The
global Ride
Sharing Market is expected to expand swiftly on account of growing
popularity of online booking. Globalization, rapid urbanization, increasing
disposable income, and growth of the tourism industry can drive the market in
the years to come. In addition, increasing traffic congestions and growing need
for personal mobility are expected to increase the demand for these services.
Implementation
of advanced digital technologies is a key driving factor in the market.
Increasing use of smartphones and tablets, and accessibility to high-speed
internet have led to development of the innovative mobile applications and
location-based services. This, in turn, is anticipated to boost market growth
in the years to come. Development of innovative mobile technologies, along with
mobile-based applications, has helped in establishing an effective
communication between customers and ride sharing service providers. Customers
can obtain the details about the availability of cars, real-time tracking,
promotional offers, and fares. Furthermore, implementation of information
technology in these services can make the entire process quick, safe, reliable,
and easy for consumers as well as providers. Market participants are focusing
on providing low-cost car services, along with additional safety features, to
attract more customers. For instance, Uber introduced new safety features,
including an in-app emergency assistance button in Australia. It is intended to
help customers to stay protected and connected throughout the journey. It
comprises Trusted Contacts and Share Trip option, and 000 assistance button for
both riders and driver-partners to keep them in the loop.
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Strict
government policies on emission are expected to challenge the market in future.
However, development of green and hybrid vehicles may create growth
opportunities for the market.
Ride
sharing services involve varied vehicle types, such as IC engine vehicles,
hybrid vehicles, and electrical vehicles (EVs). IC engine vehicles hold a
prominent share in the market due to their high adoption rate across the globe.
Electric vehicle is anticipated to exhibit momentous growth in the years to
come. This could be attributed to favorable government policies, rapid
infrastructure development, and increasing awareness regarding CO2 emission.
The market can be segmented based on type as e-hailing, car sharing and rental,
and station-based. E-hailing is one of the leading segments in terms of value.
It is expected to witness notable growth in the years to come due to its
convenience and user-friendliness. Ride sharing service providers make use of payment
gateway for online payment processing. Thus, payment service is anticipated to
show impressive growth in the years to come. In addition, increasing payments
in foreign currency is expected to fuel the segment’s growth.
North
America is one of the leading regions in the market. The U.S is one of the
major contributors to regional market growth. This could be attributed to
growth of the tourism industry due to increasing number of international
travelers. Favorable consumer preferences and increasing number of air
travelers have augmented the demand for ride sharing services in the region.
Asia
Pacific is anticipated to observe the fastest growth in the years to come.
Emerging countries, such as Japan, China, and India, are likely to exhibit
substantial growth in the years to come. The growth could be attributed to
increasing disposable income and presence of poor public transportation
service. Growing population and urbanization have led to traffic congestion.
Increasing population in the region is also expected to increase the demand for
varied transportation options, thereby boosting market growth.
Middle
East and Africa is expected to support market growth in the years to come.
Countries, such as U.A.E and South Africa, are anticipated to witness impressive
growth in the region due to presence of established urban infrastructure.
Some
of the leading companies operating in the ride sharing market are Uber
Technologies Inc.; Ola, Grab, and Lime. The market comprises several regional
as well as international players. Companies are likely to compete on the basis
of vehicle size, price, and marketing expertise. They are extensively opting
for online platforms to increase their geographical presence and improve their
customer base. Moreover, they are forming strategic partnerships to gain
traction in the market. For instance, Ola partnered with Microsoft Corporation
to build a new connected vehicle platform for manufacturers. The platform will
allow the company to utilize productivity tools to enhance passenger experience
and provide predictive maintenance of vehicles.
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