Ride & Mobility

Ride Sharing Global Strategic Market Report 2024-2030:

Published

9 months ago

October 30, 2024

Dublin, Oct. 30, 2024 (GLOBE NEWSWIRE) — The “Ride Sharing – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

The global market for Ride Sharing was estimated at US$113.2 Billion in 2023 and is projected to reach US$305.3 Billion by 2030, growing at a CAGR of 15.2% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

The growth of the global ride-sharing market is being driven by several key factors, including increasing urbanization, rising smartphone penetration, and growing demand for affordable and convenient transportation solutions. One of the primary drivers is rapid urbanization, particularly in developing regions such as Asia-Pacific, Latin America, and Africa.

As more people migrate to cities, the demand for efficient, cost-effective transportation options has surged. Ride-sharing services offer a convenient alternative to owning a car, especially in congested urban areas where parking is limited and public transportation may be overcrowded or unreliable. As cities continue to grow, ride-sharing is expected to play a pivotal role in addressing mobility challenges, offering an accessible and scalable solution to urban transportation needs.

Another major driver is the increasing penetration of smartphones and mobile internet, which has made ride-sharing services more accessible to a wider audience. The widespread availability of smartphones allows users to easily download ride-sharing apps, book rides, and pay for services, making the process seamless and efficient. As smartphone adoption continues to rise, particularly in emerging markets, more people are gaining access to ride-sharing platforms, driving market growth. Furthermore, ride-sharing companies are expanding their presence in these regions, offering localized services that cater to the specific transportation needs of these growing urban populations.

The rising cost of vehicle ownership is also fueling the growth of ride-sharing. Owning a car comes with significant expenses, including purchase costs, maintenance, fuel, insurance, and parking fees, which are increasingly becoming prohibitive for many people, particularly in urban areas. Ride-sharing provides an affordable and flexible alternative, allowing users to pay only for the transportation they need, without the long-term financial commitment of owning a vehicle. This economic advantage is especially appealing to younger generations who prioritize access over ownership in many aspects of life, including transportation.

Moreover, the growing focus on reducing traffic congestion and emissions is contributing to the expansion of the ride-sharing market. Governments and city planners are increasingly recognizing the benefits of ride-sharing in reducing the number of vehicles on the road, improving traffic flow, and lowering emissions. Many cities are partnering with ride-sharing platforms to promote carpooling, shared rides, and the use of electric vehicles, further driving the growth of the market. Regulatory frameworks that support ride-sharing and encourage sustainable urban mobility solutions are expected to further boost the market’s expansion.

The combination of increasing urbanization, rising smartphone penetration, the cost-effectiveness of ride-sharing compared to car ownership, and growing government support for sustainable transportation solutions is driving the robust growth of the global ride-sharing market. As technology continues to evolve and consumer preferences shift toward more flexible and eco-friendly transportation options, the ride-sharing market is poised for significant expansion in the coming years.

Why Is Ride Sharing Gaining Popularity Across the Globe?

Ride sharing has experienced significant growth globally, driven by its convenience, cost-efficiency, and environmental benefits. Platforms like Uber, Lyft, DiDi, and Ola have transformed commuting in urban and suburban areas by offering easy access to transportation through mobile apps. Users can hail rides in real-time without needing to own a vehicle, making it a convenient alternative to traditional taxis and public transportation.

Convenience: The ability to request a ride at any time and track the driver’s location enhances the overall user experience, making commuting more predictable and efficient.
Cost-Efficiency: Ride sharing often offers more affordable pricing options compared to traditional taxi services and public transport, appealing to budget-conscious consumers.
Environmental Benefits: Ride sharing promotes shared rides and carpooling, helping to reduce the number of vehicles on the road, lower emissions, and ease traffic congestion. This is particularly beneficial in densely populated cities with limited parking options.
Urban Mobility Solutions: As cities grapple with congestion and sustainability challenges, ride sharing has emerged as a viable solution to improve urban mobility and reduce carbon footprints.

