Latest Study on “Ride Sharing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Ride Sharing market size is expected to be worth around US$ 201.4 Billion by 2027, according to a new report by Nova One Advisor .
The global Ride Sharing market size was valued at US$ 85.8 Billion in 2020 and is anticipated to grow at a CAGR of 17.9% during forecast period 2021 to 2027.
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Ride sharing services were the most preferred services before the pandemic, as they offered a convenient and cost-effective means of personal mobility with the help of a transportation network system. Another advantage was that they helped to reduce travel costs and eliminated the need for individuals to own a vehicle. One more benefit was the possible reduction of traffic congestion which might have been achieved by 2022–2023, without the impact of COVID-19. With time & need, the mobility service providers (MSPs) devised different models of ride sharing services such as e-hailing, private vs. corporate car sharing, carpool, car rental and so on. The users had an option to choose from this wide variety of options based on their needs, distance traveled, and personal comfort. However, owing to the pandemic, ride sharing market has become one of the most impacted industries in the automotive space. The key reason being global lockdown back in 2020 for almost 2–4 months (varied by country/city), and the second wave of COVID-19, which has further impacted the business in Q1 of 2021 in most of the countries. Another reason is, with the pandemic, many IT companies have adopted a work-from-home culture, which has decreased office travel.
Though the pandemic has impacted most of the MSPs (for instance, Uber generated a revenue of USD 11.2 billion in 2020, with a decline of 21.1% as compared to revenues in 2019), it has also made the MSPs change the business models or offerings; the ride sharing players have gained momentum in segments such as e-Commerce, food delivery, and last-mile delivery.
Rise in demand for carpool and bike pool services
Significant rise in the preference for carpool and bike pool services among the regular office commuters is the primary factor contributing toward the growth of the ride sharing services. In addition, increase in the services offered by the leading market players, including Uber, and Ola, and the option to choose convenient pick-up and drop locations is encouraging the consumers to opt for ride sharing services. Moreover, significant rise in the number of multiple ride-sharing services such as intercity ride sharing, bus sharing, bike sharing and auto sharing services even for short distance travel fuels the growth of the ride sharing demand. Furthermore, the ride sharing service providers are offering advantages such as affordable pick-up and drop, co-passenger information, economical rides fares and higher convenience as compared to the traditional transport service providers. In addition, several service providers offer various facilities, offers, and discounts such as monthly pass on shared ride to reduce the expenses of daily commuters. Thus, the rise in demand for carpool and bike pool services collectively drives the growth of the ride sharing market.
In Asia Pacific, developing countries are expected to experience significant growth, primarily in urban transportation. The high population growth rate in the region and increasing urbanization have intensified the need for transportation. Most of the countries in the region are shifting their focus on smart personal mobility to reduce travel time and congestion. Asia Pacific accounts for a significantly lower number of vehicles per 1,000 persons as the per capita income in most of these countries is lower than in Western countries. Hence, ride sharing offers users a sense of owning a vehicle at a much lower cost than actually owning one. Therefore, consumers prefer ride sharing services over personal vehicles. Additionally, factors such as a rise in the daily commute to workplaces in urban areas and an increased need to save fuel by providing a ride to commuters and colleagues heading along the same route are anticipated to fuel the Asia Pacific ride sharing market
COVID-19 Impact on Ride Sharing Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Ride Sharing market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Ride Sharing market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Ride Sharing market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Ride Sharing market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Ride Sharing market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Ride Sharing market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Ride Sharing market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Ride Sharing market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Ride Sharing market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Ride Sharing market is analyzed at both regional and country levels.
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Key Players Analysis
The global ride sharing market is highly fragmented owing to the presence of large number of market players and thus the rate of competition among the market vendors is also very high particularly among the major industry participants. The market is also highly vulnerable for the new market entrants and thus triggers the rate of competition within the global market. In addition, these market players are significantly concentrated towards the new service launch that favors the prominent growth of the market.
Some of the prominent players in the Ride sharing Market include: Uber Technologies Inc., ANI Technologies Pvt. Ltd. (OLA), Lyft, Inc., Grab, Careem, Taxify OÜ, Gett, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), BlaBlaCar, Wingz, Inc, Curb Mobility, and Cabify.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Ride Sharing Market, By Vehicle Type
- Electric vehicle mobility
- CNG/LPG vehicle
- ICE vehicle mobility
Ride Sharing Market, By City
- New York, US
- Los Angeles, US
- London, UK
- Berlin, Germany
- Madrid, Spain
- Dubai, UAE
- Toronto, Canada
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Ride Sharing market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Ride Sharing market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Ride Sharing market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Ride Sharing market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Ride Sharing are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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