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The Ridesharing Market research report 2021 provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The Ridesharing market report provides information regarding market size, share, trends, growth, cost structure, Ridesharing market competition landscape, market drivers, challenges and opportunity, capacity, revenue, and forecast 2026.
The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the Ridesharing market with all its aspects influencing the growth of the market. This report is an exhaustive quantitative analysis of the Ridesharing industry and provides data for making strategies to increase market growth and effectiveness. The report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
The Ridesharing Market was valued at USD 73.07 billion in 2020 and expected to reach USD 209.60 billion by 2026 and grow at a CAGR of 19.2% over the forecast period (2021-2026).
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendors/key players in the market. Top Companies in the Global Ridesharing Market: Zimride Inc., Kangaride, CarpoolWorld (Datasphere Corporation), Via Transportation, Inc., SPLT (Bosch), Scoop Technologies, Inc., BlaBlaCar, GoMore ApS, Klaxit SAS (formerly Wayzup), Flinc GmbH (Daimler Mobility Services), WunderCar Mobility Solutions GmbH, Didi Chuxing Technology Co, and others.
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Key Market Trends
COVID-19 is Expected to Pose Significant Threat to the Market
- Due to the recent COVID -19 outbreak, both ride-hailing and ridesharing have witnessed a massive decline in demand. However, many believe that the ridesharing market can emerge again, as many people are now shifting to personal cars. This might give a boost to ridesharing services, like Fixed Ridesharing and Corporate Ridesharing. According to the recent global survey conducted by Cars .com in mid-March 2020, it suggests that over 40 % of the respondent have stopped using any ridesharing and hailing services to reduce the odds of catching the contagious virus. Over 90 % said they have started using their cars, and 20 % of the respondents have already started looking at investing in buying a new vehicle.
-19 sentiment study shows that car sales are unlikely to be affected by the pandemic in the long term. 79 % of respondents delay their car purchases as a result of the pandemic. 39 % reported that they would reduce their ride-hailing services consumption or stop using them entirely.
North America to Account for Significant Market Share
- Due to a large number of market vendors based in the United States, North America is one of the major innovators and investors in the studied market. Also, the region is one of the early adopters of the business model, which provides the upper hand and more variety of services in the market. These factors have also motivated the entry of many local and new players from the region into the global market. Instead of hailing taxis, passengers that use ride-sharing services for carpooling may reduce traffic congestion, pollution, and fuel use, which could lead to increased demand in the region.
- Also, all 13,000 taxis in New York City could be replaced by a fleet of 3,000 ride-sharing cars if used exclusively for ride-sharing, according to research published by MITs Computer Science and Artificial Intelligence Laboratory (CSAIL). The demand for ride-sharing is set to rise in the region due to the increasing number of traffic congestions in the city. It is estimated that Traffic jams cost US drivers an average of over USD 1,200 a year in wasted fuel and time, and much more in Los Angeles, the city with the world's most significant rush hour traffic delays.
Recent developments in the market are –
- March 2020 - Didi Chuxing announced that it would launch its value-for-money ridesharing services in Sydney, New South Wales. Currently, the Company operates across seven cities in four states, providing three services DiDi Express, DiDi Share (carpooling), and DiDi Max (7-seater) to Australian communities. The launch in Sydney will start with DiDi Express and DiDi Max.
- April 2020 - In response to the COVID-19 crisis, Sevenoaks bus services operated by Go Coach, will temporarily be replaced by a new on-demand service. Branded Go2, the service will be bookable using a mobile app developed and powered by Via Transportation, operating like a shared taxi. This means that journeys will be made only when and where they are required.
What are the market factors that are explained in the report?
- Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R & D, new product launch, M & A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
- Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
- Analytical Tools: The Ridesharing Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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