BANGALORE, India, Aug. 28, 2020
BANGALORE, India, Aug. 28, 2020 /PRNewswire/ -- In 2018, the global Ride Sharing market size was 24400 Million USD, and it is expected to reach 103600 Million USD by the end of 2025, with a CAGR of 19.8% between 2019 and 2025.
The implementation of new technology enabling real-time ride matches and a shift in trend towards car ownership is expected to augment the growth of ride sharing market size during the forecast period.
This study analyses the ride Sharing market size by companies, countries, product types, and end industries. This study also examines the dynamics of global market competition, market factors and patterns, opportunities and threats, risks, and barriers to entry, distribution channels, distributors, and Porter's Five Forces Analysis.
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TRENDS INFLUENCING THE RIDE SHARING MARKET ANALYSIS
Ride sharing programs have tremendous economic potential and can lead to significant cost reduction and increasing savings. It can also help decrease substantial greenhouse emission reductions and minimize traffic congestion. These advantages are, in turn, expected to increase the ride sharing market size.
The increase in the number of regulated lanes providing car-pooling incentives, and the increasing car-sharing economy would create new growth opportunities for the ride sharing market during the forecast period.
Advances in technology that assist with the adoption of ridesharing and support from government policy, such as toll fee waivers and high-occupancy vehicle (HOV) lanes, are fuelling the growth of ride sharing market size.
An increase in smartphone and internet penetration is expected to increase the ride sharing market size. As ride sharing is an internet-enabled service, Internet access is the basic prerequisite in every part of the world to ride sharing services. Users are expected to download an app to their smartphone for accessing ride sharing information.
With rising fuel prices and a rise in the financing, insurance, and car registration rates, the costs of owning a personal vehicle have risen. Maintenance expenses, including replacement of parts & components and labor fees, have also risen and contributed to the total cost of ownership. This increasing vehicle ownership cost is, in turn, expected to propel the growth of ride sharing market size.
RIDE SHARING MARKET SHARE ANALYSIS
The station-based mobility segment is expected to witness the highest growth rate during the forecast period. This segment's growth is attributed to the government's initiatives to promote station-based mobility and construct dedicated tracks.
Navigation service holds the largest ride sharing market size during the forecast period.
Drivers and passengers use navigation applications for mapping and traffic data. Navigation service usage is imperative for ride sharing services.
North America held the largest ride sharing market size. This region's dominance is attributed to the increasing investments from automakers and changes in travelers' preferences.
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TOP COMPANIES IN THE RIDE SHARE MARKET
The ride sharing market is moderately fragmented, with major payers dominating the market. Based on our analysis, the top 5 companies dominating the ride sharing market took up more than 79.04% of the global market.
Top companies in the ride sharing market are:
RIDE SHARING MARKET BREAKDOWN DATA BY TYPE
RIDE SHARING MARKET BREAKDOWN DATA BY APPLICATION
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SIMILAR REPORTS :
The Global Mobility as a Service (MaaS) market size will reach 230400 Million USD by 2025, from 43440 million USD in 2019, at a CAGR of 32.6% during the forecast period 2020-2026
Currently, Uber is dominating North America, over 80% market share in 2016. In July 2017, Lyft held for 20% share in the United States.
The global smart mobility market size was USD 34.04 Billion in 2019 and is projected to reach USD 70.46 Billion by 2027, registering a 20.2% CAGR.
Top companies discussed in this report include Cisco, Excelfore Corporation, Ford Motor Company, Innoviz Technologies. Inc., MAAS Global Oy, QuaLiX Information System, Robert Bosch GmbH, Siemens, TomTom International, and Toyota Motor Corporation.
This report focuses on the status of global ride sharing software, forward forecasting, growth opportunity, key market, and key players. The aims of the study are to present the development of Ride Sharing Software in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The global car rental market size was valued at USD 92.92 Billion in 2019 and is projected to reach USD 214.04 Billion by 2027, registering a CAGR of 10.7% from 2020 to 2027.
In terms of revenue, North America accounted for the largest Car Rental Market share in 2019, and LAMEA is expected to show remarkable growth rates during the forecast period.
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The global car-sharing was valued 33.5 Billion USD in 2018 and will reach 103 Billion USD in 2025, with a CAGR of 17.2% during the forecast period
The global ride-hailing service market size was USD 36,450.0 Million in 2017 and is projected to reach USD 126,521.2 Million by 2025, registering a CAGR of 16.5% from 2018 to 2025.
North America was the highest contributor to the global market in 2017, garnering 12.7% CAGR during the forecast period.
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