The way people move around or commute to work is rapidly changing. Companies like Ola and Uber are offering a substitute of the conventional taxi services. These companies are offering ride hailing or ride sharing. The growing need to control the traffic congestion in the urban areas together with demand for reasonably priced yet comfortable mode of commute are likely to boost the global ride sharing market.
Ride
sharing services have come a long way since its inception
decades ago. Today the services are offered with the aim of profit making. A
third part operated app or website charges a fee for connecting drivers and
passengers.
Uber Technologies Inc., Beijing Xiaoju Technology Co, Ltd.,
Beijing Xiaoju Technology Co, Ltd., ANI Technologies Pvt. Ltd. (Ola), Curb
Mobility, LLC, and Lyft, Inc. are some of the companies profiled in the global
ride sharing market.
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Transparency Market Research has come up with an
all-inclusive study on the global ride sharing market, for the period 2018 to
2026. The report estimates that the global ride sharing market is likely to
expand at a rapid growth rate.
Presence of Untapped Market Makes Asia Pacific a
Lucrative Region in the Market
Considering geographical segmentations, North America driven
by the U.S. is estimated to account for a large share of the global ride
sharing market in the years to come. However, it has been estimated that Asia
Pacific will surpass North America over the tenure of assessment. In North
America, companies like Lyft and Uber are likely to occupy a major share of the
market in North America in the years to come.
Asia Pacific is estimated o emerge as a highly promising
region in global ride sharing market in the years to come. Asia Pacific is home
to two of the most populous countries of the world, namely India and China.
China has already emerged as a dominant country in the regional market and the
upward trend of the market in China is expected to continue even in the years
to come. India is another country that is estimated to rise to prominence
rapidly over the period of assessment. The market in Asia Pacific is yet to be
exploited to its full potential, which is why the ride sharing market offers
lucrative growth opportunities for the market players.
Emergence of Smart Technologies to Boost Growth of the
Market
The global ride sharing market is anticipated to be
influenced by the inability to own a personal four wheeler or two wheeler,
particularly among the low and middle income families. Speed of faster network
together with the penetration of global positioning system, and increased
penetration of smartphones are likely to work in favor of the global ride
sharing market in the years to come. It has become possible to book ride from
anywhere and at any point of time. Furthermore, the safety of passengers has
also been enhanced with the emergence of GPs technology, which makes tracking
of the vehicle easier.
Fluctuations in the price of fuels, raid expansion of the
working class people together with rise in the traffic congestion in the urban
areas is likely to propel growth of the market in the years to come. In
addition, there exists limited provision of public transport in many of the
countries, which is likely to add to the growth of the global ride sharing
market in the years to come.
The information shared in this review is based on a TMR
report, bearing the title, “Ride sharing market (Commuting Distance – Intercity
and Intra city; Service Provider – OEM and Private; Vehicle Type – Sedan and
Hatchback, Utility Vehicle (UV), Van, Buses and Coaches; Autonomy Level –
Manual and Autonomous; Operating Body – Government and Private; Electric
Vehicle Type – Hybrid Electric Vehicles (HEV) and Plug in Electric Vehicles
(PEV); Business Model – Peer to Peer (P2P), Business to Business (B2B), and
Business to Consumer (B2C)) – Global Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2018 to 2026”
The global ride sharing is segmented based on:
Commuting Distance
- Intercity
- Intra
city
Service Provider
- OEM
- Private
Vehicle Type
- Sedan
and Hatchback
- Utility
Vehicle (UV)
- Van
- Buses
and Coaches
Autonomy Level
- Manual
- Autonomous
Operating Body
- Government
- Private
Electric Vehicle Type
- Hybrid
Electric Vehicles (HEV)
- Plug
in Electric Vehicles (PEV)
Business Model
- Peer
to Peer (P2P)
- Business
to Business (B2B)
- Business
to Consumer (B2C)
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