Revolutionizing Transportation: Exploring the Growth and Impact of the Ride Sharing Market
A transport business known as “ride-sharing” links customers and drivers via a smartphone app. Ride-sharing services like Uber and Lyft enable customers to quickly and easily arrange a ride, and they offer a practical and affordable substitute for conventional taxi services. The ride-sharing business has been significantly impacted by the COVID-19 outbreak. Many ride-sharing companies have observed a fall in demand for their services as a result of lockdowns and social isolation policies that have decreased the number of individuals travelling. In addition, the epidemic has changed consumer habits, with more people choosing private forms of transportation like ride-sharing services over public transportation.
This has resulted in increased competition for ride-sharing services and increased pressure on ride-sharing companies to provide a safe and convenient experience for their customers. Despite these challenges, the ride-sharing industry is expected to recover in the coming years as travel restrictions are lifted and more people return to their normal travel patterns.
According to MRFR analysis, the global Ride-sharing market is expected to register a CAGR of ~21% from 2022 to 2030 and hold a value of over USD 200 billion by 2030.
Regional Analysis
North America is one of the largest markets for ride-sharing services and is considered to be a major player in the global ride-sharing industry. The region has a large and growing population of urban consumers, as well as a well-developed transportation infrastructure and a supportive regulatory environment, both of which have driven demand for ride-sharing services. Additionally, the region’s strong economy and growing tourism industry have made it an attractive market for ride-sharing companies, further boosting demand for these services.
Market Segmentation
The Global Ride-sharing market has been segmented into type, application, and vertical.
Based on the type, the market has been segmented into Car Sharing, E-hailing, Car Rental, and Station-based Mobility.
Based on the vehicle type, the market has been segmented into ICE vehicles, Electric Vehicles, and Vehicle Running on LPG or CNG.
Based on the business model, the market has been segmented into B2C, P2P, and B2B.
Key Players
Some of the key market players are Taxify, Lyft Inc., ANI Technologies Pvt. Ltd., OLA, Gett, Didi Chuxing Technology Co., car2go, Cabify and GrabTaxi Holdings Pte. Ltd.
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