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Ride Sharing Market to grow by USD 180.02 Billion (2024-2028), driven by rising vehicle ownership costs, with AI redefining the market landscape – Technavio

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NEW YORK, Dec. 4, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global ride sharing market size is estimated to grow by USD 180.02 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 26.35% during the forecast period. Increase in vehicle ownership cost is driving market growth, with a trend towards emergence of autonomous ride sharing. However, risks of theft and need for frequent maintenance poses a challenge. Key market players include ANI Technologies Pvt. Ltd., Avis Budget Group Inc., Bolt Technology OU, Cabify Espana SL, Comuto SA, Curb Mobility LLC, DENSO Corp., Enterprise Holdings Inc., Grab Holdings Ltd., GT Gettaxi UK Ltd., Hertz Holdings Inc., Ibibo Group Pvt. Ltd., iDisha Info Labs Pvt. Ltd., Lyft Inc., My Taxi Indi, PT GoTo Gojek Tokopedia Tbk, Share Now GmbH, TomTom NV, Uber Technologies Inc., and Via Transportation Inc..

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Ride Sharing Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 26.35%

Market growth 2024-2028

USD 180.02 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

23.41

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 45%

Key countries

China, US, Germany, UK, and Japan

Key companies profiled

ANI Technologies Pvt. Ltd., Avis Budget Group Inc., Bolt Technology OU, Cabify Espana SL, Comuto SA, Curb Mobility LLC, DENSO Corp., Enterprise Holdings Inc., Grab Holdings Ltd., GT Gettaxi UK Ltd., Hertz Global Holdings Inc., Ibibo Group Pvt. Ltd., iDisha Info Labs Pvt. Ltd., Lyft Inc., My Taxi Indi, PT GoTo Gojek Tokopedia Tbk, Share Now GmbH, TomTom NV, Uber Technologies Inc., and Via Transportation Inc.

Market Driver

The ride-sharing market is experiencing significant trends with the emergence of apps like Waze, Carma, eRideShare, CarpoolWorld, BlaBlaCar, Liftshare, and Commute with Enterprise. These platforms leverage GPS navigation and smartphone technology to help reduce greenhouse gas emissions by optimizing vehicle trips and minimizing traffic congestion. Millennials prefer ride-sharing over public transport for convenience and affordability, leading to increased demand. Mobility Service Providers (MSPs) like Gett, Didi, Go-Jek, Grab, and Ola are expanding their offerings beyond e-hailing to include food delivery, last-mile delivery, and even bikes and scooters. The car sharing market is evolving with various vehicle types, while the micromobility market focuses on the short distance segment. Business models are shifting towards profitability and sustainability, with data services, Intelligent Transportation Systems, and Automotive Vehicle-to-Everything becoming essential components. Vehicle ownership, maintenance, and component replacement costs are becoming less attractive, driving the trend towards shared mobility. Autonomous ridesharing is a growing trend, with OEMs investing heavily. However, trust and revenues remain key challenges. Passenger comfort and safety are paramount, and losses from vehicle trips can be substantial. The transportation sector is undergoing a digital transformation, with e-commerce and the sharing economy leading the way. 

Cab service providers utilize vehicles as their primary mode of transportation, generating substantial data for automakers on driving patterns, traffic conditions, and road situations. Autonomous vehicles, used as taxis and parcel delivery services, offer valuable insights through real-world testing. Major autonomous vehicle manufacturers have been focusing on developing self-driving cars for taxi and delivery services since 2017. For instance, Mercedes-Benz AG partnered with Uber Technologies to launch autonomous taxis by the end of 2021. These collaborations provide a foundation for autonomous vehicles to learn and adapt to diverse driving conditions. 

