The global ride sharing market size is projected to reach USD 11.94 billion by 2025. It is projected to register a CAGR of 7.5% during the forecast period. Increasing awareness in regular commuters regarding environmental deterioration due to vehicle emission is expected to drive the growth. Also, the unprecedented expansions of cities and towns and the inherent traffic congestion issues are anticipated to play a crucial role in driving the market for ride sharing in the forthcoming years. With international trade multiplying everyday with increasing globalization all over the world, ride sharing is expected to receive further push in the coming years.
Market is divided into multiple segments to give an accurate representation of the data. When it comes to business models, the B2C business type ride sharing segment led the market in 2017 and is estimated to keep the growth trajectory for the coming years. Also, on the basis of commute type, Short distance and corporate commute are projected to hold the majority of market share. However, the short distance type is anticipated to lead during the forecast period, attributed to the increase in the trend of ride hailing platform providers venturing in these services through their existing platforms. Furthermore, the recent outbreak of COVID-19 pandemic has made people take more precautions to avoid getting infected, leading to avoidance of public mode of transport and growing adoption of ride sharing with a smaller number of people. All these factors are expected to keep the ride sharing market on a high growth trajectory during the forecasted period.
Further key findings from the study suggest:
• Acquisition & Mergers form a crucial part of the market expansion strategy of key players. For example, in March 2018, Uber sold its business in Southeast Asia to Singapore-based rival Grab.
• Also, Grab Holdings Inc. is in talks to go public through a merger with a SPAC that would value the Southeast Asian ride-hailing startup at as much as $40 billion, making it by far the largest such deal on record.
• Awareness campaigns by the key players help people to be aware of the Dos & Don’ts while hailing services. Also, it increases the popularity of the companies, leading to better revenue. For instance, in July 2019, Uber launches ‘Check Your Ride’ campaign to raise awareness
• On the basis of region, the North American short distance segment was valued at USD 1.04 billion in 2017
• Indian B2C market is expected to reach USD 815.0 million by 2025, registering a CAGR of 12.7% from 2018 to 2025
• B2C business model and short distance commute is expected to lead the ride sharing market till 2025
• Key market players include GRAB, Uber, and Didi Chuxing among others.
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Ride Sharing Market Segmentation
Grand View Research has segmented the global ride sharing market on the basis of business model, commute type and region:
Ride Sharing Business Model Outlook (Revenue, USD Million, 2015 – 2025)
Ride Sharing Commute Type Outlook (Revenue, USD Million, 2015 – 2025)
• Long Distance
• Short Distance
Ride Sharing Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• The U.K.
• Asia Pacific
• South Korea
• Latin America
• South East Asia
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