How Much is the Ride Sharing Industry Worth in 2024? (Market Size)

Ride sharing has started to become a staple in the lives of individuals from all walks of life.

This industry has literally revolutionized the way people get around.

Ride sharing made transportation more affordable, convenient, and accessible in today’s society.

The ride sharing industry has also created millions of jobs and generated billions of dollars that have significance in the global economy.

But how much is the ride sharing industry worth as of 2024?

According to a MarketsandMarkets report, the global ride sharing market had a valuation of $85.8 billion (USD) in 2021.

It’s expected to reach $185.1 billion by 2026 with a CAGR of 16.6% behind it.

Much of the growth in this industry comes from things like the growing demand for more affordable and convenient transportation options, the urbanization of the world’s population, and the expansion of ride sharing services to new markets.

Keep in mind that the ride sharing industry is still in its early phases of growth.

Therefore, we see great potential in the coming years for its growth.

Despite the challenges like competition in the transportation industry, driver concerns, and regulatory scrutiny, this industry has what it takes to face and overcome.

Let’s explore some past, present, and future data related to the ride sharing industry.

Post Contents

1 Key Statistics
2 How Much is the Ride Sharing Industry Worth in 2024?
3 FAQs
4 Conclusion
- 4.1 Sources

Key Statistics

In 2022 the ride sharing market had a valuation of $100.55 billion.
In 2021, the global ride sharing market was valued at $85.8 billion.
Asia Pacific is the fastest growing market in the ride sharing market.
Globally, the ride sharing market is expected to experience a 133% growth between 2022 and 2028.
The North American ride sharing market was worth $35.02 billion in 2022.
In Europe, the ride hailing service market is expected to grow to over $20.62 million by 2028.
In 2021, the most expensive U.S. city for ride sharing was New York.
Didi Chuxing is the global leader in ride sharing.
As of 2023, Uber has a 37.2% ridesharing market share.
Uber has the highest market share in the United States rideshare market at 71%.

How Much is the Ride Sharing Industry Worth in 2024?

1. In 2022 the ride sharing market had a valuation of $100.55 billion.

Data shows that the ride sharing market was valued at $100.55 billion (USD) as of 2022.

That shows an increase over 2021 when it was valued at $85.8 billion (USD).

Moreover, by 2029 the ride sharing market is expected to reach $305.43 billion (USD) at a CAGR of 17.2% between 2023 and 2029.

(MMR)

2. In 2021, the global ride sharing market was valued at $85.8 billion.

As mentioned in the introduction, the global ride sharing industry had a valuation of $85.8 billion (USD) in 2021.

Between 2021 and 2026, this study revealed that by 2026 this market would reach a value of $185.1 billion (USD) at a CAGR of 16.6% during this forecast period.

(MarketsandMarkets)

3. Asia Pacific is the fastest growing market in the ride sharing market.

According to an analytical data report from Mordor Intelligence, the Asia Pacific ride sharing market is the fastest growing in this industry.

This is due to the poor public transportation systems and the growth in the region’s population and in new business growth.

Therefore, the demand for better transportation that is effective and affordable is high.

(Mordor Intelligence)

4. Globally, the ride sharing market is expected to experience a 133% growth between 2022 and 2028.

While the figures tend to vary between studies, the Statista Research Department study showed that the worldwide ride sharing market will grow by over 133% between 2022 and 2028.

In fact, the market is expected to reach about $226 billion (USD) by 2028.

The ride sharing major players, Uber, DiDi, and Lyft are expected to experience the highest growth surge.

(Statista)

5. The North American ride sharing market was worth $35.02 billion in 2022.

The most recent data revealed that the North American ride sharing market in 2022 was valued at $35.02 billion (USD).

This region includes countries like the United States, Mexico, and Canada dominate the market.

(MMR)

6. In Europe, the ride hailing service market is expected to grow to over $20.62 million by 2028.

Data shows that the ride sharing market in the European region will grow from just over $10 million in 2021 to over $20.62 million by 2028.

