Ride Sharing Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Ride Sharing Market is segmented By Type (Peer to Peer Car sharing, Free-floating Car sharing, Stationary Car sharing, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Ride Sharing Market Overview

The Global Ride Sharing Market is expected to grow at a CAGR of 15.85% during the forecast period (2024 - 2031). Ridesharing is a passenger transportation alternative where people share vehicle seats to reduce their cost of transportation.

• Ride-sharing services will lessen the traffic, and vehicle emissions into the environment and reduce vehicle costs. The person needs to use specific service provider smartphone apps to avail of the services.
• Ride-sharing still constitutes a tiny percentage of the total vehicle miles traveled. Smartphone & GPS has changed the ride-sharing market dramatically. Once the number of users & drivers reaches critical mass, it results in an extremely efficient system.

Ride Sharing Market Summary

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Ride Sharing Market Dynamics

• As smartphone penetration, internet penetration, and urban population increase, the ride-sharing market will overgrow.
• The ride-sharing market has impacted the Auto Industry in a significant way. In a well-functioning ride-sharing environment ride-sharing users often postpone car purchases. This is especially true in developing countries.
• Lack of parking space and permits in the major cities is the crucial restraint that affects market growth.
• Although Ridesharing drivers often work long hours, they earn barely above minimum wage & don’t enjoy any other benefits that are available to full-time employees. Which is a significant disadvantage for the market?

Ride Sharing Market Segmentation Analysis

• The market can be segmented into Peer Peer Car sharing, Free-floating Car sharing, Stationary Car sharing, and others.
• Transportation Network Companies are the most significant segment. Transportation Network Companies offer rides in private passenger cars.
• Thereby the passenger requests a trip and will then be matched with a driver. Carpooling Services charges a commission for helping people go the same way to organize carpools using private vehicles. Others include online taxi bookings.

Global Ride Sharing Market Geographical Share

• By region, the market can be segmented into North America, South America, Europe, Asia-pacific, and the rest of the world.
• China dominates the ride-sharing market regarding revenue.
• The market in the Asia-Pacific region is expected to expand in the future.
• The combined share of China & the United States in the Ridesharing market is around 77%.

Ride Sharing Market Leaders

Major players are Didi Chuxing is the biggest ride-sharing service-based company followed by Uber. BlaBlaCar is one of the most prominent carpooling companies. Other players include Lyft, Grab, Curb, Ola, Gett, BlaBlaCar, Zimride, and Car2Go.