Ride Sharing Market by Type, Car Sharing, Service, Micro-Mobility, and Region

The global Ride Sharing Market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated $85.8 billion in 2021 to $185.1 billion by 2026. An increase in urbanization, internet, and smartphone penetration, and the increase in the cost of vehicle ownership are boosting the growth of the ride-sharing market.

Mobility service providers are investing in R&D activities to introduce EV’s and other advanced types of vehicles in the ride-sharing industry. For example, in May 2021, Uber announced its partnership with Arrival, the global technology company creating electric vehicles, using its technologies to develop an affordable, purpose-built electric vehicle (EV) for ride-hailing drivers. Uber aimed at becoming a fully electric mobility platform in London by 2025 and by 2030 across North America and Europe.

Top Players:
Uber, Lyft, DiDi Chuxing, Grab, Ola, GETT, BLABLA CAR, Intel.

Other Regional Players:
Cabify, Car2Go, Taxify.

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OPPORTUNITY Emergence of autonomous ride-sharing

Autonomous vehicles are still in the development stages. Many OEMs have working prototypes, which are being tested in different regions. Many companies are competing with each other to bring a fully autonomous vehicle to the market. These include Lyft, Ford, Uber, Honda, Toyota, and Tesla. Waymo, the autonomous vehicle division of Alphabet, Google’s parent company, has begun testing trip fares with its early riders as it moves closer to launching its commercial ride-sharing service in Phoenix this year. Considering the factors, the development of autonomous vehicles will drive the ride-sharing market in the next 6–7 years.

Globally, the Electric vehicle segment is expected to be the fastest-growing segment during the forecast period.

Recent initiatives taken by major ride sharing provider companies such as Uber, Free Now, Bolt, and Lyft, to electrify their fleet partially by 2025 and fully by 2030 are expected to drive the electric vehicle ride sharing market during the forecast period. Moreover, in China, according to David Xu, Didi’s head of strategy, a whopping 21% of the ride-hailing fleet is electric. Beijing-based Didi Chuxing Technology Co., the world’s largest ride-hailing company, has about 1 million EVs on its network, with a goal to hit 10 million by 2028.

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Recent Developments:

1. In May 2021, The GrabPet XL and GrabCar Exec services provide more options for Grab passengers with different mobility requirements while expanding earning opportunities for eligible driver-partners.
2. In April 2021, Uber Technologies, Inc. and Walgreens unveiled a new feature that would allow consumers to book vaccination appointments at a Walgreens location and also schedule their Uber ride to the vaccination appointment, all with a few taps through the Uber app. With all adults in the US eligible to receive the COVID-19 vaccine, Uber and Walgreens remain focused on helping ensure that transportation is never a barrier to receiving a vaccination.
3. In January 2021, Gett raised USD 115 million, led by new backer Pelham Capital Investments Ltd., and also included participation from unnamed existing investors. Including this round, Gett raised USD 750 million, with investors including VW, Access, and its founder Len Blavatnik, Kreos, MCI, and more, and its last valuation was USD 1.5 billion, pegged to a USD 200 million fundraise in May 2019
4. In July 2020, Lyft launched The Lyft pass enabled a means to allow organizations to cover the costs of rides for their people—from employees and essential workers to customers, guests, and patients—while prioritizing safety, convenience, and flexibility.
5. In February 2020, Ola expanded its services to London. The Ola platform would be fully operational with three categories: Comfort, Comfort XL, and Exec ride classes. Ola had over 25,000 drivers registered on the platform, bringing scale to its London offering immediately.
6. In February 2020, Grab raised an investment of over USD 850 million from Japanese investors, including Mitsubishi UFJ Financial Group Inc. and TIS Inc. This investment will be used in creating accessible and affordable financial services for Southeast Asia in order to boost financial inclusion in the region.

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