The expected CAGR during this forecast period is 10.8%.

(Business Market Insights)

7. In 2021, the most expensive U.S. city for ride sharing was New York.

According to regional ride sharing statistics, New York, USA was the most expensive city to use ride sharing.

In terms of being the most expensive, New York, New York had a share of 18.73% followed by Seattle, Washington with 16.54%.

Likewise, San Francisco, California had a 15.77% share followed by St. Louis, Missouri at 15.41%.

Other expensive ride sharing cities in the U.S. included Boston (14.7%), Portland (14.37%), Pittsburgh (14.05%), and Philadelphia (13.82%).

(MMR)

8. Didi Chuxing is the regional leader in ride sharing.

China’s Didi Chuxing ranks second in the ride sharing industry at the global level providing transportation services to more than 550 million users.

Didi Chuxing is popular in Asia, Latin America, and Australia.

In China, this service owns a 70% share of the e-hailing market.

(Global Newswire, Statista 2)

9. As of 2023, Uber has a 37.2% ridesharing market share.

According to data from 2023, Uber controls the global ride sharing market at 37.2%.

China’s Didi Chuxing follows closely behind at 32.4%.

Lyft ranks third in the global ride share market with only a 9.26% share.

Notice the significant difference in global market share between Uber and Lyft.

(Help Lama)

10. Uber has the highest market share in the United States rideshare market at 71%.

We found that Uber has between a 71% and 72% rideshare market share in the United States.

It’s significantly higher than Lyft’s market share in the United States which is 29%.

Both Uber and Lyft account for 6% of all VMT (vehicle miles traveled) in the United States.

(Zippia)

FAQs

What is Ride sharing?

Ride sharing is categorized as a transportation service where drivers use their own personal vehicles to transport people for a fee (like a taxi or cab service).

People request rides via a mobile app that matches them with the closest available driver. Generally, ride sharing services are less expensive than taxis/cabs.

Plus, they offer more flexible and convenient options than conventional taxi services.

What are the Benefits of Ride sharing?

1. Affordable: ride sharing is usually cheaper than taxis/cabs and other forms of transport.
2. Flexible: You get to choose the type of ride you want, so you can choose according to your needs.
3. Convenient: ride sharing is considered an on-demand service. Therefore, you can catch a ride whenever you need one.
4. Safety: ride sharing services offer several safety features like GPS tracking you can share with loved ones, so they know you made it safely and driver background checks.

What are the Disadvantages of ride sharing?

We found these disadvantages of ride sharing:

1. Driver Behavior: Despite background checks, some drivers may engage in reckless driving or other kinds of misconduct.
2. Surge Pricing: Be aware that sometimes, ride sharing services surge during peak times.
3. Wait Time: During peak times, it may take longer to get a ride.
4. Passenger Safety: There have been reported instances where drivers commit crimes during ride sharing. Sexual assault is one of those crimes.

How Does the Future of the ride sharing industry Look?

Even though ride sharing has been around for a few years now, this concept is still pretty young.

However, it’s seen a lot of growth in spite of the losses during the global pandemic.

Overall, it’s believed that the ride sharing industry will keep growing and thriving over the next several years as more people adopt this as their transportation preference.

Keep in mind that the ride sharing industry faces numerous challenges like the increase in competition among other transportation services, regulatory scrutiny, and driver safety concerns.

That said, the industry is ready to face and overcome such challenges for continued growth.

Conclusion

In time, we will be sure of the predictions made by professional analytical experts in regard to the ride sharing market.

This article has given us a few perspectives and expectations to consider in the meantime.

What we know is that the rideshare industry is worth billions of dollars already and it’s expected to continue to contribute billions to the global economy.

Remember that statistics and data have at least a small variation depending on the research company and data used to calculate it.

There is usually a small margin of error no matter who does the research.

We hope this article answered the question, “How much is the ride sharing industry worth? to your satisfaction.

You can use this data to decide if being a driver in the market is for you, if you want to use this form of transportation, or how to create a marketing strategy from it.