The global ride sharing market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated USD 85.8 billion in 2021 to USD 185.1 billion by 2026. Increase in urbanization, internet and smartphone penetration and increase in cost of vehicle ownership is boosting the growth of the ride sharing market.
Mobility service providers are investing in R&D activities to introduce EV’s and other advanced types of vehicles in ride sharing industry. For example, in May 2021, Uber announced its partnership with Arrival, the global technology company creating electric vehicles, using its technologies to develop an affordable, purpose-built electric vehicle (EV) for ride-hailing drivers. Uber aimed at becoming a fully electric mobility platform in London by 2025 and by 2030 across North America and Europe.
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Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US), and Grab (Singapore) are the prominent players in ride sharing market. New product development, expansion, acquisition, and partnership strategy have been the most dominating strategy adopted by major players from 2018 to 2021, which helped them to innovate on their offerings and broaden their customer base.
Didi Chuxing, the wholly-owned subsidiary of Beijing Xiaoju Technology Co, Ltd., is the world’s leading mobile transportation platform. It was founded in 2012 and is headquartered in Beijing, China. Didi offers a full range of app-based transportation options for 550 million users, including taxi, express, premier, luxe, bus, minibus, designated driving, enterprise solutions, bike sharing, e-bike sharing, car sharing, and food delivery. The company provides over 10 billion passenger trips a year. Daily rides have reached 30 million, allowing over 31 million drivers on the Didi platform to find flexible work and income opportunities. Globally, Didi is in a partnership network with Grab, Lyft, Ola, Uber, 99, Taxify, and Careem, reaching over 80% of the world’s population and covering more than 1,000 cities. In 2020, the company started offering its ride sharing services in six new markets, Russia, Peru, Panama, Argentina, the Dominican Republic, and New Zealand. The company earned roughly USD 1 billion net profit from its core ride-hailing business in 2020.
Uber is a leading provider of ride-sharing services. It offers services through mobile applications (app) and websites. Uber was founded in 2009 and is headquartered in San Francisco, California, US. Uber Technologies, Inc. operates as a technology platform for people and commodity mobility. The firm offers multimodal people transportation, restaurant food delivery, and connecting freight carriers and shippers. The company has a presence in more than 10,000 cities in 71 countries across the world. The company operates through five business segments, including Mobility, Delivery, Freight, ATG and Other Technology Programs, and Other. Uber’s mobility segment offers rides in a variety of vehicles such as cars, auto-rickshaws, motorbikes, taxis, and minibuses. This segment further includes activities related to Uber for Business (U4B), financial partnership, transit, and vehicle solution offerings. The company offers faster, and lower-cost travel options compared to public transport in many cities across the globe. Uber’s major competitors in the mobility segment business include Didi, Lyft, Ola, Bolt, and Yandex, the taxi joint venture. There were over 22,800 employees at Uber as of 2020.
Gett was founded in 2010 and is headquartered in Tel Aviv, Israel. Gett provides on-demand black car services. It developed an application to provide on-demand corporate transportation services. Gett is a technology platform solution solely focused on corporate Ground Transportation Management (GTM), where spend is worth USD 79.6 billion globally. The company organizes corporate fleet, ride-hailing, taxi, and limo providers on one platform, optimizing the entire employee experience, from booking and riding to invoicing and analytics, saving businesses time and money. Gett is available in more than 120 cities worldwide, including London, Moscow, and New York. It is Europe’s largest on-demand car service company by revenues. In London alone, nearly half of all black cabs run on Gett. Gett for Business global corporate mobility solution is enabling companies and riders to book rides and track expenses worldwide through a single platform. It is already used by more than 17,500 companies worldwide that book and track mobility services in over 56 countries.
Ride Sharing Market by Type (E-hailing, Station-Based, Car Sharing & Rental), Car Sharing (P2P, Corporate), Service (Navigation, Payment, Information), Micro-Mobility (Bicycle, Scooter), Vehicle Type, and Region - Global Forecast to 2026
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