharing
- Car Rental
Based on Service Type, the Global Ride Sharing Market is segmented into E-Hailing, Car Sharing, and Car Rental. E-hailing is the most popular segment, owing to its convenience and extensive use in urban areas. Car sharing is the second fastest-growing industry, driven by rising demand for environmentally friendly and cost-effective transportation options.
Ride Sharing Market, By Vehicle Type
- CNG/LPG Vehicle
- Electric Vehicle
- Micro Mobility Vehicle
Based on Vehicle Type, the Global Ride Sharing Market is segmented into CNG/LPG Vehicle, Electric Vehicle, Micro Mobility Vehicle. CNG/LPG Vehicles are the most popular segment, owing to their low cost and extensive availability, particularly in cost-sensitive countries. Electric vehicles (EVs) are the second fastest-growing market, owing to greater environmental consciousness and increased government incentives for sustainable mobility.
Ride Sharing Market, By Data Service
- Navigation
- Payment Service
- Information Service
Based on Data Service, the Global Ride Sharing Market is segmented into Navigation, Payment Service, and Information Service. Payment services are the leading segment because they enable seamless transactions between riders and drivers. The fastest-growing area is Navigation Services, which is being driven by advances in mapping technology and an increasing need for real-time traffic information to improve ride efficiency.
Ride Sharing Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
On the basis of Geography, the Global Ride Sharing Market are classified into North America, Europe, Asia Pacific, and Rest of World. North America is the dominant region, owing to early adoption of ride-sharing services and a well-developed technological infrastructure. Meanwhile, the Asia Pacific area is the fastest-growing market, owing to rapid urbanization, a big population, and rising smartphone penetration, which has increased demand for ride-sharing services.
Key Players
The “Global Ride Sharing Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Aptiv PLC., BlaBlaCar, DENSO Corporation, Didi Chuxing Technology Co., Gett, Grab Holdings, Inc., Lyft, Inc., Ola Cabs, Tomtom.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Global Ride Sharing Market: Recent Development
- In August 2024, Uber announced an expanded cooperation with Waymo to deploy self-driving vehicles into its ride-sharing network. This alliance intends to improve the user experience by giving riders access to self-driving cars, particularly in metropolitan areas, thereby lowering costs and boosting safety.
- In July 2024, Lyft announced a new initiative to shift its fleet to electric vehicles (EVs) by 2030. This program comprises agreements with EV manufacturers and charging network providers to encourage drivers to transition to electric vehicles, thereby aligning with environmental goals and lowering carbon emissions.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Aptiv PLC., BlaBlaCar, DENSO Corporation, Didi Chuxing Technology Co., Gett, Grab Holdings Inc., Lyft, Inc., Ola Cabs, Tomtom. |
| SEGMENTS COVERED | By Service Type, By Vehicle Type, By Data Service, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL RIDE SHARING MARKET
1.1 Introduction of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL RIDE SHARING MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL RIDE SHARING MARKET, BY SERVICE TYPE
5.1 Overview
5.2 E-Hailing
5.3 Car Sharing
5.4 Car Rental
6 GLOBAL RIDE SHARING MARKET, BY VEHICLE TYPE
6.1 Overview
6.2 CNG/LPG Vehicle
6.3 Electric Vehicle
6.4 Micro Mobility Vehicle
7 GLOBAL RIDE SHARING MARKET, BY DATA SERVICE
7.1 Overview
7.2 Navigation
7.3 Payment Service
7.4 Information Service
8 GLOBAL RIDE SHARING MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL RIDE SHARING MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Aptiv PLC.
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 BlaBlaCar
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 DENSO Corporation
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Didi Chuxing Technology Co.
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Gett
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Grab Holdings Inc.
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Lyft, Inc.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Ola Cabs
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Tomtom
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Uber Technologies, Inc.
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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Econometrics and data visualization model
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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Industry Analysis Matrix
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