The rise in urbanization and a decrease in car ownership, owing to maintenance charges are the key factors that drive the growth of the ridesharing market. In addition, a surge in the use of smart electronic devices such as smartphones, tablets, and laptops fuels the growth of the market.
However, privacy concerns and long queue/waiting time hampers the growth of the market. Furthermore, an increase in user base among millennials and the introduction of self-driven cars for ridesharing are expected to provide lucrative opportunities for the market.
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Ridesharing apps are internet-enabled apps, which means internet connectivity is the basic requirement to run ridesharing apps and avail of the services. Navigation services are also used to run the app, which requires internet. Presently, almost all people use smartphones and have access to the internet, which, in turn, boosts market growth.
With the rise in fuel and vehicle, insurance, and vehicle registration costs, ride-sharing apps have become a great choice for people. Maintenance costs have also increased, owing to advanced technologies enabled in vehicles, which increase the overall vehicle ownership price. Hence, people now prefer ride-sharing rather than purchasing a vehicle to save money, which, in turn, boosts market growth.
The manufacturing industry is the major contributor to gas emissions, owing to which governments across the globe are making strict rules and regulations to reduce harmful substances from their surroundings. Furthermore, many people refrain to buy new vehicles, owing to increased cost and adoption of ride-sharing services, which ensures market growth.
Key benefits of the report:
- This study presents the analytical depiction of the global ridesharing market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global ridesharing market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global ridesharing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
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