Ride sharing market size was valued at USD 86.00 billion in 2022 and is poised to grow from USD 99.59 billion in 2023 to USD 322.01 billion by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).
Rapid rises in car ownership prices, strict CO2 reduction targets, and increase in demand for electric vehicles in such services all impact market growth. Another factor driving market expansion is rise in demand for low-cost and alternative means of transportation. Increasing sales of electric vehicles will accelerate the rise of the ride-sharing business over the anticipated timeframe. Stricter auto emission rules and increased awareness of shared transportation would further boost demand for the products. The increased emphasis that various governments are placing on infrastructure development that enables ride-sharing operations is driving increasing demand.
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Top Player’s Company Profiles
Enhancing Urban Mobility with Dockless Bike-Sharing
Dockless bike-sharing services are becoming increasingly popular in the market. In recent years, the number of docks has expanded while the number of motorcycles has decreased. Dockless bikes can be picked up and dropped off virtually anywhere, eliminating the need for parking or charging infrastructure. These bikes are much less predicted to be stolen or damaged because they feature GPS sensors. However, due to the high expense of building a port or parking station, merchants choose to install more docks rather than share bikes. The main aim of this is to reduce the cost of docking & parking and enhance customer satisfaction.
Expanding Reach and Enhancing Sustainability Through Strategic Moves
Companies in the market have prioritized business tactics such as strategic alliances and partnerships with the goal of extending their operations and client base. These significant players are investing in developing technologies to help integrate and implement ride-sharing solutions. In addition, there are several small-scale players who are raising funds. This is to develop improved products and broaden their global reach.
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Segments covered
Service Type
Car Sharing, E-Hailing, Car Rental, and Station-based Mobility
Vehicle Type
ICE Vehicle, Electric Vehicle, LPG or CNG Vehicle, Micro-mobility (Bike/Bicycle, Scooters, Other)
Data Service
Information, Navigation, Payment, Other
Distance
Short Distance, Long Distance
Type
P2P Car Sharing, Corporate Car Sharing
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Significant Initiatives by Leading Players
Expanding Ride-Sharing Market: Urbanization, Technology, and Changing Demographics
The global ride-sharing industry is expanding significantly. This is attributed to increase in demand for convenient and cost-effective transportation options. Ride-sharing services through smart phones, assist users to arrange rides for them at a lower cost than traditional taxi services. Urbanization, rising traffic congestion, and a growing preference for environmentally friendly transportation options have all led to increased market acceptability. The rising user base among millennials and potential members of Generation Z, presence of OEMs as mobility service providers, and rapid development of autonomous vehicles for ride sharing, will all contribute to significant market growth.
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