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Market Challenges

Ride-sharing market is witnessing significant growth with the emergence of players like Waze, Carma, eRideShare, CarpoolWorld, BlaBlaCar, Liftshare, Commute with Enterprise, Avolon-e, and more. These Mobility Service Providers (MSPs) leverage GPS navigation and smartphone technology to offer e-hailing services, reducing reliance on public transport and personal vehicle ownership. However, challenges such as traffic congestion, air pollution, and greenhouse gas emissions persist. MSPs face losses due to trust issues, vehicle maintenance, and component replacement costs. Business models vary from carpooling and e-hailing to autonomous ridesharing. The market includes offerings from OEMs like Didi, Go-Jek, Grab, and Ola, targeting both vehicle trips and the micromobility market (bikes and scooters). The data service segment, including Intelligent Transportation Systems and Automotive Vehicle-to-Everything, is crucial for improving passenger comfort and reducing losses. The market’s profitability and sustainability depend on addressing these challenges while adapting to evolving consumer preferences and technology trends.The global ride sharing market is experiencing a setback due to an escalating issue with bike theft. Despite implementing advanced security measures, vendors continue to grapple with this challenge. The scarcity of bicycles resulting from thefts has led to customer dissatisfaction, as shown in social media complaints. The deficit in available bicycles contrasts with the number displayed in the app. Additionally, frequent bike maintenance is required due to careless riding practices and falls, further straining market growth during the forecast period.

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Segment Overview 

This ride sharing market report extensively covers market segmentation by

End-user 1.1 Individual1.2 BusinessType 2.1 Car2.2 OthersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Individual- The individual segment holds the largest share in the global ride sharing market due to its cost-effective and efficient business model. Unlike traditional taxi services, ride sharing allows individuals to plan their rides in advance. Drivers of privately-owned cars partner with ride sharing companies to offer rides to commuters. If a driver is heading towards a passenger’s destination, they can pick up additional riders en route, reducing costs for passengers and increasing efficiency for drivers. The preference of drivers for carrying only one or two passengers keeps this segment dominant in the forecast period.

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Research Analysis

The ride-sharing market is revolutionizing the way people commute, offering cost-effective, convenient, and eco-friendly alternatives to traditional transportation methods. With the help of GPS navigation and smartphone technology, platforms like Waze, Carma, eRideShare, CarpoolWorld, BlaBlaCar, Liftshare, MaaS, Commute with Enterprise, Avolon-e, and others facilitate carpooling and ride-sharing, reducing vehicle trips and traffic congestion. These solutions not only help save money but also contribute to reducing greenhouse gas emissions and air pollution. Millennials, in particular, are embracing ride-sharing as an alternative to public transport, making it an increasingly popular choice for urban commuters. V2V communication and e-hailing services from companies like Bolt Technology OU and Gett further enhance the convenience and safety of ride-sharing, making it an attractive option for those seeking to minimize their carbon footprint while navigating the challenges of modern transportation.

Market Research Overview

The ride-sharing market is a dynamic and innovative sector that leverages GPS navigation, smartphone technology, and Internet connectivity to provide on-demand transportation solutions. This market includes various service types such as carpooling, e-hailing, and bike rental. Millennials are a key demographic, preferring ride-sharing over public transport to save time and reduce air pollution. Mobility Service Providers (MSPs) offer car sharing, eCommerce, food delivery, and last-mile delivery services, utilizing vehicle trips to optimize traffic flow and reduce congestion. Business models vary from peer-to-peer to fleet-based, with offerings ranging from autonomous ridesharing to vehicle types like cars, bikes, and scooters. V2V communication, Intelligent Transportation Systems, and Automotive Vehicle-to-Everything technologies are driving smart transportation, while losses from ride-sharing are a concern due to passenger comfort, trust, and revenue generation. The market faces challenges like emissions, maintenance, and component replacement costs, but the potential for profitability and sustainability remains high. The transport network continues to expand, with players like Didi, Go-Jek, Grab, and Ola leading the way in the car sharing and micro-mobility market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userIndividualBusinessTypeCarOthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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TESSAN Showcased New Charging Products at CES 2025, Enhancing Its Role in Modern Life and Travel

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LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — At CES 2025, TESSAN showcased its relentless pursuit of technological innovation and enhanced user experience, engaging with a diverse audience to reinforce its commitment to being a dependable companion in users’ lives and travels. The event was a vibrant platform for interaction, where TESSAN not only presented its latest advancements but also connected with media, social influencers, and attendees through various engaging activities.

The exhibition garnered substantial media attention, with TESSAN being interviewed by various outlets. In acknowledgment of its innovative contributions, TESSAN received an award from SlashGear, a leading technology media platform known for its in-depth reviews and news on tech, cars, gaming, and science since 2005. The event’s excitement was further amplified by social media influencers, who explored the exhibition and shared their experiences with their followers, significantly enhancing the reach and impact of TESSAN’s innovations.

