Ride Sharing Market Size, Share, Growth Analysis, By Service Type, By Vehicle Type, By Business Model, By Type, By Region - Industry Forecast 2024-2031

Global Ride sharing market size was valued at USD 86.00 billion in 2022 and is poised to grow from USD 99.59 billion in 2023 to USD 322.01 billion by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).

Ride-sharing services, a popular mode of transportation, facilitate the transfer of passengers from one location to another through online booking. This model not only benefits the environment by reducing the number of vehicles on the road but also offers cost savings for consumers. The sector is poised for significant growth between 2024 and 2031, driven by the increasing use of smartphones and internet connectivity. Contributing to this expansion are factors such as rising vehicle ownership costs, stringent CO2 reduction targets, and the growing market for electric vehicles within ride-sharing services. The demand for affordable and alternative transportation options is another key driver of the ride-sharing market's growth. The rise in electric vehicle sales is expected to further boost the industry during the forecast period. Additionally, stricter automotive emission regulations and heightened awareness of shared mobility contribute to the increasing demand for ride-sharing solutions. Government investments in infrastructure to support ride-sharing activities also play a crucial role in market expansion. However, the ride-sharing industry may face challenges from traditional transportation providers and varying national transport policies, which could affect its profitability and growth. Despite these potential constraints, opportunities for growth remain abundant. The expanding user base, particularly among millennials and Generation Z, alongside the involvement of original equipment manufacturers (OEMs) as mobility service providers and advancements in autonomous vehicles, is expected to drive continued development in the ride-sharing market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Ride Sharing market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Ride Sharing Market Segmental Analysis

The global ride sharing market is segmented based on type, vehicle type, business model, membership type, service, and region. Based on service type, the market is segmented into car sharing, e-hailing, car rental, and station-based mobility. Based on vehicle type, the market is segmented into ICE vehicle, electric vehicle, LPG or CNG vehicle, micro-mobility (bike/bicycle, scooters, other). Based on type, the market is segmented into p2p car sharing and corporate car sharing. Based on data service, the market is segmented into information, navigation, payment, and other. Based on distance, the market is segmented into short distance and long distance. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Ride Sharing Market

The growing interest in micro-mobility solutions, including mopeds, bikes, scooters, and longboards, is expected to significantly boost market growth. As commuters seek convenient and efficient transportation options, their increased awareness and adoption of shared micro-mobility services are driving market revenue. The rising demand for these hassle-free ride alternatives is a key factor contributing to the sector's expansion.

Restraints in the Global Ride Sharing Market

Heavy machinery contributes significantly to poor air quality by being a major source of ozone emissions. These emissions include nitrogen oxides, volatile organic compounds, and carbon monoxide, which adversely impact the environment and create an imbalance between urban and rural areas. Mining equipment, in particular, is a notable contributor to ozone emissions at mining sites, further exacerbating environmental concerns.

Market Trends of the Global Ride Sharing Market

A notable trend in the market is the rising adoption of dockless bike-sharing services. Recently, the number of dockless bikes has surged. Unlike traditional bike-sharing systems that require designated docking stations, dockless bikes can be picked up and returned at any location, eliminating the need for fixed parking spots. Equipped with GPS sensors, these bikes are easier to track, which reduces the risk of theft and damage. Despite the high costs associated with building docking stations, vendors are focusing on expanding the number of dockless bikes to enhance user convenience while minimizing infrastructure expenses. This trend is expected to be a major driver in the market during the forecast period, as it simplifies access to bikes and improves overall user experience.