The
global Ride Sharing Market size
is projected to reach USD 11.94 billion by 2025, according to a new report by
Grand View Research, Inc. 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.
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. Growth in international trade and
globalization has facilitated development of many major and minor economies all
over the world. This economical and industrial growth has directly impacted the
demographics and helped rapid urbanization in many countries.
The
B2C business type ride sharing segment is estimated to lead the ride sharing
market in 2017 and is expected to continue its dominance through the forecast
period. This expanison is attributed to the introduction of ride sharing module
in the existing platforms provided by established ride hailing players. The
peer-to-peer ride sharing segment is expected to register the highest CAGR over
the forecast period, attributed to rising awareness among commuters and also to
introduction of newer user-friendly platforms.
The
corporate type of commute is estimated to lead the ride sharing market with a
slight edge, however the short distance commutes segment is expected to take
the lead in the market over the forecast period. The long distance commute type
is also projected to register healthy growth amid growing trend of sharing
personal vehicles through ride sharing platforms in North America and Europe.
North
America led with a market share of around 45.0% in 2017. The region is home to
the two major players - Uber and Lyft - competiting to gain more customer base.
Asia Pacific followed North America to take the second spot in terms of market
share. However, the region is expected to overtake North America over the
forecast period. Didi Chuxing and OLA are the two major players in the Asian
market.
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https://www.grandviewresearch.com/industry-analysis/ride-sharing-market
Further key findings from the study suggest:
- 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
- Latin
American long distance segment is expected to expand at a CAGR of 9.1%
from 2018 to 2025
- South East
Asia is another prominent market with the presence of many developing
countries such as Indonesia and Thailand in ASEAN nations
- Key market
players include GRAB, Uber, and Didi Chuxing among others.
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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