A highlight of the event was the interactive “What’s Your Next Journey?” activity, which invited attendees to participate for a chance to win an exclusive poster of the American singer-songwriter Rachael Yamagata, who recently partnered with TESSAN to inspire travelers.

Central to the exhibition were TESSAN’s latest products that underscored the brand’s commitment to innovation and user-centric design. The Travel Adapters, with its lightweight, compact, and multifunctional design, was a standout. Designed for global use, it caters to frequent travelers, ensuring seamless connectivity across different countries. The 140W Universal Travel Adapter, in particular, captured significant attention as an essential tool for global connectivity.

The Charging Station was another focal point, offering multi-device charging capabilities, rapid charging technology, and safety features. Suitable for both home and office environments, it meets the needs of users with multiple devices. The 100W Charging Station, a 9-in-1 powerhouse, exemplifies this by charging multiple gadgets simultaneously at lightning speed, appealing to busy individuals and tech enthusiasts alike.

Additionally, the Smart EV Charger demonstrated TESSAN’s commitment to sustainable and efficient solutions. Compatible with various electric vehicle models, it provides a convenient and eco-friendly charging option for EV users.

TESSAN’s diverse product range embodies the brand’s vision and core values, aiming to be a reliable companion in both daily life and travel. By prioritizing simplicity and convenience, TESSAN designs products that eliminate complexity and meet modern efficiency needs. Innovation is key, with advanced technologies like GaN (Gallium Nitride) enhancing performance and compatibility. Sustainability is also central to TESSAN’s mission, as demonstrated by eco-friendly practices and partnerships with ClimatePartner and One Tree Planted. Notably, TESSAN has launched an initiative to plant 10,000 trees across the U.S. and beyond, reinforcing its commitment to environmental sustainability and climate action.

Beyond product innovation, TESSAN enhances its impact through strategic collaborations. A notable partnership with globe-acclaimed photographer and adventurer Mattias Klum underscores the brand’s reliability. Additionally, TESSAN has teamed up with Rachael Yamagata to launch a global initiative aimed at uncovering travelers’ stories and inspiring exploration of the unknown.

As TESSAN continues to innovate and expand its product offerings, it remains dedicated to meeting the evolving needs of users worldwide. The brand invites everyone to join in its journey of exploration and discovery, promising more high-quality products that enhance connectivity and enrich lives.

About TESSAN

TESSAN, a trusted partner in charging solutions, is committed to enriching experiences both at home and during travel. The brand offers a wide array of products, including multifunctional power strips, travel adapters, wall extenders, and smart home devices. Supported by a robust R&D and production team, TESSAN develops innovative socket products for users across the globe. With the trust of over 20 million users, TESSAN empowers their journeys from home to every destination, promoting environmentally conscious electricity usage.

For more information, visit www.tessan.com or the TESSAN Amazon store, and follow TESSAN on Facebook, Instagram, and YouTube.

CONTACT: Derien Lin, derien@tessan.com

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SOURCE TESSAN

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Docking Drawer to Revolutionize Appliance Garage Safety at KBIS 2025

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Docking Drawer, the leader in in-drawer outlet solutions, is set to showcase its newly configured Safety Interlock Outlets for appliance garages at the Kitchen & Bath Industry Show (KBIS) in Las Vegas this February 2025.

SAN RAMON, Calif., Jan. 11, 2025 /PRNewswire-PRWeb/ — Docking Drawer’s Unwavering Dedication to Safety

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality.”

When it comes to safety, no one in the industry matches the focus and innovation of Docking Drawer. Their Safety Interlock Outlets for appliance garages bring a unique, forward-thinking solution to an often-overlooked area in kitchen design. These safety outlets automatically de-energize an appliance garage power source when the cabinet door is closed, ensuring that appliances are safely powered off when contained inside the cabinet.

Docking Drawer is also the only company dedicated to creating in-cabinet electrical solutions that meet the strict code requirements of the Canadian marketplace. Their Safety Interlock Outlets are designed to make in-cabinet electricity compliant in Canada while offering consumers in all regions an additional layer of safety for in-cabinet power.

