Ride-share technology, facilitated by the universal smartphone penetration, has annihilated the taxi industry; meanwhile, coincidentally, carmakers have enjoyed the record sales. In this article, we are going to consider some possible long-term ramifications of the ride-sharing for broader auto industry. Rather than the declining sales volumes, as a lot of pessimists have predicted, the biggest threat seems instead to be the increased vehicle homogenization. This holds the potential to drastically affect the profitability of the new vehicle manufacturing & the viability of used car industry in general terms.
The objective of this article is to analyze the key impact of the ride-share services like Uber & Lyft on the private transportation market. For the dealers, financiers, & manufacturers, the volume of the car sales is a critical determinant of the financial success. Assuming the constant mark-up in either the new or the used car market, industry profits will be verbalized by the number & dollar volume of the retail sales ultimately made to consumers or ride-sharing companies & contractors. Forces that erode industry pricing power are also a critical concern.
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Since ride-sharing has only existed for a very short duration, it is probably way too early to empirically identify any kind of structural break which may have occurred as the result of new technology. For this reason, there will be a more theoretical approach, and a simplified economic model will be sketched out. We will also relax some of the assumptions in the framework & consider the effect on the volume & pricing.
The global ride sharing market size has been provided in terms of revenue. Market numbers have been estimated based on the commuting distance, vehicle type, service provider, autonomy level, operating body, business model, electric vehicle type and geography segments. Market size and forecast for each commuting distance, service provider, vehicle type, autonomy level, operating body, electric vehicle type, and business model have been provided in terms of global and regional/country markets.
Asia Pacific comprises rapidly developing countries such as China & India. Demand for the ride-sharing & ride-hailing services is at its peak across these major nations in APAC and is estimated to surge in near future. Presence of the leading global service provider, ominously lower number of vehicles per 1000 people, lower GDP , & flexible laws by the governments are driving the ride-sharing market across the APAC region.
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Key players operating in the global ride-sharing market include Uber Technologies Inc., ANI Technologies Pvt. Ltd., Lyft, Inc., Careem, Grab, Taxify, Gett, Beijing Xiaoju Technology Co, , BlaBlaCar, Wingz, Inc, , and Cabify.