Ride Sharing Market Size worth $185.1 billion by 2026

Increasing the daily commute of passengers for short-distance city travel, constantly increasing fuel prices, deteriorating public transport services, and growing day-to-day traffic jams in urban cities are prompting the growth of the ride-sharing market. Various ride-sharing options, such as e-hailing, carpooling, or micro-mobility services, such as bicycle/e-bike, electric mopeds, scooters, etc., support this growing market. Further, increasing internet and smartphone penetration, especially in developing nations such as China, India, Indonesia etc. at lower cost, enable easy and convenient access to these services ?over smart gadgets, which acts as another driving factor for the ride-sharing industry. The global ride-sharing market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated USD 85.8 billion in 2021 to USD 185.1 billion by 2026.

Key Industry Players

• Didi Chuxing (China)
• Uber Technologies, Inc (US)
• Gett (Israel)
• Lyft, Inc (US)
• Grab (Singapore)

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Emergence of autonomous ride-sharing

Autonomous vehicles are still in the development stages. Many OEMs have working prototypes, which are being tested in different regions. Many companies are competing to bring a fully autonomous vehicle to the market. These include Lyft, Ford, Uber, Honda, Toyota, and Tesla. Waymo, the autonomous vehicle division of Alphabet, Google’s parent company, has begun testing trip fares with its early riders as it launches its commercial ride-sharing service in Phoenix this year. Considering these factors, developing autonomous vehicles will drive the ride sharing market in the next 6–7 years.

Short distance segment leads the ride sharing market

The short-distance segment is estimated to account for a major share market as most of the ride-sharing models are based on an intercity short-distance model. Consumers prefer short-distance ride-sharing services such as e-hailing and micro-mobility for traveling to public transportation modes such as bus stations and railway stations and shopping, parties, and visiting friends and relatives. Many ride-sharing companies focus on several ride-sharing options under the 30–40 km range. Lyft and Uber provide carpooling options for shorter distances, and Ola has Ola Share to reduce the commute cost per customer and attract more customers choosing shorter-distance ride sharing. Thus, using a personal car or public transport for short journeys makes travel inconvenient in city traffic. Thus, to save fuel cost and time, coupled with growing awareness among people regarding air pollution in urban areas, ignite the increased demand for ride-sharing services for the short-distance commute.

The Asia Pacific is estimated to be the largest market in 2021

The market in the Asia Pacific region is projected to be the largest for the ride sharing market. In the Asia Pacific, ride-sharing services are emerging rapidly in developing countries of India, China, and Indonesia primarily due to the growing migration of skilled workforces into urban areas from rural places. This will act as a growth attribute for ride-sharing as the passenger does not necessarily require a personal vehicle for a short commute, which saves fuel costs and sharing mobility and reduces travel time and congestion due to fewer vehicles on the road. Ride-sharing can help address various issues, such as traffic congestion, air pollution, and greenhouse gas emissions, which have risen due to the rise in urban population. Also, the region is home to some of the dominant players in this market, such as Didi, Go-Jek, Grab, and Ola. These factors are anticipated to fuel the Asia Pacific ride sharing market.

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