Latest News- Ride Sharing Market: Individual is expected to lead the End-user segment during 2025-2029

The Ride Sharing Market is being driven by Increase in vehicle ownership cost

The Ride Sharing Market is expected to grow at a CAGR of 18.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 132.4 billion. In the ride-sharing market, cab service providers serve as valuable data generators for automobile manufacturers. Through extensive use of vehicles as transport mediums, automakers accumulate substantial data on drive patterns, traffic conditions, and road parameters. Autonomous vehicles, prior to launch, undergo rigorous testing through simulations of real-life scenarios to ensure safety and reliability. The deployment of autonomous vehicles as taxis and parcel delivery services offers a rich testing ground for various driving conditions. Major autonomous vehicle manufacturers have been prioritizing the development of autonomous cars for cab and delivery services since 2017. For instance, Nissan announced plans to launch commercial autonomous taxi services in Japan by 2027. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Individual
  • Business
• Type
  • E-hailing
  • Rental
  • Station-based
  • Car sharing
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in vehicle ownership cost
• Increasing traffic congestion
• Advances in navigation technologies

However, the market also witnesses some limitations, which are as follows:

• Risks of theft and need for frequent maintenance
• Varying transport policies of different countries and resistance from traditional transport services
• Inadequate transportation and network infrastructure

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Market Scope in Ride Sharing Market Research Report

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Research Analysis Overview

The ride sharing market is witnessing significant growth with the emergence of platforms like Waze, Carma, eRideShare, CarpoolWorld, BlaBlaCar, Liftshare, MaaS, Commute with Enterprise, Avolon-e, and more. Leveraging GPS navigation, smartphone technology, and internet connectivity, these services enable carpooling, e-hailing, and real-time traffic updates. Millennials prefer these services to reduce greenhouse gas emissions, vehicle trips, and combat traffic congestion. Daimler, Bolt Technology OU, Gett, and others join the fray, embracing V2V communication and public transport integration to tackle air pollution.

Market Research Overview

The global passenger ground transportation market encompasses businesses involved in passenger ground transportation services and related activities, such as bus companies, taxi services, vehicle rental and leasing firms, ridesharing and on-demand ride-sharing platforms, and other passenger logistics providers. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by these entities within the passenger land transportation sector. Factors driving the expansion of the passenger ground transportation market include the surge in disposable income and the growing accessibility of self-driving car rentals. These trends have significantly altered the way people commute and travel. Companies like Waze, Carma, eRideShare, CarpoolWorld, BlaBlaCar, Liftshare, Commute with Enterprise, and Avolon-e are capitalizing on these trends to offer innovative and efficient transportation solutions to consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/