RIDE SHARING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Ridesharing Market Analysis:

The Ridesharing Market is anticipated to experience substantial growth, with a projected increase from USD 42.21 billion in 2023 to USD 77.11 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 12.81% during the forecast period (2023–2028).

The growth of the Ridesharing market is attributed to the rising demand for cost-effective and time-efficient transportation. The escalating cost of car ownership, the need to reduce traffic for environmental reasons, and government regulations promoting ridesharing services are significant factors driving the global adoption of ridesharing services.

Several American startups, including Waze, Carma, eRideShare, and CarpoolWorld, believe that digital networks and smartphones will drive the Ridesharing market. In Europe, trends such as carpooling are gaining popularity, with French BlaBlaCar boasting 40 million users globally, and over 500,000 people in the UK using Liftshare. Traffic is another factor driving the need for Ridesharing services, with Los Angeles having an average commute time of 53.68 minutes, and Britons facing the longest commute of up to 45 minutes in Europe. Consequently, many governments are promoting Ridesharing systems, such as San Francisco’s (BART) Bay Area Rapid Transit system, which launched a new program to encourage carpooling.

The demand for affordable and effective mobility is significantly developing in Asia-Pacific and Latin America due to poor public transportation systems and growing populations and business operations. Southeast Asia has experienced a significant increase in the Ridesharing market in the last 2–3 years, with many global vendors taking advantage of the region’s growth in popularity of Ridesharing services and expanding their presence in the region. According to the Dalia survey, 45% of the region’s smartphone-owning urban population has used a Ridesharing app or site, with Mexico leading the way at 58%.

The recent COVID-19 pandemic and nationwide lockdown across the world have also impacted the Ridesharing industry. Most market vendors have modified or suspended their businesses to help stop the spread of coronavirus. During the recent lockdown, the demand for Ridesharing has dropped to the point that these services are not currently needed. However, the COVID-19 outbreak is projected to drive some customers to Ridesharing services, where the customer primarily verifies the driver, as opposed to ride-hailing services. As a result, suppliers of longer-term vehicle subscriptions and rentals for premium cars are seeing growth. For example, ZoomCar, an Indian self-drive car rental company, anticipates a significant increase in demand for personal mobility post-lockdown and expects a 3–4 x increase in demand. These trends may also shift users away from ride-hailing services toward Ridesharing services.

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