How Are Technological Advancements Revolutionizing the Ride Sharing Industry?

Artificial Intelligence (AI) and Machine Learning: These technologies optimize routes, predict demand, and reduce wait times by analyzing data in real-time. They help match drivers with passengers accurately, ensuring faster service and minimizing idle time.
Real-Time Tracking: Advanced GPS systems allow passengers to monitor their driver’s location, estimated time of arrival, and route, providing transparency and safety.
Seamless Payment Systems: Cashless transactions and digital wallet integration streamline the payment process, improving user experience and enhancing security.
Autonomous Vehicles: Investment in self-driving technology by major ride-sharing companies aims to reduce operational costs by eliminating the need for drivers, potentially lowering ride prices and increasing vehicle availability.
Electric Vehicles (EVs): The growing adoption of EVs within ride-sharing fleets reflects a commitment to sustainability. Companies are incentivizing drivers to use EVs to reduce emissions and promote cleaner urban environments.

How Are Changing Consumer Preferences Shaping the Ride Sharing Market?

Demand for Convenience: Millennials and Gen Z prioritize flexibility and ease of use in transportation. The ability to summon rides quickly via mobile apps and the emergence of subscription models for unlimited rides cater to this demand.
Affordability: Competitive pricing compared to traditional taxis and the option for shared rides appeal to cost-conscious consumers. Promotions and loyalty programs further enhance the value proposition.
Sustainability: Environmental responsibility is increasingly important to consumers, prompting a demand for greener options. Ride-sharing services are responding by incorporating more electric and hybrid vehicles and supporting local environmental initiatives.
Social Influence: Social media and celebrity endorsements have shaped beauty standards and influenced consumer behaviors, driving demand for ride-sharing services that align with modern values.

Key Insights:

Market Growth: Understand the significant growth trajectory of the E-Hailing Service segment, which is expected to reach US$185.9 Billion by 2030 with a CAGR of a 16.0%. The Car Sharing Service segment is also set to grow at 14.9% CAGR over the analysis period.
Regional Analysis: Gain insights into the U.S. market, which was estimated at $30.8 Billion in 2023, and China, forecasted to grow at an impressive 20.3% CAGR to reach $69.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Company Profiles: Coverage of major players in the Ride Sharing market such as BlaBlaCar, Cabify EspaAa S.L.U., Curb Mobility, LLC, DiDi Global, Inc., Gett and more.
Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Attributes:

Report Attribute	Details
No. of Pages	294
Forecast Period	2023 – 2030
Estimated Market Value (USD) in 2023	$113.2 Billion
Forecasted Market Value (USD) by 2030	$305.3 Billion
Compound Annual Growth Rate	15.2%
Regions Covered	Global

Key Topics Covered:

MARKET OVERVIEW

Influencer Market Insights
World Market Trajectories
Ride Sharing – Global Key Competitors Percentage Market Share in 2024 (E)
Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

MARKET TRENDS & DRIVERS

Rising Consumer Focus on Convenience and Affordability Expands Addressable Market for Ride Sharing
Technological Innovations in Mobile Apps and Real-Time Data Propel Ride Sharing Adoption
Focus on Reducing Carbon Emissions and Promoting Sustainability Strengthens Business Case for Ride Sharing
Growth in Electric Vehicle (EV) Adoption Sets the Stage for Green Ride Sharing Services
Case Overview: Increasing Demand for On-Demand Transportation Services Drives Ride Sharing Market
Case Overview: Technological Advancements in Autonomous Vehicles Bodes Well for Future of Ride Sharing
Focus on Contactless Payments and In-App Services Propels Adoption of Ride Sharing
Increasing Consumer Preference for Peer-to-Peer Car Sharing Strengthens Market Growth Prospects
Case Overview: Growing Focus on Subscription-Based Mobility Models Fuels Market Expansion
Technological Innovations in GPS and Route Optimization Propel Efficiency in Ride Sharing
Case Overview: Expansion of Ride Sharing Services in Suburban and Rural Areas Generates New Market Opportunities
Case Overview: Growing Use of Ride Sharing Services for Corporate Travel Propels Market Demand

