Ride Sharing Global Market Report 2024

The ride sharing market size has grown rapidly in recent years. It will grow from $112.24 billion in 2023 to $134.09 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The expansion observed in the historical period can be ascribed to the proliferation of smartphones, trends in urbanization, increasing traffic congestion, a growing awareness of environmental issues, the appeal of cost-effective transportation, and the popularity of flexible and on-demand services.

The ride sharing market size is expected to see exponential growth in the next few years. It will grow to $280.91 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The expansion projected for the forecast period can be credited to improved safety and security measures, progress in autonomous vehicle technology, a heightened emphasis on sustainability and green initiatives, the extension of services into underserved and rural areas, and the optimization of dynamic pricing. Key trends expected during the forecast period encompass multimodal transportation, solutions for micro-mobility, the adoption of contactless payments, subscription services, integration with smart cities, partnerships with public transit, and the incorporation of in-app features for accessibility.

The anticipated growth of the ride-sharing market is set to be driven by the increasing prevalence of smart devices. Smart devices, characterized by advanced computing, including AI and machine learning, facilitate the formation of the Internet of Things (IoT). These devices play a crucial role in monitoring drivers for rideshare companies and are envisioned to enhance personalization in the future when self-driving vehicles are shared by multiple users. A survey conducted by Oberlo, a Germany-based drop-shipping platform, reported that in 2022, 57.4 million households in the US were using smart home devices, marking a 6.7% increase from 2021 when 53.8 million households were utilizing such devices. This surge in smart device penetration is consequently propelling the ride-sharing market.

The growth of the ride-sharing market is also expected to be fueled by the rising adoption of smartphone devices. Smartphones, with integrated computers and advanced capabilities, contribute significantly to the accessibility, convenience, and technological advancement of ride-sharing services for a diverse user base. According to a February 2023 report by Uswitch Limited, a UK-based online comparison service, there were 71.8 million active mobile connections in 2022, reflecting a 3.8% increase from 2021. The projection that 95% of the UK's 68.3 million population will possess smartphones by 2025 further emphasizes the role of smartphone adoption in driving the growth of the ride-sharing market.

A prominent trend in the ride-sharing market is the incorporation of technological innovations. Ridesharing, facilitated by apps such as Scoop, as well as industry giants Uber and Lyft venturing into carpooling, exemplifies the transformative impact of technological advancements. These platforms have gained popularity by highlighting benefits such as cost savings compared to solo driving and addressing transportation demand management in the modern era. In November 2022, Uber Technologies Inc. introduced technology-led safety features, including seatbelt reminders, updated safety kits, anomaly detection during rides, and SOS integration with local police. The ability to identify extended stops and unexpected detours enhances rider safety and overall experience.

Innovative products are a focus for major companies in the ride-sharing market to expand their customer base and boost revenue. Travel features, enhancing the overall travel experience, have become a distinctive offering in transportation services. Uber Technologies Inc. introduced Uber Travel in January 2023, featuring Smart Itineraries. This unique feature simplifies ride booking by allowing travelers to seamlessly import trip details into the Uber app, enabling the scheduling of rides in advance for different segments of their journey.

In January 2022, Uber Technologies Inc. acquired Car Next Door, an Australia-based peer-to-peer car rental service, with the aim of providing Australians with an economical and convenient alternative to private automobile ownership, especially for journeys less suitable for traditional ride-sharing, such as errands or day trips.

Major companies operating in the ride sharing market report are ANI Technologies Pvt. Ltd., BlaBlaCar SA, Cabify Espana S.L.U, Careem Networks FZ LLC, Gett, GrabTaxi Holdings Pte. Ltd., Lyft Inc., Uber Technologies Inc., Didi Chuxing Technology Co., Aptiv plc, TomTom International BV, Daimler AG, Bolt Technology OU, Zimride, Denso Corporation, Yandex, Beijing Xiaoju Technology Co Ltd., Via Transportation Inc., Scoop Technologies Inc., Wingz Inc., Curb Mobility LLC, PT Gojek Indonesia, Easy Taxi Serviços Ltda., Beat Mobility SA, Juno USA LP, Grab Holdings Inc., Free Now, Bolt Mobility Corp., ViaVan, Ryde Technologies Pte Ltd.

North America was the largest region in the ride sharing market in 2023. The regions covered in the ride sharing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ride sharing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary forms of ride sharing include car sharing, e-hailing, car rental, and station-based mobility. Car sharing entails renting a vehicle for a short duration from a private owner through a peer-to-peer car rental company. Ride-sharing memberships come in various types, including fixed ridesharing, corporate ridesharing, and dynamic ridesharing. The target audiences for ride-sharing services are corporations, families, daily commuters, and other groups. Various business models are employed, such as peer-to-peer (P2P), business-to-business (B2B), and business-to-consumer (B2C). Ride sharing finds applications across a range of platforms, including Android, iOS, and others.

The ride sharing market research report is one of a series of new reports that provides ride sharing market statistics, including ride sharing industry global market size, regional shares, competitors with a ride sharing market share, detailed ride sharing market segments, market trends and opportunities, and any further data you may need to thrive in the ride sharing industry. This ride sharing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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