Autonomous Ride-sharing Services Market: Introduction
- Rapidly changing lifestyle and customer expectations have transformed traditional mobility needs. People are preferring shared mobility services, thereby boosting the user-centric mobility-as-a-service business model. Ride-sharing is type of mobility service where a commuter travels along with other passengers.
- When a customer books a shared ride from either a website or mobile app, the mobility service provider matches passengers on similar routes and provides a single vehicle for their transportation, which reduces the travel cost
- Mobility service providers are increasingly adopting autonomous vehicles for ride-sharing service, as they eliminate the cost associated with payment of drivers and provides customers with higher convenience in accurately tracking the ride and making digital payments
Key Drivers of Autonomous Ride-sharing Services Market
- Autonomous vehicles and ride-sharing services are being majorly driven by on-going advancements in technologies. Development in automobile telematics due to improvement in wireless communication technologies, such as 5G and IoT, has enabled vehicles to communicate with other vehicles, infrastructure, and drivers. This accelerates data exchange to and from the vehicle, thereby enabling different levels of autonomy in automobiles. These autonomous vehicles are being adopted by mobility service providers to reduce costs and boost revenues. For instance, in February 2017, Uber Technologies Inc. introduced the Volvo XC90 SUV as its first self-driving car available for ride-sharing. Thus, advancements in technologies are propelling the autonomous ride-sharing services market across the globe.
- Rate of urbanization is increasing across the globe. In May 2018, The United Nations stated in press release that 55% of the global population resides in urban areas, which is anticipated to reach 68% by 2050. These new urban residents fuel the demand for inexpensive means of transportation, as compared to privately owned vehicles, thereby boosting the demand for shared mobility services. Consequently, numerous transportation companies and state agencies are adopting autonomous vehicles to provide mass transit services for people. For instance, in November 2017, the Minister of Singapore, Mr. Khaw Boon Wan said that his government is planning to deploy autonomous buses for mass transit. Furthermore, mobility service providers are attracting hefty investments from OEMs and other companies. For instance, in April 2019, TOYOTA MOTOR CORPORATION, DENSO Corporation, and SoftBank Investment Advisers invested US$ 1 billion in Uber Technologies Inc. to accelerate its autonomous ride-sharing services program. Thus, growing urbanization coupled with an increase in investment from government and corporate organizations is driving the autonomous ride-sharing services market across the globe.
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Challenges in Autonomous Ride-sharing Services Market
- Autonomous vehicles are highly vulnerable to cyber-attacks and pose a threat to the data privacy of users. Moreover, governments of certain countries including India are not supporting driverless cars, as they are likely to cause loss of employment. These factors are restraining the global autonomous ride-sharing services market.
Impact of COVID-19 pandemic on Autonomous Ride-sharing Services Market
- The recent outbreak of COVID-19 pandemic has hampered the production and sales of vehicles as manufacturing plants were shutdown to avoid spread of virus. Additionally, growing awareness about hygiene among people is making them reluctant to use ride-sharing services, which in turn is anticipated to hamper the global autonomous ride-sharing services market.
North America hold Significant Share of Global Autonomous Ride-sharing Services Market
- North America holds a significant share of global autonomous ride-sharing services market, as more people are adopting shared mobility services to curb emissions from vehicles. The Environmental Protection Agency of the U.S. stated that transportation amounted for 28% of the greenhouse gases emitted across the nation in 2018. This is creating awareness among people to use shared mobility services and reduce fuel consumption. Furthermore, government agencies are investing considerably in the development of autonomous vehicles. For instance, the U.S. Department of Transportation is investing US$ 4 billion to accelerate the development of autonomous vehicles. This has prompted companies such as Waymo LLC, Ford Motor Company and General Motors to launch their fleet of autonomous vehicles for ride-sharing. These factors are fuelling the share held by North America in the global autonomous ride-sharing services market.
Key Players Operating in Autonomous Ride-sharing Services Market
The global autonomous ride-sharing services market is highly concentrated due to the presence of top players. A few of the key players operating in the global autonomous ride-sharing services market are:
- Addison Lee Limited
- ANI Technologies Pvt. Ltd.
- Beijing Xiaoju Technology Co, Ltd.
- Grab
- Lyft, Inc.
- Meru Mobility Tech Private Limited
- Revv
- Ridecell, Inc
- Tesloop Inc.
- Uber Technologies Inc.
- Waymo LLC
- WILLER, Inc.
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Global Autonomous Ride-sharing Services Market: Research Scope
Global Ride-sharing Services Market, by End Users
- Corporates
- Private Users
Global Ride-sharing Services Market, by Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Commercial Vehicle
Global Ride-sharing Services Market, by Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
Global Ride-sharing Services Market, by Distribution Platform
- Web Based
- App Based
- IOS
- Android
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