FOCUS ON SELECT PLAYERS: Some of the 51 companies featured in this Ride Sharing market report include:

BlaBlaCar
Cabify EspaAa S.L.U.
Curb Mobility, LLC
DiDi Global, Inc.
Gett
GoGet Car Share
Gojek Gojek (PT Aplikasi Karya Anak Bangsa)
Grab Holdings Limited
Hitch Technologies, Inc.
iRYDE, LLC

For more information about this report visit https://www.researchandmarkets.com/r/21whin

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Ride & Mobility

Bolt launches family profile in Nigeria for families

Published

14 hours ago

July 17, 2025

Justina Salami

Ride-hailing platform Bolt has rolled out a new Family Profile feature in Nigeria, aiming to make mobility more inclusive for families and small support networks. The new shared account system allows a single user to manage and pay for rides for up to nine other people, all from one Bolt account. This feature was first launched by Uber in the ride-hailing sector.

The launch is a strategic step in Bolt’s mission to localise its services and meet the nuanced mobility needs of Nigerian users. In a country where multi-generational households are common and transportation is often coordinated informally among family members, the Family Profile feature provides a solution for what has long been a manual and inefficient process.

According to internal data from Bolt, approximately 2–6% of rides in Nigeria are facilitated by others, often involving multiple calls or text messages to share driver details, track rides, or resolve payment issues. With the new feature, families can now add members to a shared profile, set monthly spending limits, and receive real-time trip notifications. Riders can still request trips independently through the Bolt app, while the account owner maintains full visibility and financial control.

Importantly, the family profile enforces Bolt’s core safety standards. All members must have their own Bolt accounts and be at least 18 years old, in compliance with platform regulations. The feature cannot be used to book rides for unaccompanied minors, a boundary the company says is necessary for legal and safety reasons. That said, it remains ideal for use cases like scheduling rides for elderly parents or managing transport for family members who aren’t tech-savvy.

“At Bolt, we want to make ride-hailing work for the way people actually move,” said Osi Oguah, Country Manager for Bolt Nigeria. “Family Profile is a simple but powerful way to support others, whether that’s older relatives or anyone you care about, without needing to coordinate every trip. It’s about control, visibility, and freedom in one feature.”

The introduction of Family Profile reflects Bolt’s wider commitment to platform safety and user empowerment. It comes just weeks after the company recorded that offline trips on its platform have dropped 42% over the last three months. It builds on existing in-app security features like trip verification codes, live location sharing, ride monitoring, and emergency assistance tools, all part of Bolt’s plan to lead in a competitive and safety-conscious ride-hailing market.

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Ride & Mobility

May Mobility’s robotaxis will come to 2 more US cities this year

Published

15 hours ago

July 17, 2025

Dan Zukowski

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Dive Brief:

May Mobility plans to put robotaxis on the road this year in midtown Atlanta in conjunction with Lyft and in Arlington, Texas, with Uber, it said in a July 10 press release.
The autonomous vehicle technology company’s software will integrate with the ride-hail companies’ apps, allowing riders to choose an autonomous or traditional vehicle.
Both deployments will start with standby operators before transitioning to driverless operations. In a May news release, May Mobility said it plans to roll out “thousands of AVs on the Uber platform over the next few years.”

Dive Insight:

May Mobility operates its own fleets in Detroit, Grand Rapids, Minnesota, and Martinez, California. The Detroit service is free to residents 62 years and older or who live with disabilities as part of a city-backed pilot program. The Grand Rapids program, developed with the support of the Minnesota Department of Transportation, aims to serve those without a private vehicle or who have mobility challenges.

