Ride Sharing Market worth $185.1 billion by 2026 - Exclusive Report by MarketsandMarkets

CHICAGO, June 14, 2021 /PRNewswire/ -- According to the new 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 2026", published by MarketsandMarkets, the global Ride Sharing Market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated USD 85.8 billion in 2021 to USD 185.1 billion by 2026. Increase in urbanization, internet and smartphone penetration and increase in cost of vehicle ownership is boosting the growth of the market for ride sharing.

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194 – Tables
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221 – Pages

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Electric vehicle segment is expected to be the fastest-growing segment during the forecast period

In China, according to David Xu, Didi's head of strategy, a whopping 21% of the ride-hailing fleet is electric. Beijing-based Didi Chuxing Technology Co., the world's largest ride-hailing company, has about 1 million EVs on its network, with a goal to hit 10 million by 2028.

Moreover, various developments in recent year as, in 2020, Uber announced a new partnership with Lithium Urban Technologies that is among India's largest electric vehicle fleet operators. This partnership will deploy over 1,000 electric vehicles for Uber India's Rentals and Premier services in the upcoming years. Additionally, Uber launched its 'Uber Green' service in London. With this, Uber users in central London can now request a zero-emission vehicle instead of wholly or partly fossil-fueled cars. In January 2021, Uber and in January 2021, expanded the Uber Green service in the USA after launching in 15 US cities in September. Such developments will bring more people toward using ride sharing with electric vehicles.

The e-hailing segment by type is expected to hold the largest market share in 2021

The growing demand for e-hailing services can be attributed to ease of booking, increasing traffic congestion, passenger comfort, and rising government initiatives to increase awareness among people regarding air pollution are propelling the demand for ride sharing, predominantly e-hailing. Also, the increasing partnership between domestic and international service providers, such as Uber and Didi in China, is also likely to help the e-hailing market grow.