Ride sharing market to grow by USD 86.33 billion from 2022 to 2027 | The increasing traffic congestion drives growth - Technavio

NEW YORK - August 7, 2023: The global ride-sharing market size is projected to progress at a CAGR of 17.45% between 2022 and 2027, the size of the market is forecast to increase by USD 86.33 billion during the forecast period. The increasing traffic congestion drives the ride-sharing market growth. Factors such as the rapidly growing population, increasing GDP per capita, a surge in the working women population, and exponential growth in urbanization drives the growth of the market. Sharing a ride offers a hassle-free, eco-friendly, cost-effective, and healthy mode of transport. Thus, it is considered an ideal solution for the growing issue of traffic congestion on roads, which encourages several people to opt for such sharing services in the coming years. Hence, such factors boost the growth of the ride-sharing market during the forecast period. For further information on Market growth and size request a sample report.

Ride-sharing market trend - The rising adoption of dockless bike-sharing services

The rising adoption of dockless bike-sharing services is an emerging ride-sharing market trend. There has been a rise in the number of dockless bikes in recent years, as they can be picked up and dropped off anywhere without the need for parking or dock stations.

These bikes come with GPS sensors and hence, there are fewer chances of them being stolen or damaged. But market vendors focus on introducing a greater number of dockless sharing bikes as building a dock/parking station involves huge costs. This is because it can be used to mitigate the costs associated with dock/parking stations and also to serve users better by increasing the availability of bikes across a particular location.

The emergence of autonomous ride sharing is another trend that impacts the ride-sharing market during the forecast period. Cab service providers extensively use vehicles as their main medium of transport. This allows vehicle makers to generate significant amounts of data regarding various drive patterns, traffic patterns, road conditions, and other parameters. Autonomous vehicles need to undergo several simulations of real-life scenarios to test their integrity and safety. Autonomous vehicles launched as cabs and parcel delivery services provide the foundation for learning by putting the vehicle through different types of driving conditions. Hence, such trends fuel the growth of the ride-sharing market during the forecast period. For further information on trends request a sample report

Other Key Data Covered in Ride sharing market report-

Detailed information on factors including driver details
Market segmentation by End-user (Individual and Business), Type (Car and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
Precise estimation of the ride sharing market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Comprehensive analysis of factors that will challenge the growth of crowdfunding market vendors
A thorough analysis of the market's competitive landscape and detailed information about vendors
Growth of the industry across APAC, North America, Europe, Middle East and Africa, and South America
CAGR of the market during the forecast period

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Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Ride sharing market - Company Analysis

The global ride sharing market is fragmented. The market leaders are concentrating their efforts on growing their consumer base in overseas nations. These businesses are utilizing strategic collaboration initiatives to expand their market share and profitability. Technavio has extensively analyzed 15 major vendors, including ANI Technologies Pvt. Ltd., Avis Budget Group Inc, Bolt Technology OU, Cabify Espana SL, Comuto SA, Curb Mobility LLC, DENSO Corp., Enterprise Holdings Inc., Grab Holdings Ltd., GT Gettaxi UK Ltd., Hertz Global Holdings Inc., Ibibo Group Pvt. Ltd., iDisha Info Labs Pvt. Ltd., Lyft Inc, My Taxi Indi, PT GoTo Gojek Tokopedia Tbk, Share Now GmbH, Uber Technologies Inc, Via Transportation Inc., and TomTom International BV.

Company Offerings

Avis Budget Group Inc - The company offers ride-sharing services through its subsidiary Zipcar.
Bolt Technology OU - The company offers ride-sharing services such as rentals and drives.
Cabify Espana SL - The company offers ride-sharing services for riders and drivers.

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