As per the report titled ‘Global Ridesharing Market (2021 Edition) - Analysis By Business Model (P2P, B2B, B2C), Vehicle Type (ICE, CNG, EV), By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global ridesharing market was valued USD 26.72 billion in 2020 and is anticipated to record strong gains through 2026.

Experts cite that escalating demand from youth population, positive economic outlook, and rapid urbanization are the key factors fueling global ridesharing market growth.

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Based on business model, the market is divided into B2B (business to business), B2C (business to consumer), and P2P (peer to peer). Among these, the B2B segment captures majority of the industry share and will likely continue to exhibit strong growth trends through 2026, creditable to escalating demand for transportation services in organizations. Parallelly, P2P segment is also gaining momentum as generating extra income by providing private vehicles for hire is increasing among service providers.

In terms of vehicle, the market is split into CNG/LPG vehicles, ICE vehicles, and electric vehicles. ICE vehicles hold majority of the industry and will reflect robust growth over the analysis period. Surging demand for green and renewable fuels in line with escalating demand for escalating demand for ecofriendly & sustainable transportation is fostering segmental expansion.

With respect to geographical scope, global ridesharing industry size and scope is majorly defined by North America (United States, Canada), Europe (Germany, France, United Kingdom), and Asia Pacific (India, China).

Asia Pacific is anticipated to lead the industry growth in the forthcoming years, creditable to robust urbanization, rising accessibility to internet, and booming sales of smartphone. Moreover, alarming rise in pollution level and petrol prices are adding to the regional market growth.

Considering the competitive backdrop, Ola Cabs, Cabify España S.L.U., Gojek Tech, Curb Mobility LLC, Via Transportation Inc., Bolt Technology OÜ, Didi Chuxing Technology Co., Grab Holdings Inc., Gett, Lyft Inc., and Uber Technologies Inc. are the major companies in this business sphere.