Ride-Sharing Market: Current Analysis and Forecast (2022-2028)

Report Description

The ride-sharing market is expected to grow at a strong CAGR of around 18% during the forecast period owing to the growing urbanization and burgeoning adoption of smartphones with high internet penetration. The need for alternatives to driving grows as more people settle in urban areas, and ride-sharing services offer a practical and affordable solution for commuting from one place to another. The widespread use of smartphones and fast internet has made it simple for consumers to book rides instantly through ride-sharing apps, enhancing accessibility and convenience. Additionally, these applications provide real-time information on the location of the ride, the estimated time to reach to destination as well as total fare which improves the overall experience of the consumer. This has made it simpler for customers to hail a ride even in congested urban areas or places where there is little or no public transport. Countries such as India have developed their tourism sector in recent years with various government initiatives to promote tourism in the country. These tourists often adopt ride-sharing for inter-city as well as intra-city has further created the demand for ride-sharing in the region. For instance, in February 2022, according to the report published by Kepios and Datareportal, internet users in India increased by 34 million (+5.4 percent) between 2021 and 2022 reached to 658.0 million, meanwhile mobile internet connection speed in India increased by 5.15 Mbps (+55.7 percent) in the twelve months to the start of 2022.

Some of the major players operating in the market include Lyft, Inc.; Wingz Inc.; DiDi Global Inc; Uber Technologies, Inc.; Cabify España S.L.U.; Ola Electric Mobility Pvt Ltd.; Gett; Grab; Curb Mobility; and BlaBlaCar. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst service type, the e-hailing segment held a dominating share of the market in 2021”

Based on service type, the market is segmented into e-hailing, carpooling, and station-based. Amongst these, the e-hailing segment dominated the market in 2021. The factors contributed to the growth of the segment such as convenience as it can be booked with just one click from anywhere at any time (24*7). E-hailing services offer fixed pricing, which means consumers know how much they need to pay, and feel a smooth and transparent process as compared to traditional transportation. Additionally, when it comes to safety and response time, e-hailing services are backed by proper GPS tracking and driver background verification, and with millions of drivers and riders, they can respond in a few minutes. Overall, these factors have made e-hailing services popular among consumers, giving them an edge over other ride-sharing models.

“Amongst distance, the short distance held the majority share of the market in 2021”

By distance, the market is bifurcated into short-distance and long-distance. Among them, short distance captured the majority share of the ride-sharing market in 2021. The major factors contributing to the growth of the market such as rapid urbanization in the region such as China, and India, India will have over 500 million people living in cities by 2030—1.5 times the current US population also the rising income will also play a role, as roughly 60 million households could enter the consuming class with income greater than USD 800 per annum by 2025. Collectively all these factors lead to joining the workforce in the region and they live nearby offices, factories, or workplace that too caters to the demand for short-distance ride-sharing.

Ride-Sharing Market Report Coverage

“Asia Pacific dominated the ride-sharing market in 2021”

Asia Pacific dominated the ride-sharing market in 2021 with more than xx% share of the market due to the increased demand for ride-sharing services in the region. This is due to the Asia Pacific specifically countries like India, having a lower number of vehicles per 1,000 persons as their per capita income is less as compared with Western countries. According to the Niti Aayog, India has just 22 cars per 1,000 citizens as compared to USA 980 out of one thousand people own a car. Thus, these factor caters to the demand for ride-sharing in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global ride-sharing market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Ride-Sharing Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global ride-sharing market were the three major steps undertaken to create and analyze the adoption of ride-sharing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global ride-sharing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the ride-sharing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the ride-sharing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as . Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the ride-sharing market. Further, we conducted factor analysis using dependent and independent variables such as of the ride-sharing market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the ride-sharing market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global ride-sharing market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the ride-sharing market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global ride-sharing market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global ride-sharing market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the in the global ride-sharing market.

The main objective of the Global Ride-Sharing Market Study

The current & future market trends of the global ride-sharing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the ride-sharing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the
• Define and analysis of the regulatory framework for the ride sharing industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the ride-sharing market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the ride-sharing market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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