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Ride-share spend set to grow more than 500 per cent by 2025
With single-occupancy still a trend though, close collaboration by providers with city authorities may be required to make these services attractive in terms of cost and efficiency.
Ride-sharing spending by consumers globally will exceed $937bn by 2026, according to research.
Juniper Research, which carried out the study, highlighted that this is comparable to 50 times the combined annual revenue of Transport for London, New York City’s MTA, and the Beijing Metro in 2021.
This spend represents an increase from $147bn in 2021 and total growth of 537 per cent over the next five years.
China leads on global spend
The report, Ride Sharing: Value Chain Analysis, Market Size and Forecasts 2012-2026 identified consumers in the US and China as leading global spend on ride-sharing services, accounting for two thirds of market value in 2026.
In the report, ride-sharing is defined as users accessing single-occupancy and shared carpool-style services provided by private drivers operating their own vehicles, coordinated by platforms such as Lyft and Uber.
“There are multiple strategies that ride-sharing platforms must leverage to drive adoption of carpool services. But these will need to be implemented carefully to avoid the perception of prioritising carpool users over non-carpool ones.”
It highlighted future government initiatives to reduce private vehicle usage in cities, allied with a strong pandemic recovery, as key to these countries’ positions as leaders.
Juniper warned though that only 13 per cent of consumers are set to use carpool-style ride-sharing services in 2026, with the remainder opting for single-occupancy services, reflecting that the majority of consumers are willing to pay a premium for the privilege of travelling alone.
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It noted that while this is understandable given the ongoing pandemic, the emissions generated by single-occupancy services mean that platforms must explore non-financial incentives to drive adoption of carpool services.
This could include collaborating with city authorities to allow carpool vehicles to use public transport-only lanes, to make these services attractive in terms of both cost and efficiency.
“There are multiple strategies that ride sharing platforms must leverage to drive adoption of carpool services,” said research author Adam Wears, who added: “But these will need to be implemented carefully to avoid the perception of prioritising carpool users over non-carpool ones.
“If implemented poorly, this will generate a negative reaction from users and lead to increasing competing services.”
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How can ride-sharing platforms effectively increase carpool service adoption?What government initiatives support reducing private vehicle usage in cities?How might collaboration with city authorities improve carpool service efficiency?What non-financial incentives encourage consumers to choose carpool options?How will ride-sharing spending growth impact urban mobility infrastructure?Latest City Profile
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