Global Ridesharing Market Report and Forecast 2024-2032

Global Ridesharing Market Size

The global ridesharing market value is likely to expand at a CAGR of 16.8% during 2024-2032.

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Global Ridesharing Market Growth

Growing population and expanding global industrialization have led to a boom in the ridesharing industry in recent years. Decreasing dependence on single-occupancy vehicles is considered a possible solution to relieving traffic congestion. The growth of the ridesharing market is driven by technological advancements, which have significantly increased its popularity.

Technological advancements are expected to drive the global ridesharing market even further. Modern apps have made it easier for travellers to get in touch with domestic carpools, and leading players such as Lyft and Uber have taken steps to capture the carpooling space, thus boosting the ridesharing market revenue.

Global Ridesharing Market Analysis

Increasing smartphone penetration is likely to enhance the global ridesharing market demand. Tablets and smartphones have been growing in popularity among users falling under different age groups and types. Pricing, portability, easy and interactive access, and adaptability are some factors behind such popularity. Increasing fuel and car prices are also expected to boost ridesharing market growth.

Global Ridesharing Industry Outlook

According to the Federal Statistical Office, private motorized road transport increased by 15% from 2000, reaching 90.9 billion person-km in 2022. Within this category, passenger cars experienced a 14% rise since 2000, totalling 85.8 billion person-km (Department of Transport UK). Public road transport, including tramways, trolleybuses, and buses, surged by 23% from 2000, amounting to 4.2 billion person-km further enhancing the ridesharing demand growth.

Railways marked a significant 53% growth since 2000, with a performance of 19.3 billion person-km in 2022. Cog railways and cable cars saw a modest 12% increase from 2000, recording 0.4 billion per km. Active mobility, encompassing walking and cycling, rose by 20% from 2000, reaching 7.8 billion person-km.

In 2023, the number of licensed taxis and private hire vehicles (PHVs) per 1,000 people in England exhibited significant urban-rural disparities. According to data from the UK Government, London led with approximately 12 cars per 1,000 people, where licensed PHVs dominated this figure boosting the ridesharing industry revenue. In urban areas with major conurbations, the number dropped to about 4 cars per 1,000 people, with a noticeable proportion of licensed taxis and PHVs. Urban areas with minor conurbations and cities and towns followed closely, each maintaining around 3 vehicles per 1,000 people.

Similarly, the Hong Kong Transport Department states that as of 2024, taxis are a major supplier of public passenger transport services in the city. Currently, Hong Kong has 18,163 taxis, of which 15,250 are urban taxis (red), 2,838 are taxis from the New Territories (green), and 75 are taxis from Lantau (blue). There are almost one million taxi rides every day on average.

Market Competition in the Global Ridesharing Market

The ridesharing market is fiercely competitive, driven by technological innovation, sustainability commitments, and aggressive expansion strategies. Uber leads with its vast global reach and diversification into food delivery and freight. DiDi is a formidable competitor with strong technological advancements and rapid expansion in Latin America.

Lyft focuses on sustainability and strategic partnerships, while Ola leverages its dominant position in India and expands its international presence. Cabify maintains a stronghold in Spain and Latin America with a focus on sustainability and regional expertise. The market is characterised by continuous innovation, strategic expansions, and a growing emphasis on sustainability.

Key Players in the Global Ridesharing Market and Their Strategic Initiatives

Uber Technologies Inc.

• Expanded Uber Eats and introduced Uber Freight. 

• Invested in autonomous vehicle technology through ATG. 

• In order to meet the demand of the ridesharing market, the company introduced Uber Green for electric vehicle rides.

DiDi Global Inc.

• Expanded into Latin America and Australia. 

• Introduced DiDi Bike for shared bicycles and electric bikes. 

• Launched autonomous driving tests in China.

Lyft, Inc.

• Focused on environmental initiatives with Lyft Climate Impact Goals. 

• Expanded Lyft Pink membership for premium services. 

• Enhanced safety features with in-app emergency assistance.

ANI Technologies Private Limited (Ola)

• Launched Ola Electric to promote electric mobility. 

• Developed Ola Play for in-car entertainment. 

• Ola expanded into the UK, Australia, and New Zealand to capture the growing ridesharing market opportunities.

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Global Ridesharing Industry Segmentation

“Global Ridesharing Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Service Type

• E-Hailing

• Station-Based Mobility

Market by Commute Type

• Intercity

• Intracity

Market Breakup by Booking Type

• Offline Booking

• Online Booking

• Web Based

• App-Based

Market Breakup by Vehicle Type

• Cars

• Bike and Scooters

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Ridesharing Market Share

E-hailing provides convenience, shorter wait times, cost efficiency, enhanced safety, cashless payments, and environmental benefits through carpooling, thereby boosting growth of the ridesharing industry. Station-based mobility enhances ridesharing with structured pick-up/drop-off points, predictability, cost savings, safety, improved fleet management, and integration with public transport for seamless multi-modal journeys.

Leading Companies in the Ridesharing Market

The companies provides ride-hailing services across many cities globally, prioritizing safety, quality, innovation, and delivering convenient and reliable mobility solutions to its customer.

• Uber Technologies Inc.

• DiDi Global Inc.

• Lyft, Inc

• ANI Technologies Private Limited 

• Cabify Spain SLU

Key Highlights of the Report

Ridesharing Market Report Snapshots

Ridesharing Market Size

Ridesharing Market Growth

Ridesharing Market Analysis

Ridesharing Market Share

Ridesharing Companies