Ride Sharing Market Size, Share, and Forecast 2030

The global ride sharing market size is projected to reach USD 343.35 billion by 2030 and registering a CAGR of 16.7% from 2022 to 2030.

Stringent emission regulations imposed by governments of various countries across the globe in order to control the alarming rate of rise in global pollution likely to propel the adoption of shared mobility and thus the trend for ride sharing in the coming years. Furthermore, overcrowded public transportations cause high level of discomfort that in turn triggers the demand for more comfortable intercity ride models. Hence, increasing rush in the public transportation favors the growth of ride sharing.

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Increase in the number of private car ownerships coupled with rise in traffic congestion are some of the other important factors that drive the market growth for ride sharing during the near future. Populated countries and cities have insufficient network of roads that leads to increase the traffic congestion. As per the Federal Highway Administration, increased traffic congestion takes more than 37% of total travelling time for the daily commuters in the United States. Furthermore, rising purchasing power of consumer in the developing countries also ignites the rising sale of passenger vehicles that in turn likely to trigger the traffic congestion and hence prospers the growth of ride sharing in the regions.

However, technology development in the construction and infrastructure field has overcome the concern for traffic congestion and thus challenges the market growth for ride sharing. Nonetheless, advancement in the vehicle technology and road infrastructure compel users to invest in the new car models and upcoming vehicles that propels the growth in sale of passenger cars and thus prospers the market growth for ride sharing in the coming years.

The rapid spread of COVID-19 in the early 2020 has disrupted the operation of various industries including automotive. Ride sharing is the main trend that gets most affected by the COVID-19 pandemic. Lockdown situation and social distancing norms were the major factors that hampered the market growth for ride sharing. Even currently, the market is still struggling hard with the consumer’s perspective to adopt individual vehicles rather than shared vehicles owing to increased health concern and awareness from the spread of COVID-19 virus.

Key Players Analysis

The global ride sharing market is highly fragmented owing to the presence of large number of market players and thus the rate of competition among the market vendors is also very high particularly among the major industry participants. The market is also highly vulnerable for the new market entrants and thus triggers the rate of competition within the global market. In addition, these market players are significantly concentrated towards the new service launch that favors the prominent growth of the market.

Some of the prominent players covered under the global ride sharing market report include DIDI Chuxing, UBER Technologies Inc., GETT, GRAB, LYFT Inc., ANI Technologies Pvt. Ltd., INTEL, BLABLACAR, TOMTOM International BV, Denso Corporation, APTIV, WAYMO, General Motors, Ford Motor Company, IBM International, CABIFY, CAR2GO, DAIMLER, and EASY Taxiamong others.