March 15, 2019: 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.
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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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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.
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