Global Rideshare Market Report 2021: The Market Is Expected
Dublin, June 28, 2021 (GLOBE NEWSWIRE) – The “carpooling market by type (electronic call, gas station, carpooling and rental), carpooling (P2P, business), service (navigation, payment, information), Micro-mobility (bicycle, scooter), vehicle type and region – Global forecast to 2026 “has been added to ResearchAndMarkets.com offer.
The global ridesharing market is expected to grow from $ 85.8 billion in 2021 to $ 185.1 billion in 2026, with a CAGR of 16.6%.
The COVID-19 pandemic has impacted carpooling activities for a second year in a row. However, according to experts, the ridesharing industry would begin its full recovery from the third quarter of 2021 or the first quarter of 2022, and the key factor that would drive the demand for ridesharing is urbanization. The majority of the population living in the cities have moved to their countryside; Yet the urbanization rate in 2020 was close to 56% globally, up from 55% in 2019.
However, after the pandemic, more people are expected to return to cities, which is expected to further increase the rate of urbanization. This would bring down the rate of urbanization, and slowly the basic needs of the population would start to increase; transport would be one of them. Given the second wave of COVID and the expected third wave, this change would be slow. This would be the main driver to bring the revenues of the rideshare industry back on track.
Additionally, although urbanization is a key driver for the ridesharing industry, the effects of the pandemic would be visible on ridesharing models for the initial period. For example, after the pandemic period, people would still be reluctant to opt for shared services and public transportation, and would prefer e-mailing or car rental.
Most ridesharing services have moved from the web to the app, and the main reason is an increase in popularity and the options available on smartphones. Additionally, internet penetration has grown significantly over the past 3-4 years. According to the World Economic Forum, in 2019 internet use doubled compared to 2010.
Therefore, increasing urbanization, increasing smartphone penetration, and growing internet penetration would together fuel the demand for ridesharing in the years to come.
Globally, the electric vehicle segment is expected to be the fastest growing segment during the forecast period.
Recent initiatives by major ridesharing companies such as Uber, Free Now, Bolt and Lyft to partially electrify their fleets by 2025 and fully by 2030 are expected to boost the electric vehicle ridesharing market during the period. forecast.
In addition, in China, according to David Xu, Didi’s strategy manager, 21% of the VTC fleet is electric. Beijing-based Didi Chuxing Technology Co., the world’s largest limousine company, has around 1 million electric vehicles on its network, with a target of 10 million by 2028.
Asia-Pacific is expected to be the largest regional market
Asia-Pacific has a significantly lower number of vehicles per 1,000 people, as per capita income in most of these countries is lower than in Western countries. Therefore, carpooling gives users the feeling of owning a vehicle at a much lower cost than owning one. Therefore, consumers prefer carpooling services to personal vehicles.
In addition, factors such as increased daily trips to workplaces in urban areas and an increased need to save fuel by providing a ride for commuters and colleagues on the same route are expected to fuel the carpooling market. in Asia-Pacific.
The growing number of mega-cities and population growth in developed and developing countries have increased the importance of deploying an intelligent transport network. Ridesharing services in Asia Pacific are growing rapidly due to demand in countries such as China, India and Japan. These countries have started to recognize carpooling as a solution to reducing problems such as traffic jams, air pollution and greenhouse gas emissions.
Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US) and Grab (Singapore) are the leading providers of ridesharing in the global market.
- Attractive opportunities in the electric vehicle carpooling space: increasing population and urbanization to boost the carpooling market
- Electric Vehicles Expected to Show Fastest Growth Among Carpool Cars During Forecast Period
- Carsharing market, by type: P2P carsharing will dominate the carsharing market in 2021
- Carpool market, by data service: navigation to represent the main market share for carpool data services
- Micro-mobility market, by vehicle type: bike / bicycle to lead the micro-mobility vehicle market
- Carpooling market, by distance: short distance to take into account the dominant share by 2026
- Carpool market, by region: Asia-Pacific will account for largest share of carpool market in 2021
- Increased urbanization and internet and smartphone penetration
- Increase in urbanization
- Increasing use of smartphones and increasing internet penetration
- Increased costs associated with owning a vehicle
- Variations in transport policies in different countries and resistance of traditional transport services
- New business models to cover losses in carpooling activities
- Food and freight delivery
- Micro mobility
- Emergence of autonomous carpooling
- Impact of COVID-19 on the profitability and sustainability of transportation network companies
- Carpooling market: an ecosystem
Porter’s Five Forces Analysis
Supply chain analysis
Carpool market scenario
- Realistic scenario
- Low impact scenario
- High impact scenario
- Impact of vehicle automation on carpooling
- Impact of L2 automation on carpooling
- Impact of L3 automation on carpooling
- Impact of L4 / L5 automation on carpooling
- Autonomous vehicles and vehicle connectivity
- Vehicle to Cloud (V2C)
- Vehicle-to-pedestrian (V2P)
- Vehicle-to-infrastructure (V2I)
- Vehicle to Vehicle (V2V)
- Asia-Pacific leads the global carpooling market
- Micro-mobility: main areas of intervention
- Didi Chuxing (Didi)
- Uber Technologies, Inc. (Uber)
- Lyft, Inc (Lyft)
- Ani Technologies Pvt. Ltd (Ola)
- Tomtom International Bv
- Denso Corporation
- General Motors
- Via Transport, Inc.
- Easy taxi
For more information on this report, visit https://www.researchandmarkets.com/r/3jvgzx