COVID-19 Impact on Ride Sharing Market by Service Type (E-Hailing, Car Sharing, Car Rental, Station-Based Mobility), Data Service (Information, Navigation, Payment) and Region - Forecast to 2021
Northrook, IL -- (SBWIRE) -- 05/22/2020 -- Post-COVID-19, the Global Ride Sharing Market size is projected to grow at a Y-O-Y growth of 55.6% from 2020 to 2021, to reach USD 117.34 billion by 2021 from USD 75.39 billion in 2020. The projection for 2021 is estimated to be down by 2% as compared to pre-COVID-19 estimation.
The major drivers of this market include the growing need for personal mobility in the wake of rising urbanization and a fall in car ownership. Also, growing internet and smartphone penetration and stringent CO2 reduction targets are leading to the high growth of the ride-sharing market.
Some of the key players in the ride sharing market are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).
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Bicycles are estimated to be the largest ride sharing market, by micro-mobility vehicle type
Bicycles have the largest market globally in terms of their usage in the micro-mobility ride sharing market. They are eco-friendly, cheap, less time consuming, comfortable for short rides, and easily available. All these make bicycles a preferred choice. It is necessary to follow social distancing to control the spread of COVID-19, which can be established through station-based mobility.
Payment service is estimated to be the fastest-growing segment during the forecast period
The payment service market is growing at the fastest CAGR during the forecast period. Ridesharing service providers use payment gateways for online payment processing. International expansion of ride-sharing service providers and payments in foreign currency is likely to boost the growth of the payment service segment. In the post-pandemic period, users would prefer app-based payments instead of cash to minimize the chances of infection.
Electric vehicles have the potential to disrupt the ride sharing market in the future
During the analysis of COVID-19, it is observed that the pollution level of most of the cities has gone down. According to a study by Harvard University T.H. Chan School of Public Health, cities with more air pollution (PM 2.5) are more susceptible to coronavirus infections. On similar lines, the European Public Health Alliance (EPHA) mentions that air pollution causes diabetes, hypertension, and respiratory diseases—the underlying health conditions that make coronavirus more deadly. Keeping this in mind, electric vehicles would be a better option for ride-sharing companies. The electric vehicle market is growing at the fastest CAGR during the forecast period. This growth is attributed to favorable government policies, better infrastructure, and growing awareness about CO2 emissions. IC engine vehicles have the largest share in the ride sharing market as these vehicles are most widely adopted and used globally.
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The Asia Pacific to have the largest market size during the forecast period
Asia Pacific is estimated to dominate the ride sharing market and projected to grow at a significant CAGR during the forecast period. The growth in the Asia Pacific market is attributed to the wide customer base due to a growing population and rising urbanization in emerging economies such as China and India. Factors such as increasing urbanization and rising traffic congestion are likely to drive the demand for ride sharing services. For countries such as India and China, the consumer preference is changing, and with the rising population, the need for ride sharing is increasing to cater to the increase in customer base. Moreover, China has started to recover from the pandemic faster than any other country.