Increased Urbanization, and Favorable Government Policies to Reduce the Pollution along with Increased IT & Infrastructure Development Propelled the Growth of the Ride Sharing Market in the APAC Region!

The Asia Pacific region dominated the market in the historic year and expected to continue the same in the forecast period. The major factors attributed to the growth of the market are as the increasing urbanization population in the region as India and China covers almost 36% of the total world population. The paradigm shift of population grows in the cities in the region looking for better work opportunity and living standard, the demand for convenient and efficient transportation option increased in the recent years. Additionally, the countries such as China, India, and Indonesia have the vast working population commuting to offices and factories are looking for daily transportation have upsurge the demand for ride sharing market in the region. Moreover, government in the region such as India and China are highly promoting the net zero emission as cities in the region have highly polluted due to increased number of vehicles in the road. For instance, in March 2022, according to the report published by IQAir, a Swiss firm reported that India is the fifth most polluted country among 117 countries, as per recommendations of WHO the average PM2.5 levels should not be more than 5 micrograms per cubic meter, reached to 58.1 micrograms per cubic meter (µg/m3) in 2021 in India. Moreover, the country has 63 Indian Cities in 100 Most Polluted Places On Earth. Therefore, to control the pollution level government approach is to promote ride sharing transportation and e-mobility services.

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As technology at a rate of knots, major smartphone and e-vehicle companies such as Huawei, Oneplus, Redmi, ZYPP, Greaves Electric Mobility Private Limited, and Ather Energy Private Limited have home in China and India respectively, plays an important role for mobile penetration and e-mobility services in the region by developing better transportation system have upsurge the demand for ride sharing market. Therefore, considering all these factors the Asia Pacific region is expected to dominate the ride sharing market in coming years.

Further, the APAC Ride Sharing Market is expected to grow at a strong CAGR of approximately 26% during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing ride-sharing market primarily owing to the increased urbanization in China, and India coupled with huge smartphone penetration and rising working class population that needs to commute on daily basis. Meanwhile, China constitutes to be the largest market in the APAC region, accredited to rising expenditure on smartphones and surging sales of electric vehicles, while India is the second largest player.

FIG. 1 APAC Ride-Sharing Market Revenue (2020-2028)- USD Mn

Based on service type, the market is segmented into e-hailing, carpooling, and station-based. E-hailing category to witness higher CAGR during the forecast period. The factors attributed to the growth of the segment such as the increased penetration of the mobile phone and high internet connectivity that leads to ease of booking rides from anywhere within minutes propels the growth of the ride-sharing market. Furthermore, various governments across the world such as India, China, and the USA promote awareness among the people regarding air pollution that fuels the demand for ride-sharing, predominantly e-hailing.

Based on propulsion type, the market is bifurcated into ICE Vehicle, Electric Vehicle, CNG/LPG Vehicle, and others (Hydrogen Fuel Cell Engine). Among these, the Electric vehicle is currently dominating the market and expected to dominate in the forecast period, owing to cost-effectiveness for the long term as they require minimal maintenance, lower fuel costs, and high-profit return. Moreover, the government of major countries in the world such as the USA, India, and China promoting net zero emission policies that aim to cut greenhouse gas emissions to as close to zero as possible by 2070, China has announced carbon neutrality by 2060, and the USA aims to hit net zero by 2050. Ride-sharing companies play an important role as they are aware of their footprint, and pushing electric vehicles in the market to meet their sustainability goals.

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Global Ride-Sharing Market Segmentation

Market Insight, by Service Type

• E-hailing
• Carpooling
• Station-Based

Market Insights, by Type

• P2P Sharing
• Corporate Sharing

Market Insights, by Distance

• Short Distance
• Long Distance

Market Insights, by Propulsion Type

• ICE Vehicle
• Electric Vehicle
• CNG/LPG Vehicle
• Others

Market Insights, by Platform Mode

• Android
• iOS
• Others

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Lyft, Inc.
• Wingz Inc.
• DiDi Global Inc
• Uber Technologies, Inc.
• Cabify España S.L.U.
• Ola Electric Mobility Pvt Ltd.
• Gett
• Grab
• Curb Mobility
• BlaBlaCar