(I-BusinessNews.Com, March 28, 2019 ) According to the market research report 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 2025, published by MarketsandMarketsÃ‚Â™, The growing need for personal mobility in the wake of rising urbanization and fall in car ownership is driving the demand for the ride sharing market. The ride sharing service provides convenient access to personal mobility whenever and wherever needed by using the transportation network system.
The ride sharing market is projected to grow at a CAGR of 19.87% during the forecast period, to reach USD 218.0 billion by 2025 from USD 61.3 billion in 2018.
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Earlier, traditional taxicabs have dominated the ride sharing market. However, in recent years, this scenario has changed with the disruption caused by the app- and web-based taxi aggregators such as Uber, Lyft, and DiDi. Mobility service providers and few tier-1 companies in the automotive industry are working on autonomous vehicles. It is likely to alter the ride sharing business landscape in the coming future. In autonomous vehicles, the service provider would have 100% ownership, and the revenue would be directly generated by the service provider and not the driver.
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The station-based mobility segment is expected to grow at the fastest CAGR in the ride sharing market by service type. Station-based mobility provides stacks and racks of vehicles at closely spaced intervals throughout a city; it is convenient and of low cost. Users get the benefits of an automobile without the associated high costs and parking requirements. Governments across the world incentivize Station-based mobility, and dedicated tracks are laid in various countries for the station to station mobility. Station-based mobility options are also important in smart city scenarios as small vehicles placed at strategic locations would help in solving the first-mile last-mile problem.
Browse and in-depth TOC on Ride Sharing Market
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The electric vehicle market is growing at the fastest CAGR during the forecast period, for the ride sharing market, by vehicle propulsion. This growth is attributed to the existing lower penetration of such vehicles in the ride sharing fleets, favorable government policies, improving charging infrastructure, and growing awareness about CO2 emission. IC engine vehicles have the largest share in the ride sharing market as the ride sharing landscape is dominated by these vehicle type as they are cost-effective to purchase, operate, and maintain.
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The market is dominated by global players and comprises several regional players. Some of the key players in the ride sharing market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).
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