Latest News:- Ridesharing Market: E-Hailing is expected to lead the Service segment during 2024-2028

Ridesharing Market to grow at a CAGR of 14.56% during 2024-2028

The Ridesharing Market is expected to grow at a CAGR of 14.56% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3247.1 million. In the rapidly evolving ridesharing market, cab service providers leverage vehicles as their primary mode of transportation, generating substantial data on drive patterns, traffic conditions, and road situations. Autonomous vehicles, as the next frontier in this industry, undergo rigorous real-life simulations to ensure safety and reliability. Launched as taxis and parcel delivery services, these autonomous vehicles serve as valuable learning tools, exposing them to diverse driving conditions. Major autonomous vehicle manufacturers have consequently prioritized the development of autonomous cars for cab and delivery services. The extensive adoption of autonomous technology in cab services is projected to significantly drive the growth of the ridesharing market in France throughout the forecast period. 

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The E-Hailing subsegment is expected to dominate the Service segment during the forecast period 

Technavio analysts predict that the E-Hailing subsegment will lead the Service segment during 2024 and 2028 The e-hailing segment in the French ridesharing market is experiencing significant growth due to the increasing prevalence of smartphone usage and internet connectivity. According to DataReportal, the number of mobile subscriptions linked to smartphones is projected to reach 84.75 million by 2024. This expanding digital landscape is propelling the growth of e-hailing services, as traffic congestion worsens and fuel prices rise. Consequently, these factors are fueling the expansion of the e-hailing business in France during the forecast period.

Here are the various ways based on which the market is segmented: 

• Service
  • E-Hailing
  • Station-based
• Vehicle Type
  • Car
  • Others
• Connectivity
  • Short distance
  • Long distance
• Geography
  • Europe

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There are several factors that are causing the market to flourish increase in costs associated with ownership of vehicles

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Research Analysis Overview

The Ridesharing market has experienced significant growth in recent years, driven by factors such as increasing Internet penetration, smartphone penetration, and the adoption of mobile applications. Riders prefer the convenience and flexibility of e-hailing services, which utilize GPS tracking and real-time traffic information to provide efficient and reliable transportation solutions. Payment methods have also become more streamlined, allowing for contactless transactions. However, carbon emissions regulations are becoming increasingly stringent, and ride-sharing services must adapt to reduce their environmental impact. Vehicle-to-vehicle (V2V) communication and Internet connectivity are key technologies that can help optimize routes and reduce traffic congestion, leading to CO2 reduction targets. The rise of last-mile delivery services, including food delivery and e-commerce, has further fueled the growth of the ride-sharing market. Mobility service providers (MSPs) are expanding their offerings to include public transport integration and carpooling options, encouraging the declining trend of vehicle ownership. Overall, the ride-sharing market is transforming the way we commute, reducing vehicle ownership costs, and improving transportation efficiency while minimizing emissions.

Market Research Overview

The global passenger ground transportation market encompasses businesses involved in passenger transportation and associated services, comprising bus, taxi, vehicle rental, ridesharing, and on-demand ride-sharing platforms, as well as other passenger logistics. According to Technavio's market analysis, the size of this market is determined by the consolidated revenue generated by enterprises active in the passenger land transportation industry, which includes vehicle rental, leasing, ridesharing, on-demand ride-sharing platforms, and additional passenger logistics. Key growth drivers in the global passenger ground transportation market include the surge in disposable income and the expanding availability of self-driving car rentals, revolutionizing travel methods for consumers.

The Ridesharing Market is experiencing significant growth, fueled by the increase in costs associated with ownership of vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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