Ride Sharing Market Outlook 2023-2032: Growth Potential

The Car Pooling Global Market Report 2023 by The Business Research Company, provides car pooling market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/car-pooling-global-market-report

According to The Business Research Company’s Car Pooling Global Market Report 2023, the market size will grow from $8.33 billion in 2022 to $9.64 billion in 2023 at a compound annual growth rate (CAGR) of 15.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global carpooling is expected to grow to $15.10 billion in 2027 at a CAGR of 11.9%.

Government initiatives to minimise carbon emissions are likely to drive the carpooling market. Major metropolitan cities have traffic congestion with an increase in vehicle density on the roads, increasing carbon emissions.

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The car pooling market is segmented:

1) By Type: Online Carpooling Platforms, App-based Carpooling

2) By Application: Businesses, Individuals, Schools, Other Applications

3) By Car Type: Economy, Executive, Luxury

Automobile manufacturers are increasingly venturing into mobility services to cater to the growing demand for car-pooling services. For instance, major automobile manufacturers, namely BMW and Daimler, have merged their car-sharing ventures to expand geographically. Similarly, in February 2020, Tesla announced plans to launch a ride-sharing application. Automakers’ investing in carpooling applications will contribute to the growth of the market.

The car pooling market report table of contents includes: