Chicago, April 6, 2023 (GLOBE NEWSWIRE) — ride sharing market will grow at a CAGR of 16.6% from an estimated $85.8 billion in 2021 to $185.1 billion in 2026, according to a new report by MarketsandMarkets™.
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| report attributes | details |
| Market size value in 2021: | $85.8 billion |
| Probably by 2026: | $185.1 billion |
| CAGR: | 16.6% |
| Considered base year: | 2020 |
| Forecast period: | 2021-2026 |
| Biggest market: | Asia Pacific |
| Covered Region: | Asia Pacific, North America, Europe and RoW |
| Covered segments: | By Service Type, Car Sharing Market, By Type, Vehicle Type, Micro Mobility Market, By Vehicle Type, Data Service, Distance and Region |
| Covered companies: | Didi Chuxing (China), Uber Technologies, Inc (US), Gett (Israel), Lyft, Inc (US) and Grab (Singapore) |
Increasing urbanization, internet and smartphone penetration, and rising vehicle operating costs are the main factors driving the growth of the ride sharing market.
Due to the increasing focus on developing innovative battery technologies, high demand for vehicle electronics functions and features, and strict emission standards, the demand for EV test equipment, software and repair data is increasing.
Increase in vehicle operating costs
Owning a vehicle consists of several factors such as finance, fuel, maintenance, registration/tax, and maintenance and repair along with depreciation. The running costs of the vehicle increase every year. Although depreciation accounts for about 43% of operating costs, according to the American Automobile Association (AAA), the other costs, such as maintenance and fuel costs, together account for about 25%. Fuel prices and maintenance costs have increased exponentially in recent years, and…
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