Albany, NY -- (SBWIRE) -- 02/19/2020 -- The way people move around or commute to work is rapidly changing. Companies like Ola and Uber are offering a substitute of the conventional taxi services. These companies are offering ride hailing or ride sharing. The growing need to control the traffic congestion in the urban areas together with demand for reasonably priced yet comfortable mode of commute are likely to boost the global ride sharing market.

Ride sharing services have come a long way since its inception decades ago. Today the services are offered with the aim of profit making. A third part operated app or website charges a fee for connecting drivers and passengers.

Uber Technologies Inc., Beijing Xiaoju Technology Co, Ltd., Beijing Xiaoju Technology Co, Ltd., ANI Technologies Pvt. Ltd. (Ola), Curb Mobility, LLC, and Lyft, Inc. are some of the companies profiled in the global ride sharing market.

Transparency Market Research has come up with an all-inclusive study on the global ride sharing market, for the period 2018 to 2026. The report estimates that the global ride sharing market is likely to expand at a rapid growth rate.

Presence of Untapped Market Makes Asia Pacific a Lucrative Region in the Market

Considering geographical segmentations, North America driven by the U.S. is estimated to account for a large share of the global ride sharing market in the years to come. However, it has been estimated that Asia Pacific will surpass North America over the tenure of assessment. In North America, companies like Lyft and Uber are likely to occupy a major share of the market in North America in the years to come.

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Asia Pacific is estimated o emerge as a highly promising region in global ride sharing market in the years to come. Asia Pacific is home to two of the most populous countries of the world, namely India and China. China has already emerged as a dominant country in the regional market and the upward trend of the market in China is expected to continue even in the years to come. India is another country that is estimated to rise to prominence rapidly over the period of assessment. The market in Asia Pacific is yet to be exploited to its full potential, which is why the ride sharing market offers lucrative growth opportunities for the market players.

Emergence of Smart Technologies to Boost Growth of the Market

The global ride sharing market is anticipated to be influenced by the inability to own a personal four wheeler or two wheeler, particularly among the low and middle income families. Speed of faster network together with the penetration of global positioning system, and increased penetration of smartphones are likely to work in favor of the global ride sharing market in the years to come. It has become possible to book ride from anywhere and at any point of time. Furthermore, the safety of passengers has also been enhanced with the emergence of GPs technology, which makes tracking of the vehicle easier.

Fluctuations in the price of fuels, raid expansion of the working class people together with rise in the traffic congestion in the urban areas is likely to propel growth of the market in the years to come. In addition, there exists limited provision of public transport in many of the countries, which is likely to add to the growth of the global ride sharing market in the years to come.