A new market study, titled “Discover Global Ride Sharing Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Ride-sharing is also known as vanpool, instant ride-sharing carpool, and dynamic ride-sharing, is a way of traveling in which a single vehicle will be shared by multiple passengers traveling in the same route. The ride-sharing method includes picking up passengers from different sources and drop them at their respective locations. The demand for such modes of transportation is getting higher among people. GPS- Global Positioning System, faster network connection speed and emergence of smartphones have significantly changed the face of the global Ride Sharing Market.
Talking about some market driving factors, the global market is majorly driven by the inability to buy a car among the lower and mid-level population. Ride sharing enables such users to feel like they are traveling in their own vehicles. Fluctuating fuel prices, growing traffic congestion and growing working-class people demand for a transpiration medium are some factors which can trigger the market growth in the coming years. The service providers are also enhancing their service quality, which is expected to make the ride-sharing more popular.
There are some developing countries who don’t have proper public transport facilities, which is further triggered the amend for such mode of transportation. The increasing popularity of electric cars used in ride-sharing is anticipated to propel the growth during the forecast period. However, some factors like safety-related concerns while traveling in a vehicle with unknown persons can affect the Ride Sharing Market growth in the future. The ride-sharing service providers are now taking necessary steps for it, making the journey more safe and secure.
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Global Market Segmentation Analysis
The global Ride Sharing Market is segmented on the basis of product type, by vehicle type, by business model, and by geography. Based on the service type, it is split into car sharing, e-hailing, car rental, and station-based mobility. From the above segment, it is expected that car-sharing will dominate the market. Considering the vehicle type, it is segmented into electric vehicles, IOE vehicles, and LP or CNG vehicles. The electric vehicle segment is anticipated to dominate this segment in terms of revenue as the service providers are now planning to employ electric vehicle for this. Now, based on the business model, it is divided into P2P, B2B, and B2C.
Geographical Market Segment Analysis
Based on geography, the Ride Sharing Market is segmented into five major regions, such as Asia Pacific, Europe, North America, South America, and Middle East & Africa (MEA). Among all these regions, the experts have forecasted that North America will witness a major market share in the global market from 2018 to 2025. This regional market is significantly dominated by the United States. This country houses some key companies who are dominating the global market. Besides, agreements between ride-hailing companies and corporations to lower the traffic congestion as well as to control pollution are some of the major driving factors of this regional market,
In April 2019, Share Now, a leading player in the free-floating car-sharing market, announced that it has expanded its services to the Hungarian market by offering car-sharing services in Budapest. The users can now book MINI and BMW models for rental. For this the company has joined hands with Wallis Asset Management Zrt, a Hungarian investment company.
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