The company says its AV technology can handle narrow city streets, provides more human-like maneuvering around obstacles like double-parked cars and delivers smoother accelerations and braking.

Among its investors are Toyota, State Farm and BMW. In June, global financial firm MUFG Bank announced an investment and partnership with May Mobility. The partners will collaborate to expand May Mobility’s fleet in Japan, where there is a shortage of drivers related to declining birth rates and an aging population, the companies said in a news release.

May Mobility said its technology can operate in both left- and right-hand driving environments.

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Ride & Mobility

Ride-hailing leaders like Uber, Lyft, Grab, are far from hitting their EV goals

Published

19 hours ago

July 17, 2025

Ananya Bhattacharya

The biggest ride-hailing companies globally are struggling to keep their electric vehicle promises.

In 2020, Uber, the world’s largest ride-hailing company, set a target for all its rides and deliveries to be zero-emission by 2040. As of 2025, only a few hundred thousand out of its 7.1 million drivers have adopted green rides.

Grab, Southeast Asia’s biggest ride-hailing company, is targeting carbon neutrality by 2040. Last year, 7% of all Grab rides and deliveries used low- or zero-emission modes of transport, including electric and hybrid vehicles, cyclists, and walkers.

While Uber, Lyft, and Grab don’t disclose the precise number of EVs in their fleets, each platform has less than 1% EVs globally, research and advisory firm Gartner estimates.

“Even though we have seen immense growth in EV adoption by these companies, it is highly unlikely they will achieve 100% EV adoption in the next decade,” Shivani Palepu, transport tech analyst at Gartner, told Rest of World. Palepu expects the shift to electric to vary “drastically” by region.

It is highly unlikely they will achieve 100% EV adoption in the next decade.

Adoption hurdles are steeper in developing regions such as South Asia, Southeast Asia, and Africa, where poor charging infrastructure, high vehicle costs, and unclear regulations make electrification difficult for drivers already struggling with thin margins. North America and Europe have better conditions with state subsidies and robust charging networks.

Yet, the gap between policy support and market reality persists. Lyft, which primarily operates in EV-friendly North America, committed to an all-electric fleet by 2030. The company says it has achieved only 20% hybrid or electric rides so far, despite substantial bonuses and charging discounts.

Europe leads in EV adoption with tax breaks, congestion-charge exemptions, and free parking for EV owners, according to Bolt, the world’s fourth-largest ride-hailing company. Bolt is based in Tallinn, Estonia, with a presence in 600 cities globally. It offers electric and green cars in 70 cities across Europe and Africa. The company is aiming for net-zero mobility solutions by 2040.

Europe has more than 1 million public chargers, two years after a law mandated fast-charging stations to be placed every 60 kilometers (about 37 miles) by the end of 2025, according to industry data. In Thailand, where Bolt has more than half a million drivers, there are fewer than 10,000 charging points, with less than half offering fast-charging capabilities.

Bolt is aiming for a modest 10% of its fleet to go electric in the next three years, Nathadon Suksiritarnan, Bolt’s country manager, told Rest of World on the sidelines of Thailand’s first ride-hailing summit in Bangkok last month.

The highest EV penetration for Bolt is in cities like Oslo, Amsterdam, Helsinki, London, Paris, and Lisbon.

EVs account for almost a tenth of Uber’s miles in the U.S. and Canada, more than 15% in Europe, and as much as 40% in leading cities such as London and Amsterdam. The platform is the world’s most widely available service for zero-emission rides, with drivers adopting EVs five times faster than average motorists, Uber’s global head of electrification and sustainability Rebecca Tinucci said in a May 7 blog post.

High upfront vehicle costs, weak supply chains, and sporadic after-sales service are additional deterrents in developing markets, according to industry analysts. Singapore, with strong government support, represents an exception from the regional norm, said Jonathan Chua, regional general manager of zero-commission ride-hailing platform Tada.

“Strong government-led initiatives … including islandwide EV charging infrastructure targets, rebates for EV adoption, and regulatory support” are Singapore’s strong points, Chua told Rest of World.

