The Ride Sharing Market might hit the USD 50 billion mark by 2026. Increasing advancements in IoT and AI technology could further allow industry companies to add more functionality and improve the accessibility of their services. Citing an instance, Google Maps introduced a new menu entry called ‘Ride Services' in its latest beta where it provides more accurate faring by sending route information from Maps to the ride-sharing firm.

The ride-sharing market is expected to register substantial growth on account of increasing demand for easily accessible and safe urban mobility solutions. A decline in vehicle ownership trends among younger population base could drive the requirement for ride sharing market services. People are nowadays more concerned about the harmful emissions generated from vehicles. This has inspired the adoption of for ride hailing services that offer carpooling options.

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These trends are prominent in urban areas as the spread of technology widens. Therefore, rapid urbanization owing to enhancing employment opportunities coupled with growing traffic congestion could broaden the business horizon for ride hailing companies.

Rising need to minimize daily commute time could propel the demand for B2B ride sharing market solutions among corporate employees. Nowadays, corporate companies are mandating their employees to leverage services for daily commutes. 

Rising concerns over mounting vehicular emissions supported by increasing prevalence of traffic congestions could compel the working class to employ carpooling services over private vehicles. Moreover, increasing presence of new players like Spinlister, GLYD, and TwoGo that provide lucrative offers might enhance the usage of ride-sharing apps in the future. 

Growing inclination of the younger population towards carpooling and car rental services could intensify the demand for ride sharing market apps across Asia Pacific. Office commuters are starting to shift towards these services in order to avoid over-crowded public transport for daily commutes. 

The region is also witnessing a rise in the emergence of new regional players that are coming up with innovative industry ideas and technologies. Citing an instance, in February 2019, Mahindra Group released its ride sharing market and e-mobility service, Glyd in India.

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Established companies operating in the ride-sharing market like BlaBlaCar, Ola, Uber, Careem, Scoop, Lyft, Via, Grab, sRide, Waze, ZIFY SAS, TwoGo, and DiDi Chuxing are shifting their efforts on strategies like acquisitions and collaborations to expand their market presence.

Taking December 2020 for instance, Uber Technologies Inc. sold Uber Advanced Technologies Group (ATG), its autonomous driving unit, to the self-driving car developer Aurora for $4 billion. This sale would help the ride-sharing firm, accelerate its goal to attain profitability.

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