(Entertainment-NewsWire.com, April 25, 2020 ) The report "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" is estimated to be USD 75.39 billion in 2020 and projected to reach USD 117.34 billion by 2021, at a Y-O-Y growth of 55.6%. The market is primarily driven by rising urbanization and declining car ownership.
The ride-sharing market is dominated by global players and comprises several regional players. Some of the key players in the ride-sharing industry are Uber (US), Lyft (US), DiDi (China), Grab (Singapore), Gett (Israel), Ola (India), BlaBlaCar (France), Lime (US), and Herts (US).
Corporate car sharing is expected to grow at the highest Y-O-Y growth in the global car-sharing market during the forecast period
Corporate car sharing is a kind of mobility solution provided by employers to their employees for everyday commutation and specific business requirements. The demand for corporate car sharing is expected to grow as people riding to offices are likely to travel on the same route. Thus, it is much easier to find co-passengers with ease and less waiting time.
Corporate car sharing enables commercial businesses to reduce or eliminate private vehicle fleets by providing their employees access to shared cars. It offers many benefits to businesses such as flexibility to employees, lower fleet management costs, and less traffic on roads. In comparison to P2P sharing, corporate sharing is more organized and manageable to tackle during situations like COVID-19. Companies can take all the necessary precautions to avoid transmissions.
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.
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.