Beyond infrastructure gaps, ride-hailing drivers face several financial and operational barriers that compound the challenge of going electric. The distance covered on a single charge is the primary concern for drivers: Running out of power during peak earning hours directly threatens their livelihood.

“Range anxiety is one of the biggest hurdles for EV adoption among driver partners,” Palepu said. “Charging an EV takes more time than refueling a petrol or diesel car, which can reduce the number of trips a driver can complete in a day, directly impacting earnings.”

Range anxiety is one of the biggest hurdles for EV adoption among driver partners.

Most ride-hailing drivers lack the credit scores needed for traditional vehicle loans.

“One advantage of the ride-hailing app is that you have the data,” Kittipoap Watcharavasuntra, head of risk analytics and advisory at Tisco Financial Group, Thailand’s first investment bank, said in a presentation at the Bangkok summit.

While lenders are conceptually starting to embrace the earnings, vehicle utilization and other data when it comes to underwriting loans, a reality where they dole out financing based on it is still far, Nitin Sharma, a partner at Antler India, told Rest of World. The VC firm invests in several EV and mobility startups.

Improvements are reshaping the EV landscape, with battery ranges extending from 140 kilometers to more than 400 kilometers (about 85 to 250 miles) in premium models. Manufacturers like Tata and Citroën offer warranty coverage up to 300,000 kilometers (18,640 miles).

Service turnaround times have plummeted from multiday delays to just a couple of hours — a game-changing development for drivers whose incomes depend on vehicle operational time. While EVs initially didn’t make business sense, improved after-sales support now ensures they do, Monil Jayeshkumar Khatri, co-founder of Gurugram-based EV fleet operator Milo Drive, told Rest of World.

Emerging markets are developing some of the most promising innovations. They are pioneering creative solutions that could reshape how the industry approaches electrification.

“Battery swapping and flexible ownership models are often leading the way,” Amos Mwangi, senior electric mobility associate at World Resources Institute Africa, told Rest of World.

Pay-as-you-go schemes and lease-to-own programs are gaining traction, though they have yet to achieve the scale needed for widespread impact. In Thailand, Bolt has partnered with Singapore-based Sleek EV on a rent-to-own model with low interest rates, long repayment schedules, and annual free tire replacement. Sleek EV has sold almost 4,000 electric motorbike units, around 10% of which are used by ride-hailing and delivery services, founder ZQ Ong told Rest of World.

New platform models are emerging to address driver vulnerabilities. Companies like Milo Drive consolidate ride requests across multiple apps to maximize vehicle utilization and driver earnings, while avoiding exclusive partnerships that leave drivers dependent on a single platform’s fortunes.

Some ambitious ventures have demonstrated both the potential and the risk of all-electric models. BluSmart built India’s first all-electric ride-hailing fleet, and expanded across Delhi and Bengaluru for six years. The company entered Mumbai early this year before collapsing in May, due to financial misconduct by the founders.

BluSmart built its “entire model around an all-electric fleet, demonstrating it was operationally viable,” said Palepu about the company’s brief success.

There are some bright spots. Chinese manufacturer BYD has secured partnerships for 100,000 EVs with Uber and 50,000 with Grab worldwide. These ventures underscore a crucial reality where vehicle quality, competitive pricing, accessible financing, and reliable after-sales support must all work in harmony.

“For all markets, enabling policies, availability of EV technology and charging infrastructure, financing, sector skilling, and awareness are necessary for EV transition,” Mwangi said.

The ride-hailing industry’s shift from combustible engines will likely depend not on any single breakthrough, but on whether conditions can be created where going electric becomes the obvious choice.

“The future of EVs in mobility will be defined by accessibility, affordability, and trust,” Chua said. “Our role, as a platform, will be to lead with innovation while ensuring no driver is left behind in the transition, supporting them fully for a meaningful, sustainable livelihood.”

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