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.
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.
Source: IOT NETWORK NEWS