Ride Sharing Market to Depict the High Demand from E-hailing Sector Over 2019 - 2025

The increasing interest of automobile manufacturers in ride hailing services will drive the ride sharing market growth. The automotive manufacturers are developing vehicle models that are specifically designed for cab sharing services. In April 2016, BMW announced the launch of a new car sharing service ReachNow with the use of 370 BMW and mini vehicles for short-term rental, long-term rental, and delivery services.
Moreover, some of the automobile manufacturers are partnering with service providers for the use of their advanced models in rental services. For instance, in November 2017, Uber announced its plans to buy around 24,000 self-driven cars from AB Volvo for offering convenient cab sharing services to customers. Such factors are expected to accelerate the ride sharing market growth.
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Hatchbacks and sedans are being widely used for providing car hailing services in the ride sharing market owing to the increased accessibility, administration, and comfort of these vehicle categories. These vehicles are widely used for short trips as they provide low-cost rental service. However, the SUV type model is majorly used to accommodate a large number of people and for tour purposes. It helps the user to overcome the problem of using multiple cars pooling for a group. The fare rates of the companies differ depending on the vehicle booked for the trip.
Increasing use of smart devices, such as tablets, wearable, smartphones, and notepads, is encouraging ride sharing market players to develop the mobile application software that will help passengers to easily avail the services. The application provides various features such as details about the driver and the users, making it easy for both to track the ride. It also provides details about the driver with a photograph and vehicle number, thereby improving the safety of the passenger.
Key players in the ride sharing market are Grab, Uber Technologies Inc., ANI Technologies Pvt. Ltd., Careem, Taxify OÜ, Gett, BlaBlaCar, Wingz, Inc., Easy Taxi, and Cabify, among others. These players are competing to provide better services to customers. Moreover, increased investments to improve service offerings are also major factors propelling the market. For instance, in February 2019, Daimler and BMW announced their partnership to invest around USD 1.13 billion in a joint ride-hailing and car-sharing business. This investment would target the development of parking, carpooling, and charging services for electric cars in big cities.
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The Europe ride sharing market is expected to witness high growth owing to the increased adoption of modern vehicles for providing services to passengers. The growing development and adoption of electric cars in the UK, Germany, and France are encouraging market players to shift toward these car models. For instance, in February 2019, Lyft announced the launch of green ride mode, which allows the customer rideshare in an electric car. Lyft launched this idea with the intention of "Green Cities Initiative", which is an attempt to reduce the use of fossil fuels that harm the environment.
The ride sharing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025 for the following segments:
By Type
  • E-hailing
  • Station-based
  • Car sharing & rental
By Model
  • P2P
  • Corporate
By Vehicle Type
  • Internal Combustion Engine (ICE) vehicle
  • CNG/LPG Vehicle
  • Electric Vehicle
  • Others
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