Ride Sharing Market Size

Ride Sharing Market size was valued at USD 143.9 billion in 2023 and is predicted to reach USD 629.4 billion by the end of 2036, registering around 12.2% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of ride sharing is assessed at USD 181.2 billion.

The primary growth driver of the ride sharing market is the increasing adoption of smartphones and mobile internet access. For instance, a total of 5.45 billion people worldwide were using the internet at the start of July 2024. The global number of internet users increased by 167 million during the last year. Globally, internet user numbers are expanding at an annual rate of 3.2%, but year-on-year growth is much faster in several developing economies. This technological advancement facilitates the use of ride sharing apps, making it easier for users to book rides and for drivers to find passengers. Additionally, factors such as urbanization, growing concerns over vehicle ownership costs, and an increasing preference for convenience and cost-effectiveness contribute significantly to the market’s expansion.