According to the research report titled ‘Global Ride Sharing Market Size study with COVID-19 Impact, by Service Type (E-Hailing, Car Sharing, Car Rental, Station-Based Mobility), Data Service (Information, Navigation, Payment) and Regional Forecasts 2020-2026’, available with Market Study Report, global ride sharing market reached a valuation of USD 74.08 billion in the year 2019 and is anticipated to showcase a y-o-y growth rate of 20.21% between 2020 and 2026.
 

For those uninitiated, ride sharing connects the drivers of the vehicles to those looking for local taxi transportation services. This is done by using relevant applications which help in locating the nearest available vehicle for transport and alerts the driver with the location of the consumer.
 

Rapid urbanization has impelled the demand for personal mobility solutions which in turn is a major factor driving the growth of global ride sharing market. There has been a high demand for ride sharing services since owning a personal vehicle comprises of parking as well as maintenance issues.
 

Rising penetration of smartphones and internet services is further fueling the expansion of global ride sharing market. Strict regulatory scenario towards mitigating CO2 emissions and increasing awareness pertaining to ride sharing services are also stimulating the industry outlook.
 

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However, high occurrence of COVID-19 has impelled the adoption of self-isolation practices and economic shutdowns which in turn has reduced the number of commuters. In addition, consumer preference towards working from home have declined the demand for ride sharing services, which in turn is negatively impacting the overall market outlook. In March 2020 for instance, ride sharing companies such as Ola and Uber have temporarily halted their operations in India.
 

Nevertheless, global ride sharing industry is predicted to witness rapid expansion due to the deployment of innovative strategies such as providing partitions within vehicles to maintain social distancing between passenger and driver. Market majors are also incorporating cabs with sanitizers and mounted devices to measure the body temperature of customers to curb the spread of COVID-19.
 

Regionally, North America ride sharing industry is estimated to generate lucrative revenues in the ensuing years, primarily driven by high concentration of major companies and rising concerns regarding environment degradation. On the other hand, Asia-Pacific market is also slated to witness substantial growth during the forecast. Increasing use of smartphones and rising per capita income are swaying the business dynamics in Asia-Pacific.
 

The prominent companies operating in global ride sharing market are Grab Holdings Inc., LimeBike, BlaBlaCar, Ola Cabs, Gett, The Hertz Corporation, DiDi Chuxing Technology Co., Lyft Inc. and Uber Technologies Inc. among others.