The Ride Sharing Market is projected to grow at a CAGR of 19.87% from 2018 to 2025, to reach a market size of USD 218.0 billion by 2025 from USD 61.3 billion in 2018. The major drivers of this market include the growing need for personal mobility in the wake of rising urbanization and fall in car ownership. Also, growing Internet and smartphone penetration and stringent CO2 reduction targets are leading to the high growth of the market.

E-hailing is expected to be the largest contributor in the ride-sharing market, by service type, during the forecast period

E-hailing is the largest segment in the market in terms of value. E-hailing is the most widely used service. The growth of e-hailing is attributed to its user-friendliness and convenience to consumers. E-hailing is dominant all across the globe owing to more presence of the players and the ease of access to such services.

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Payment service is estimated to be the fastest growing segment during the forecast period

The payment service market is growing at the fastest CAGR during the forecast period. Service providers use a payment gateway for online payment processing. International expansion of service providers and payments in foreign currency are likely to boost the growth of the payment service segment.

Electric vehicles have the potential to disrupt the market in the future

The electric vehicle market is growing at the fastest CAGR during the forecast period. This growth is attributed to favorable government policies, better infrastructure, and growing awareness of CO2 emission. IC engine vehicles have the largest share in the market as these vehicles are most widely adopted and used globally.

Rest of the World region is expected to account for the fastest growth during the forecast period

The key countries considered in RoW include Brazil, South Africa, and UAE. These countries have a well-established urban infrastructure. The ride-sharing market is growing in the RoW region as countries such as UAE and Brazil are increasing their investment in urban infrastructure. The Asia Oceania region leads the market in terms of market size. Growing population and increasing urbanization are driving the growth in the market. Increasing urbanization leads to traffic congestion, and the growing population would boost the demand for different mobility options in urban areas.

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Key Players

The market is dominated by global players and comprises several regional players. Some of the key players in the market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).