Adroit Market Research - Industry Insights

Ridesharing is basically a transportation service in which multiple people can use the same car, van, truck, or vehicle to reach at a same destination. The ridesharing can comprise sharing taxis and carpooling, as well. Several companies such as Uber and Lyft fall under the umbrella of ride sharing. These services are also called as real-time, peer-to-peer, on-demand ride sharing. Means, the user can request the transportation service in real-time. Then the driver receives your information and GPS location, and he will head to your destination to offer the service.

In this transportation service, the drivers need to carry a commercial license to provide transportation. However, Ub

Ridesharing is basically a transportation service in which multiple people can use the same car, van, truck, or vehicle to reach at a same destination. The ridesharing can comprise sharing taxis and carpooling, as well. Several companies such as Uber and Lyft fall under the umbrella of ride sharing. These services are also called as real-time, peer-to-peer, on-demand ride sharing. Means, the user can request the transportation service in real-time. Then the driver receives your information and GPS location, and he will head to your destination to offer the service.

In this transportation service, the drivers need to carry a commercial license to provide transportation. However, Uber do not need to carry anything other than the standard vehicle operator’s license which making them an on-demand or peer-to-peer ridesharing service.

For riders, the first benefit of ridesharing services is the multiple car rides at their chosen location and time. For drivers, the best advantage is that the flexibility to work according to their convenience and pick the consumers they wish to offer the ride service. The technology employed to the number of trips with minimum waiting time.

In addition, ridesharing has diminished environmental pollution such as land, noise, and air. The carpooling service offered by the side sharing companies are aiding to control the emission on CO2. However, in 2014, Uber introduced its first Uberpool service in San Francisco city, where riders started sharing their trip who are travelling in same direction to save the money. This service also assisted to decrease 120 metric tons of CO2 emission in one month.

In recent years, the ridesharing service becomes quite simple. Now, people use the mobile app to drop a pin for their current location. The drivers in the same area will get a notification about the users’ request for a ride.

How to Use Ridesharing Service?

To use ridesharing service, you must have a Smartphone to access the city where you want to commute. In order to use this service, you must create an account of specific ride sharing app. This requires the input of a debit or credit card number to pay your ride bills.

Safety

The ridesharing service makes safety a priority, though you still must to take care whenever you hire a driver. Following are some safety tips to keep you safe:

• The ridesharing app will provide you the driver’s photo and the vehicle’s number. So, verify the driver and vehicle before entering the vehicle.
• Check out driver’s review score.
• If there is any safety issue during the ride, call emergency personnel instantly.

Benefits of Ridesharing:

• It’s Cheap

The ridesharing service rising rapidly due to its inexpensive nature. However, it is near around 50% cheaper as compared to travel by public transport. This service has made long distance rides more affordable.

• No Cash Exchanges

All features of ridesharing services are managed by mobile apps. In order to use the service, you need to set up your payment preference on your Smartphone. When you wish a ride, fare will be processed through the app.

• The Environmental Benefits

The environment is getting hotter due to rising effect of global warming. Nowadays, the numbers of cities come up with different solutions to improve air quality. With the help of ridesharing you can contribute to the saving environment.

Top Ridesharing Companies

Currently, there are two leading ridesharing companies such as Uber and Lyft. However, Uber is a top dog in the ridesharing industry. Uber has dominated the ridesharing market since it was launched in 2009. Uber offers ridesharing service in near around 60 countries across the world. Due to its huge success, companies from several industries are trying to copy Uber’s ridesharing strategy.

Furthermore, Lyft is also just similar as Uber. They also has mobile app which works as a bridge between travelers and the vehicles. The growth of ridesharing services has enabled consumers to maintain their own car and save on gas. It also offers an option to earn an extra income.

Ride Sharing Market

Development of leading auto manufacturers is expected to offer worthwhile opportunities for the ridesharing market across the world. Global automakers are focusing on the deployment of electric and autonomous vehicles across the ridesharing industry, which is likely to diminish the travelling cost for rides. However, Uber Technologies Inc. has tied with the Volvo Group to add more than 24,000 autonomous vehicles with its fleets into coming years. In terms of geography, China is witnessing a raise in adoption of electric fleets. Ridesharing industries across China have a huge number of vehicles in their fleets.

The U.S. region accounts for the second highest penetration rate for ridesharing following the China. The region is projected that about 15 million adults in the U.S. used a ridesharing service or other transportation service, around 20.5% growth over the past few years. However, the segment is likely to continue its expansion during the prediction period, it is projected to slow down as the market develops.

Future of ride sharing services

Ride sharing offers more convenient and cheaper alternatives to owning and renting vehicles, ridesharing has the promising future. Though, it does still have some challenges to overcome.

Some of the issues may be solved by the adoption of blockchain technology. In the coming years, blockchain may be incorporated with ridesharing technology to ensure higher screening dealings of drivers and greater security standards for drivers. Blockchain technology might be employed for the screening process of both riders and drivers before approval.