The global Ride Sharing Market is expected to witness 10% CAGR during the period, 2018 to 2023. Technological advancements in the automotive industry have been on the rise in the last five years. Newer concepts such as autonomous vehicles, connected cars and electric vehicles have been at the forefront of these developments. Ride sharing, which includes an online platform for booking rides, has also witnessed tremendous growth, in terms of revenue, in the last 2 to 3 years.
Growing congestion on roads, along with pollution emission from private vehicles has prompted people to opt for ride sharing and carpooling. This industry has some of the largest players operating globally, including Uber Technologies Inc., Lyft, Inc., and Didi Chuxing Technology Co., to name a few.
Global Ride Sharing Market Key Players
Leading players profiled in the ride sharing market include car2go (Germany), Cabify (Spain), Careem (UAE), Taxify (Estonia), GrabTaxi Holdings Pte. Ltd. (Singapore), ANI Technologies Pvt. Ltd. (India), Gett (Israel), Didi Chuxing Technology Co. (China), Lyft, Inc. (U.S.) and Uber Technologies Inc. (U.S.)
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Ride Sharing Market Highlights:
The global ride sharing market is predicted to register a significant growth at a remarkable 10% CAGR over the forecast period (2018-2023). Ride sharing is a means of transportation where multiple people utilize the same vehicle, truck or van to reach a similar destination. This can include sharing taxis and carpooling too. Ride sharing has indeed emerged as a powerful, smart and clean tool for dealing with urbanization’s fallouts and the creation of megacities. Smartphones, global positioning system (GPS) and faster network speed have transformed the worldwide ride-sharing industry that has enabled users in booking a ride as and when they need and knowing the vehicle’s exact location. This has indeed improved the passenger’s safety.
There are plentiful factors that is boosting the growth of the ride sharing market. These factors as per the Market Research Future (MRFR) report include demand for affordable mode of commute, need to cut down urban traffic congestion, growing penetration of smart devices namely tablets, smartphones and others, high volatility in the prices of fuel, increasing traffic congestion and growing working class population. The additional factors that are boosting the market growth include limited availability of public transport support, supportive initiatives undertaken by the government to expand ride sharing activities, increased requirement to save fuel by offering a ride to colleagues and commuters travelling through the same route, lack of parking spaces, growing congestion and traffic especially in metro cities, lack of adequate public transport systems and increasing adoption of electric cars for ride sharing. On the contrary, safety related concerns during sharing rides with strangers, various unpleasant incidents taking place, resistance provided by local taxi services especially in emerging countries and improving public transport may impede the growth of the ride sharing market over the forecast period.
Scope of the Report
This study provides an overview of the global Ride Sharing Market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Ride Sharing Market by type, vehicle type, business model and region.
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