Ride Sharing Market Size, Share, Analysis, Trends, Growth, 2032

Ride Sharing Industry Prospective

According to Zion Market Research, the global Ride Sharing Market was worth USD 91.06 Million in 2023. The market is forecast to reach USD 433.13 Million by 2032, growing at a compound annual growth rate (CAGR) of 18.92% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Ride Sharing industry over the next decade.

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Ride Sharing Market:  Overview

A convergence of myriad factors such as introduction of new technologies facilitating real-time ride matching across the automotive sector along with changing attitudes of the people towards car ownership will help the ride-sharing activities gain prominence as a key commuting mode over the coming years.

On-line ride sharing business, a kind of smart mobility, is also gaining traction and this will further offer impetus to the expansion of ride sharing market over the ensuing years. Today, nearly 70.1% of ridesharing sector is still unexplored globally. Citing an instance, Uber, a U.S. based firm offering ride-sharing services, contributed only 28.8% of the U.S. ride-sharing market in first half of 2017.

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Apart from this, a surge in the number of managed lanes offering car-pooling incentives along with rapid emergence of car-sharing economy are set to provide new growth avenues for the ride sharing market over the years to come. With the onset of technological advancements such as IoT, Big data analytics, and AI, the ride sharing industry growth is likely to gain momentum over the foreseeable future.

Furthermore, ride sharing service has massive economic potential and can contribute to huge savings along with a massive reduction in green-house emissions. Ride-sharing can also help in reducing traffic jams and road collisions to a large-extent.

Ride Sharing Market: Growth Factors

An upsurge in the investments in the online ride matching platforms in the countries like the U.S. for enhancing consumer experience along with rise in the tax benefits offered to employees availing ride-sharing facility in the country like the U.S. will further prompt the market growth.

Furthermore, growing highlight of various governments on infrastructural investment aiding ridesharing activities and huge focus of original equipment manufacturers on flexible vehicle design to attract large number of commuters will create a profitable growth map for the ridesharing market during the forecast timespan. Apparently,   offering of ridesharing services at reduced costs will push the industry growth over the years ahead. Growing need for increasing the passenger intake in vehicles and reducing vehicle footprints will create huge growth prospects for the ridesharing market in the coming decade.

In addition to this, thriving shared mobility market is also going to create huge impact on the expansion of ride sharing market.  For the record, the shared mobility business in China, the U.S., and Europe was about USD 53.5 billion in 2016. This has translated into huge growth prospects for the ride sharing market in the recent years. As per the authentic reports, in 2017, China and the U.S. were the countries majorly contributing towards global shared mobility market. This, in turn, will prop up the growth of ride sharing market over the ensuing years. Apparently, the e-hailing participants accounted over 80.1% towards the shared mobility market share in both these countries during 2017.  The shared mobility market is anticipated to register a quantum growth over the forecast timeline, thereby further incrementing the growth of ride sharing industry by leaps & bounds within the next couple of years.

Ride Sharing Market: Segmentation

The ride-sharing market is segmented based on service type, vehicle type, business model, and region.

Service types include e-hailing, carpooling, station-based mobility, and car rental, with e-hailing being the dominant segment due to its convenience and widespread adoption.

Vehicle types are typically segmented into ICE (Internal Combustion Engine) vehicles and electric vehicles (EVs), with the latter gaining traction due to sustainability trends.

The business model segment covers P2P (peer-to-peer) and B2B (business-to-business) models.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA, with Asia-Pacific leading due to high urbanization and smartphone penetration.

Ride Sharing Market: Report Scope

Ride Sharing Market: Regional Insights

Asia Pacific To Lead Overall Market Growth By 2026

The regional market growth during the period from 2024 to 2032 is attributed to humungous demand for ridesharing services in the countries like India and China.  Additionally, a surge in the population and growing trend among the working population in these countries to avail car-sharing & car –pooling services to save time will boost the regional market trends.  The huge presence of reputed ridesharing firms in countries like India, Indonesia, Singapore, and China will further contribute to the market earnings of the region.

Ride Sharing Market: Competitive Space

Key players profiled in the report include

• DiDi
• Herts
• GoJek
• Lyft
• Gett
• Uber
• Lime
• Grab
• Ola
• SoCar
• BlaBlaCar.

The global ride sharing market is segmented as follows:

By Service Type

• E-Hailing
• Car Sharing
• Car Rental
• Station-Based Mobility

By Vehicle Type

• Internal Combustion Engine Vehicle
• CNG/LPG Vehicle
• Electric Vehicle
• Micro Mobility Vehicle

By Data Service

• Information Service
• Navigation
• Payment Service
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa