As these bikes come with GPS sensors there are fewer chances of them being stolen or damaged. Dockless bikes can be picked up and dropped off anywhere without the need for parking or dock stations. The rising adoption of dockless bike-sharing services is an emerging trend in the ride hailing services market. In recent years there has been a rise in the number of dockless bikes. This factor will encourage several people to opt for such sharing services in the coming years, thereby, it will fuel the market growth during the forecast period. Furthermore, other factors include the increase in the number of affordable entry-level cars and motor/electric bikes, coupled with low-interest loans by financial institutions.Īs sharing a ride offers a hassle-free, eco-friendly, cost-effective, and healthy mode of transport, it is considered an ideal solution for the growing issue of traffic congestion on roads. The factors responsible for a global rise in traffic congestion are a rapidly growing population, increasing GDP per capita, a surge in the working women population, and exponential growth in urbanization. The increasing traffic congestion is notably driving the market growth. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. To learn more about this report, Request Free Sample Ride Sharing Market: Key Drivers, Trends, Challenges, and Customer Landscape What will be the size of the Ride Sharing Market During the Forecast Period? It also includes an in-depth analysis of drivers, trends, and challenges. This ride sharing market research report extensively covers market segmentation by end-user (individual and business), type (car and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The Global Ride Sharing Market size is estimated to grow by USD 86.33 billion between 20 accelerating at a CAGR of 17.45%. The growth of the ride hailing services market depends on several factors, including the increase in vehicle ownership cost, increasing traffic congestion, and advances in navigation technologies.
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