Ridesharing services are companies that match drivers of private vehicles to those seeking local taxicab-like transportation. Ridesharing services are available mostly in large cities in many countries. Some of the biggest names in the industry are Uber, which exists in 58 countries and whose name is almost synonymous with ridesharing services, and Lyft. Ride Sharing was launched in 2009 by Garrett Camp when Uber first came onto the scene as ‘UberCab.’ Uber’s services along with their mobile app were officially launched in 2011 in San Francisco. In the early days, Uber was built around the premise of black car service and private drivers, with only black luxury cars and prices 1.5 times that of a standard cab. After estimating demand that was more similar to a standard cab, ride sharing started to reflect what it is today: in the spring of 2012, Uber launched a service in Chicago allowing riders to request a regular taxi or an Uber driver with its mobile app. By the summer of 2012, UberX was introduced, allowing people to drive for Uber using their own vehicles, subject to meeting certain vehicle standards. Uber market share has been the largest in the US market ever since. Ride Sharing market share has been increasing since then in the vehicle transportation market. Ridesharing services have been seen by some as controversial for reasons related to the legality and insurance of the services provided. You can find Ride Sharing Market Size, Ride Sharing Market Share, and other trends and statistics below and you can learn more about T4's strategy consulting services here.
The chart shows the Ride Sharing Market Size from 2015 to 2020. In 2019, the size of the Ride Sharing Industry was $74B and is projected to grow 20% in 2020. From 2015 to 2020 the Ride Sharing Industry growth is projected to average 20% per year. 98% of the Ride sharing market share is concentrated between the 2 main vendors, Uber and Lyft. These estimates were made before the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on the Ride Sharing market growth will likely be High because Social Distancing policies involve people staying at home, with limited mobility, and preventing social contact. Social distancing policies will have a negative impact on the ride sharing market as people go out only when necessary and try to avoid social contact. The long term impact of COVID-19 on the Ride Sharing market growth beyond the COVID-19 pandemic will likely be Medium because Companies will adopt various precautionary measures, such as building disinfection stations, for on-demand mobility vehicles, and install protective plastic sheets. Request help with obtaining the source for this data and learn more about T4's strategy consulting services here.
The chart shows Ride Sharing Market Share in 2018. The Ride Sharing Market is Concentrated among a few vendors, with the topic of Uber vs Lyft market share causing the most interest. The leading Vendor in the Ride Sharing Industry was Uber with 69% market share in 2018, followed by Lyft with 29% Ride Sharing market share, and Others with 2% market share. Get help with market research for the Ride Sharing market, including the source for this Ride Sharing Market Share chart and learn more about T4's strategy consulting services here.
Ride Sharing market growth is driven by the need for personal mobility when car maintenance and ownership is expensive, growth in internet penetration and reduction of CO2 targets. The major drivers of this market include the growing need for personal mobility in the wake of rising urbanization and fall in car ownership, mainly due to the expensive costs of owning and maintaining a car. Also, growing Internet and smartphone penetration and stringent CO2 reduction targets are leading to the high growth of the ride sharing market. Another driver for growth is the safety it provides by the car checks and real-time ride tracking.Learn about T4's Consulting services
Ride Sharing is a Mature market composed of a few competitors. Uber market share was 69% of the Ride Sharing market in 2018. Uber is available in more than 80 countries worldwide. There are over 3 million drivers for Uber. There are more than 75 million active Uber riders across the world. Uber has completed more than 5 billion rides. Lyft market share was 29% of the Uber market in Ride Sharing. There are over 1.4 million drivers for Lyft. There are 23 million Lyft users. Lyft has given more than 1 billion rides as of September 2018. Other vendors' ride sharing market share is very small, consisting of only 2% in 2018. Some of the other vendors include Juno, Via, Curb, Didi Chuxing, and BlaBlaCar.
T4's research team can help you learn more about the Ride Sharing industry with market analysis, competitive analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Ride Sharing market, including: Uber, Lyft, Juno, Gett, Bolt, Via, Curb, Gojek, BlablaCar; research into related topics such as Taxi, Transportation, Public transportation, Car Rental, Car Sharing, Corporate Car Sharing, Internal Combustion Engine (ICE) vehicles, Electric Cars; or additional support in the Ride Sharing Sector or other Sectors. Learn more about T4's strategy consulting services here.