Driving into 2032 The Ride Sharing Market's Size, Scope, and Demand

What is Uber?

Uber is a ride-hailing company that allows users to request a ride from a driver using a mobile app. Uber was founded in 2009 and is now available in over 70 countries and 10,500 cities worldwide.

To use Uber, users simply need to download the Uber app and create an account. Once they have created an account, users can enter their destination and request a ride. Uber will then match the user with a nearby driver.

Once a driver has been matched, the user can track the driver's location on the app. The driver will pick up the user at their chosen location and take them to their destination.

Uber is a popular choice for transportation because it is convenient and affordable. Users can request a ride at any time and pay for it using their credit card. Uber also offers a variety of features, such as the ability to share your ride with friends and family and to track your ride in real time.

Here are some of the benefits of using Uber:

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Global Ride Sharing Market Growth Driven by Urban Customers

Over the course of the forecast period, the worldwide ride-sharing market is anticipated to grow at a 19.2% CAGR. By 2030, its worth may surpass USD 194.01 billion. Time-saving transportation options are in great demand, which drives the industry. The demand for ride-sharing applications may be driven by a growing suburban population and a large number of clients in metropolitan locations. In the upcoming years, the advent of electric vehicles and the dearth of public transit choices are projected to increase market demand.

Market Scope

Over the course of the forecast period, the worldwide ride-sharing market is anticipated to grow at a 19.2% CAGR. By 2030, its worth may surpass USD 194.01 billion. Time-saving transportation options are in great demand, which drives the industry. The demand for ride-sharing applications may be driven by a growing suburban population and a large number of clients in metropolitan locations. In the upcoming years, the advent of electric vehicles and the dearth of public transit choices are projected to increase market demand.

The COVID-19 pandemic has negatively affected the market as national and state level lockdowns have been initiated to curb the spread of the virus. Customers have avoided car hailing applications to prevent being infected in the initial stages of the pandemic. Restrictions placed by governments to curb pollution levels can impact the market growth. But shift from ride hailing to car rentals and long-term vehicle subscriptions can bode well for the market.

But concerns of safety and tough government regulations can impede the market growth.

Competitive Landscape

are key players of the global ride sharing market. Expansions, new product features, mergers & acquisitions, fund raising, and partnerships are strategies explored by prominent players to gain leverage in the market. Recently, BlaBlaCar has raised USD 115 million in seed funding to expand its services and explore uncharted territories.

Segmentation

Regional Analysis

North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global ride sharing market.

North America can dominate the global market owing to presence of prominent companies such as Lyft and Uber.  The regional ride sharing market is expected to grow owing to high interest among venture capital firms and demand for mobile applications for resolving urban mobility problems.

APAC is touted to expand at a rapid pace due to rise in pollution levels and preference for ride hailing applications by consumers in India and China. High maintenance costs of owing vehicles can work in favor of the market. The large population and surge in popularity of ride hailing services can augur favorably for market growth.

Industry News

Gojek and Tokopedia have merged to form a new entity, GoTo Group, to become the biggest company in Indonesia. The ride sharing application offers its services in Thailand, Singapore, and Vietnam.

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