(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 06:19 /Comserve / -- Ridesharing Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Ridesharing Market was valued at USD 73.07 billion in 2019 and is expected to reach USD 209.60 billion by 2025, at a CAGR of 19.2% over the forecast period from 2020 to 2025. The increase in demand for cost-saving and time-saving transport will drive the market. The increasing cost of vehicle ownership, the need for reducing traffic for environmental concern, and government regulations promoting ridesharing options are some of the major factors driving the adoption of ridesharing services across the world.
- American startups, like Waze, Carma, eRideShare, and CarpoolWorld, are confident that digital networks and smartphones will drive the ridesharing market. Like carpooling, trends are also starting to catch on in Europe; French BlaBlaCar already has 40 million members worldwide. In the United Kingdom, more than 500,000 people are using Liftshare. Traffic is another factor that will fuel the need for ridesharing services. For instance, an average commute in Los Angeles takes 53.68 minutes. In Europe, Britons face the longest commute of up to 45 minutes. Therefore, many governments are also promoting ridesharing platforms. San Francisco's Bay Area Rapid Transit system (BART) launched a new program to encourage carpooling.
- The recent COVID-19 outbreak has shifted the consumer interest from ride-hailing services to car rental and own car trend. This is expected to bring some of these customers toward ridesharing services, as the customer mostly verifies the driver in these services. The vendors of longer-term vehicle subscriptions and rentals for the premium vehicles are witnessing growth due to this. For instance, an Indian self-drive car rental company, ZoomCar, is expecting to see a significant spike in demand for personal mobility post lockdown and preparing for 3-4 x jump in order. These trends are also likely to shift users from ride-hailing to ridesharing services.
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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.
- Many governments are also declining ridesharing and hailing services to control pollution. According to a study by Harvard University T. H . Chan School of Public Health, cities with more air pollution (PM 2 . 5 ) are more susceptible to coronavirus infections. Similarly, the European Public Health Alliance (EPHA) mentions that air pollution can increase the coronavirus impact. In April 2020, the Centers for Disease Control issued new guidelines for rideshare drivers and other driving occupations (taxis, limousines, etc.). CarGurus's recent COVID -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 in 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.
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- Although the ride-hailing service is more prevalent in the region, due to companies, like Uber, the region is also witnessing rising demand for ride-sharing services. Furthermore, bills to legalize and regulate ride-sharing failed to pass in Texas, Florida, Pennsylvania, and a few other cities. Meanwhile, Massachusetts passed a proposal for the state-wide regulation of ride-sharing, but ultimately blocked most of the controversial issues to avoid any disruptions.
- 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 MIT's 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.
The Ridesharing Market is quite fragmented as there is high competition in the market among major players since this market is booming more new entrants are emerging in the market creating more competition with their various unique services, on the other hand, the major players are trying to increase their userbase by providing multiple offers where they could utilize the ridesharing apps.
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment Of COVID-19 Impact On The Industry
5 MARKET DYNAMICS
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