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 vehicle 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 commercial deployment, undergo rigorous simulations of real-life scenarios to ensure safety and integrity. Launched as taxi services and parcel delivery vehicles, these autonomous cars offer a platform for continuous learning by exposing them to diverse driving conditions. Since 2017, major autonomous vehicle manufacturers have been intensely focused on developing autonomous cars for cab and delivery services. For instance, Nissan unveiled plans for 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

In the ride-sharing market, companies like 'Commute with Enterprise' utilize GPS navigation and smartphone technology for efficient trips. They aim to reduce greenhouse gas emissions through carpooling and internet connectivity. V2V communication and Bolt Technology OU enhance safety and traffic management. Vehicle trips are an alternative to public transport, mitigating traffic congestion and air pollution concerns.

Market Research Overview

The global passenger ground transportation market encompasses businesses involved in passenger transportation services and related sectors, such as bus, taxi, vehicle rental, ridesharing platforms, and on-demand ride-sharing services, as well as other passenger logistics. According to Technavio, the market size is determined by the consolidated revenue generated by companies operating within the passenger land transportation industry, which includes vehicle rental, leasing, ridesharing, and on-demand ride-sharing platforms, and other passenger logistics. Key growth drivers for this market include the surge in disposable income and the easy accessibility of self-driving car rentals. These factors have significantly influenced travel habits, with the widespread availability of self-driving vehicles enabling more convenient and cost-effective commuting solutions. Additionally, advancements in technologies such as GPS navigation, smartphone applications, internet connectivity, vehicle-to-vehicle (V2V) communication, and the reduction of greenhouse gas emissions are further fueling market growth. The increasing prevalence of traffic congestion in urban areas is also driving demand for efficient and flexible transportation alternatives, making ridesharing an attractive option for 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/