Reports estimate that global ride sharing market size will record commendable gains over the next few years, with growing popularity of car sharing services and the benefits associated with them. The penetration of smartphones and internet along with ongoing technological innovations will certainly bolster the industry outlook.
Ride sharing services have gained traction throughout the world in recent years, largely among young millennials who rely on public transport regularly for daily commute but need passenger vehicles for shopping, reaching places less accessible through public transportation services faster, or for weekend trips and outings. The popularity of carsharing services has been mainly driven by factors such as high costs associated with owning vehicles and rising fares of public transit services in many regions.
Global ride sharing industry is segmented into P2P, B2B, and B2C on the basis of business model. The P2P segmented accounted for a market share of more than 25% in terms of revenue during 2019 and is likely to grow substantially by 2026. The P2P business model provides customers with a high degree of flexibility in terms of pick up and drop off options as per their preference.
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P2P ride sharing trends have been increasingly emerged as a suitable travel alternative that can help address the growing urban travel demand while at the same time help tackle problems such as excessive vehicular emissions. With the growing popularity of P2P carsharing, various companies have been launching new peer-to-peer ride sharing services. Citing an instance, in November 2019 DiDi Chuxing had disclosed plans to relaunch the trial of its P2P-based ride sharing services in several major cities across China.
Depending upon the type of vehicle, global ride sharing market is bifurcated into CNG/LPG, ICE, electric vehicles, and others. The adoption of CNG/LPG vehicles as a carsharing option is likely to experience notable growth by 2026 compared to other vehicles.
Considering the regional landscape, the ride sharing industry in Latin America is poised to record substantial gains through 2026, mainly augmented by increasing penetration of new ride sharing service providers. Ride sharing services are increasingly popularity in the region due to benefits such as lower costs and availability of convenient options.
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Several players are looking to expand their carsharing services into the region. For instance, in 2019 China's DiDi Chuxing had announced plans to expand its ride sharing operations in Latin America.
In addition to providing user-friendly services and mobile applications, these companies are also aiming to offer convenient payment options to customers. For example, in February 2020, ride sharing giant Uber and fintech Ebanx had partnered to enable Brazilian customers to top up their Uber Cash balance using Brazil's voucher-based payment system to pay for these services.