Advanced Limit Switch Technology

Docking Drawer’s Safety Interlock Outlets for appliance garages utilize an advanced Limit Switch system, designed to work seamlessly with power outlets concealed by a cabinet door. This intuitive feature detects when the cabinet door is closed, instantly cutting power to the connected outlet and all powered appliances.

Now Compatible with Any Appliance Garage Door

An updated Limit Switch feature now offers different switch options to accommodate all appliance garage door types, including traditional cabinet doors, pocket door setups, and more. The newly designed Limit Switch now offers two functions to choose from:

Power Off When Limit Switch is Depressed: This state is ideal for traditional cabinet doors, where closing the door depresses the switch to cut power safely.Power On When Limit Switch is Depressed: This state is perfect for pocket doors, where the door being pushed back upon opening activates the switch, turning the power on.

Customizable Connectivity

The flexibility of Docking Drawer’s solutions also allows for connecting multiple limit switches to a single safety outlet or vice versa, offering customization options to adapt to the unique demands of any project.

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality,” states Scott Dickey, founder of Docking Drawer. “Our Safety Interlock Outlets represent the culmination of our dedication to innovation and empowering homeowners and professionals with safer, more organized spaces—even beyond the kitchen and bathroom.”

Join Us at KBIS 2025

Don’t miss the opportunity to experience the future of kitchen safety. Visit Docking Drawer at KBIS 2025 in Las Vegas this February to see firsthand how their Safety Interlock Outlets are revolutionizing appliance garage safety.

About Docking Drawer:

Founded in 2014, Docking Drawer offers a full array of ETL Listed electrical solutions. From our core in-drawer outlets developed specifically for use inside the drawer to our family of safety interlock outlets which add peace of mind to in-cabinet electrical setups, our products are designed to create more organized, functional and safer spaces.

Media Contact

Paul Hostelley, Docking Drawer, 1 530-362-5055, paul@dockingdrawer.com, dockingdrawer.com

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SOURCE Docking Drawer

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More than 85 Governments to Gather in Riyadh to Lead Global Action on Minerals at Fourth Future Minerals Forum

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RIYADH, Saudi Arabia, Jan. 11, 2025 /PRNewswire/ — Over 85 governments from key mineral-producing and consumer nations, including 16 countries from the leading G20 economies, and 50 ministers and 13 vice ministers – have confirmed they will join the 2025 FMF Ministerial Roundtable on January 14, 2025.

The Ministerial Roundtable, a multi-stakeholder, government-led initiative, is the traditional opener of FMF, spurring international action to increase investment in mineral supply and build capacity in the Super Region of Africa, Western and Central Asia, and other supply regions. It is set to be the largest and most senior gathering of mineral resources officials in the world

Discussion will cover progress made over the past year on the three Ministerial Roundtable initiatives:

Development of an International Critical Minerals FrameworkEstablishment of Centers of Excellence to build capacity in sustainability (Morocco), talent development (South Africa), and technology innovation (Saudi Arabia).Advancements in Certification Systems to ensure responsible mineral sourcing.

His Excellency Khalid Al-Mudaifer, the Vice-Minister for Mining Affairs of Saudi Arabia’s Ministry of Industry and Mineral Resources, emphasizes that, “The meeting is an important step towards achieving sustainable development in the minerals sector globally. It is an ideal platform for delivering solutions, developing legislation on best practices in the field of sustainable mining, and exploring ways to invest in mining projects to achieve economic and social development in producing countries.”

Joining him are high-profile leaders, including ministers from supplier and financing like Brazil, South Africa, DRC, India, Egypt, Italy, Nigeria, Qatar, Pakistan, Kazakhstan, Uzbekistan, Malaysia, Thailand, Morocco, Indonesia, France, USA and the United Kingdom, discussing opportunities for global cooperation.

 “This year, discussions will seek to enhance collaboration between governments, industry, and communities to drive more investment in minerals, and development through value addition in supplier countries. We want to support the pressing need for sustainable mining practices, resilient supply chains, and value-driven partnerships in the minerals industry.”

Importantly, the outcomes of the Ministerial Roundtable are not confined to the event itself but form an ongoing, year-round program. Regional Coordination Groups will continue to drive the implementation of key initiatives.

“FMF is emerging as the largest global hub for minerals collaboration and action – no other platform brings together government ministers and senior industry leaders at this scale.” Al-Mudaifer concluded.

 

SOURCE Future Minerals Forum

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