The global Ride Sharing Market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated USD 85.8 billion in 2021 to USD 185.1 billion by 2026. Increase in urbanization, internet and smartphone penetration and increase in cost of vehicle ownership are the major factors driving the growth of the ride sharing market. The ownership of a vehicle is cumulative of multiple factors such as finance, fuel, maintenance, registration/taxes, and maintenance & repair, along with depreciation. With each year, the cost of vehicle ownership increases. Though, according to American Automobile Association (AAA), depreciation contributes to ~43% of the ownership cost, the other costs, such as maintenance cost and fuel cost, contribute ~25% together. Fuel prices and maintenance costs have increased multifold in the past few years, and the same trend is estimated to continue without any decline. As cities are getting increasingly cramped with people and cars, owning an...
Comments
Post a Comment