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.
- Lyft, Inc.
- Meru Mobility Tech Private Limited
- 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
- Private Users
Global Ride-sharing Services Market, by Vehicle Type
- Passenger Vehicle
- 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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.