The global ride sharing market is projected to reach USD 169.82 billion by 2025. Factors that are driving the market are internet penetration and technology adoption in developing countries such as India, China and Brazil. Moreover, capitalizing on the growing need of transportation services, as well as the developing technology sophistication and usage of population have led to innovative mobility model of ride sharing.
A study titled “Global Ride Sharing Market” was launched by Adroit Market Research in December 2018: the market is segmented by Type (On-demand, Commute and Long Distance), By Region (North America, Europe, Asia Pacific and Rest of World) and Forecast 2018 to 2025”. The study covers global ride sharing market value for a period ranging in between 2015 to 2025, where 2015 to 2017 imply the historical value with forecast between 2018 and 2025. The global ride sharing market report also includes qualitative insights of the market such as value chain analysis, porters five forces analysis and investment trends.
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In order to meet the rising demand of transportation services, new age technology solutions and adoption of such solutions by the population has given birth to innovative mobility models, such as ride sharing and on-demand cars in developing countries. For instance, from 2016 – 2018 in Myanmar, four ride sharing companies are catering to the rising transportation demands, two of them are domestic, and while other two are international.
For riders, the first advantage of ride sharing and on-demand cars is the omnipresence of car rides at their preferred location and time, leading to better service levels. The second advantage is with the drivers, who get the flexibility to work as per their convenience and chose the customers they wish to offer the service. The technology ensures that the number of trips is maximum with minimum idle waiting time, subsequently, leading to optimized benefits. Hence, these factors have driven the global ride sharing market.
Further, ride sharing has reduced environment pollution such as air, land and noise. The carpooling services launched by ride sharing companies are helping to curb the emission of CO2 into the air. For instance, in 2014, Uber launched its first Uberpool service in San Francisco where people started sharing their ride who are travelling in same direction in order to save cost. This service also helped in the reduction of 120 metric tons of carbon dioxide emission in San Francisco alone only in one month time.
The benefits of ride sharing technology are showing impacts in the healthcare industry also. This includes delivery of real-time data, immediate feedback of patient, notifications in case of driver delays and the reduction of driver’s waiting time during appointments. Thus, resulting in an overall improvement of patient care with greater safety, efficiency, and reliability.
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U.S. dominated the overall North America ride sharing market in 2017. However, Canada is witnessing demand for ride sharing services with the increasing population due to migration of people from abroad in search of education and jobs. In 2015, 20 ride-sharing services were operational in Canada servicing over 336,000 members and with a fleet exceeding 5,200 vehicles. Between January 2014 and January 2015, car-sharing memberships grew by 50% in Canada.
At present, the comparative landscape of the global ridesharing market is consolidated. However, over the period of time the market is expected to become highly fragmented which would include more global and regional companies. As there are no major barriers for new entrants many new players are entering into the market.
Key segments of the global ride sharing market
Type Overview, 2015-2025 (USD million)
• Long Distance
Regional Overview, 2015-2025 (USD million)
• North America
o United Kingdom
• Asia Pacific
• Rest of the World