Albany, NY -- (SBWIRE) -- 05/08/2018 -- Ride sharing, also known as lift sharing or carpooling, is the sharing of vehicles by passengers as a transportation alternative. Ride sharing is not exactly an on-demand service and requires a little planning. Ride sharing is primarily intended to reduce vehicle costs, traffic congestion, and automobile emissions. The necessary prerequisite for a person in order to avail the benefits of the ride sharing transportation service, is a smartphone app. Drivers of privately-owned cars partner up with a ridesharing company in order to provide rides to commuters.
The increasingly hectic life of people and rising necessity to reach a particular destination at the earliest demands lesser traffic congestion on roads. This is expected to boost the ride sharing market during the forecast period. This is projected to fuel the ride sharing market during the forecast period.
However, ride sharing requires more number of commuters and in certain situations such as after a concert or during heavy rains, where a large number of people leave a certain place at the same time, ride sharing cannot be a practically feasible solution since several people are trying to leave the place at the same time.
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Ride sharing also enables commuters to save cash on fuel and enables them to reduce pollution, thereby conserve the environment. These advantages provided by ride sharing are anticipated to provide lucrative opportunities for the ride sharing market during the forecast period.
The global Ride Sharing Market can be segmented based on type, device used, service provider, and region. In terms of type, the ride sharing market can be segmented into on-demand ride sharing, commute, and long distance ride sharing. The on-demand ride sharing segment is expected to expand at a rapid pace during the forecast period owing to the faced-paced lifestyle of people and the need to reach their desired destination in lesser time.
Based on devices used, the ride sharing market can be divided into GPS navigation devices, smartphone and laptop & computer. Increasing technological advances through the usage of GPS navigation devices for availing the ride sharing system enables the commuter to conveniently locate the other commuters in the same area while booking the vehicle for ride sharing. This is anticipated to drive the ride sharing market during the forecast period. The smartphone segment is also anticipated to witness significant growth in the ride sharing market during the forecast period owing to the ease of booking a ride with a smartphone.
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Based on service provider, the ride sharing market can be classified as service operators, matching agencies, integrated services, coordination services, classified advertising services, and casual services. The service operator segment is anticipated to expand at a rapid pace during the forecast period. This is primarily attributed to the rising consumer preference for service providers in order to ensure reliable service.
Based on geographical region, the ride sharing market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the ride sharing market during the forecast period owing to the significant traffic congestion due to poor road infrastructure in the region and the tendency of people not to drive systematically. Regions such as North America and Europe, witness considerably low traffic congestion since people in these regions follow driving etiquette while commuting, which in turn does not demand the widespread usage of ride sharing service. Moreover, owning a vehicle is considerably cost-effective in these regions than availing the ride sharing service.
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Key players operating in the global ride sharing market include Uber, Lyft, Didi, Ola, GrabTaxi, Yidao yongche, Sidecar, BlaBlaCar, Shenzhou Zhuanche, and Hailo.