According to the new market research report ‘Ride Sharing Market by Type (E-hailing, Station-Based, Car Sharing & Rental), Car Sharing (P2P, Corporate), Service (Navigation, Payment, Information), Micro-Mobility (Bicycle, Scooter), Vehicle Type, and Region – Global Forecast to 2025‘, published by MarketsandMarkets™, the market is estimated to be USD 61.3 billion in 2018 and is projected to reach USD 218.0 billion by 2025, at a CAGR of 19.87%. The market is primarily driven by rising urbanization and declining car ownership.
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Corporate car sharing is expected to grow at the highest CAGR in the global car sharing market during the forecast period
Corporate car sharing is a kind of mobility solution provided by employers to their employees for every day commutation and specific business requirements. The demand for corporate car sharing is expected to grow as people riding to offices are likely to travel on the same route. Thus, it is much easier to find co-passenger with ease and less waiting time. Corporate car sharing enables commercial businesses to reduce or eliminate private vehicle fleets by providing their employees access to shared cars. It offers many benefits to businesses such as it gives flexibility to employees, reduces fleet management costs, and creates less traffic on roads.
Bicycles are estimated to be the largest market for ride sharing, by micro-mobility vehicle type
Bicycles have the largest market globally in terms of their usage in the micro-mobility Ride Sharing Market. They are eco-friendly, cheap, less time consuming, comfortable for short rides, and easily available. All these make bicycles a preferred choice. Scooters have the second largest and fastest market in micro-mobility as they are trending nowadays in the Ride Sharing Market. Hence, the service providers are investing in this latest trend, and it is finding increasing usage among people. Scooters are available for the riders for a short period with less cost; they also provide station-based mobility.
Asia Oceania to have the largest market size during the forecast period
Asia Oceania is estimated to dominate the Ride Sharing Market and is projected to grow at a significant CAGR during the forecast period. The growth in the Asia Oceania market is attributed to the wide customer base due to a growing population and rising urbanization in emerging economies such as China and India. Factors such as increasing urbanization and rising traffic congestion are likely to drive the demand for ride sharing services. For countries such as India and China, the consumer preference is changing, and with the rising population, the need for ride sharing is increasing to cater to the increase in the consumer basket.
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The Ride Sharing Market is dominated by global players and comprises several regional players. Some of the key players in the Ride Sharing Market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).
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CHICAGO, December 20, 2018 /PRNewswire/ —