Ride Sharing Spend by Consumers to Exceed $930 Billion Globally by 2026
Ride-sharing spending by consumers globally will exceed $937 billion by 2026, comparable to 50 times the combined annual revenue of Transport for London, New York City’s MTA, and the Beijing Metro in 2021, according to a new study by Juniper Research. This spend represents an increase from $147 billion in 2021 and total growth of 537% over the next 5 years.
The research identified consumers in the US and China as leading global spend on ride-sharing services; accounting for 65% of market value in 2026. 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. However, the new report cautioned that only 13% 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 traveling alone.
It noted that while this is understandable given the ongoing pandemic, the emissions generated by single-occupancy services mean that platforms must explore non-financial incentives to drive the adoption of carpool services. This could include collaborating with city authorities to allow carpool vehicles to use public transport-only lanes, to make these services attractive in terms of both cost and efficiency.
“There are multiple strategies that ride-sharing platforms must leverage to drive adoption of carpool services, but these will need to be implemented carefully to avoid the perception of prioritizing carpool users over non-carpool ones. If implemented poorly, this will generate a negative reaction from users and lead to increasing competing services,” explained research author Adam Wears.