The size of the ridesharing market is expected to be worth approximately $ 344.4 billion by
Tokyo, September 28, 2021 (GLOBE NEWSWIRE) – Ottawa, September 28, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the carpooling market size was valued at $ 73.5 billion in 2020. Strict emissions regulations imposed by governments in various countries around the world to control the alarming rate of increase in global pollution likely to propel adoption of shared mobility and therefore the trend towards carpooling in the years to come. In addition, overcrowded public transport causes a high level of discomfort which in turn triggers the demand for more comfortable intercity travel models. Therefore, the increasing rush in public transport is promoting the growth of carpooling.
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The increase in the number of passenger car owners coupled with the increase in traffic jams are some of the other major factors which are boosting the growth of the carpooling market in the near future. Populated countries and cities have insufficient road networks, leading to increased traffic congestion. According to the Federal Highway Administration, increasing traffic congestion takes more than 37% of the total travel time for daily commuters in the United States. In addition, the increase in the purchasing power of consumers in developing countries also triggers the increase in passenger vehicle sales, which in turn is likely to trigger traffic congestion and thus foster the growth of carpooling. in the regions.
Scope of the Carpool Market Report
|Cover of the report||Details|
|Market size in 2030||$ 344.4 billion|
|Growth rate from 2021 to 2030||16.7% CAGR|
|Year of reference||2020|
|Forecast data||2021 to 2030|
|Covered segments||Type of service, Type of vehicle, Type of membership|
|Companies mentioned||DIDI Chuxing, UBER Technologies Inc., GETT, GRAB, LYFT Inc., ANI Technologies Pvt. Ltd., INTEL, BLABLACAR, TOMTOM International BV, Denso Corporation, APTIV, WAYMO, General Motors, Ford Motor Company, IBM International|
However, technological development in the field of construction and infrastructure has overcome the problems of traffic congestion and thus challenge the growth of the carpooling market. Nonetheless, advancements in vehicle technology and road infrastructure are forcing users to invest in new car models and upcoming vehicles that propel the growth of passenger car sales and thus make the growth of the carpooling market thrive in the regions. years to come.
The rapid spread of COVID-19 in early 2020 disrupted the operation of various industries including the automotive industry. Carpooling is the main trend that is most affected by the COVID-19 pandemic. The lockdown situation and social distancing standards have been the main factors that have hampered the growth of the ridesharing market. Even today, the market still struggles with the consumer’s perspective of adopting individual vehicles rather than shared vehicles due to increased health concerns and awareness of the spread of the COVID-19 virus.
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Highlights of the report
- According to the type of service, the market is segmented into e-hailing, car rental, car-sharing and station mobility. In 2020, the email segment reached the largest revenue share of the global market due to passenger comfort, increased traffic blockages, ease of booking and increased government activities. E-hailing is generally used for short distances, and journeys of around 10 to 15 km on average.
- Depending on the type of membership, corporate ridesharing services are emerging rapidly in the existing market and provide attractive opportunities for industry participants. The rapid growth of industrialization in emerging countries has also created a challenge for switching service for employees. Thus, multinational companies are turning more to carpooling services in order to favor the green mobility solution for their employees as well as to promote the healthier mode of transport to the general public. These multinational companies are partnering with a carpooling service to take advantage of the daily carpooling option of their employees. In 2019, MoveInSync, a commuting platform, launched GetToWork, a subscription service for a business-to-consumer ridesharing app for commuting to the office.
- By geography, North America is the leader in the global ridesharing market in terms of revenue share due to the high concentration of market providers in the United States. In addition, North America is the largest technology investor as well as an innovator around the world driving the growth of the carpooling market in the region. In addition, the region is an industrial hub that is proliferating the adoption of the carpooling business model in the region.
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Analysis of key players
The global carpooling market is highly fragmented due to the presence of a large number of market players and hence the rate of competition among the market providers is also very high especially among the major players in the market. ‘industry. The market is also very vulnerable for new market entrants and thus triggers the rate of competition in the world market. In addition, these market players are significantly focused on launching new services that drive significant market growth.
Some of the major players covered by the Global Carpooling Market Report include DIDI Chuxing, UBER Technologies Inc., GETT, GRAB, LYFT Inc., ANI Technologies Pvt. Ltd., INTEL, BLABLACAR, TOMTOM International BV, Denso Corporation, APTIV, WAYMO, General Motors, Ford Motor Company, IBM International, CABIFY, CAR2GO, DAIMLER and EASY Taxientre others.
The Global carpooling The market research report categorizes the market as follows:
Through type of service
- Car rental
- Car sharing
- Mobility in station
Through Membership Type
- Fixed carpooling
- Corporate carpooling
- Dynamic carpooling
By vehicle type
- Mobility of electric vehicles
- CNG / LPG vehicle
- Mobility of ICE vehicles
- Micro mobility
By regional perspectives
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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