The future of transportation is rapidly changing thanks to the ride sharing industry. It’s no longer a big deal to own a car. In fact, it isn’t necessary anymore. As technology continues to revolutionize our lives, the transport industry is no longer the way it used to be.
Today, you can travel anywhere you want with the utmost ease. All you need is a mobile phone app to be picked up and dropped off at your location of choice. With ride sharing, you get to choose how you want to travel. In fact, you can even travel by bike or a scooter if you so wish.
In the last few years, the ride sharing industry has redefined traditional transportation methods. Owning a car is no longer a status symbol to seek out, since it is now easy to have access to any car sharing, bike sharing, or scooter sharing programs in proximity.
To understand the phenomenon of the ride sharing popularity, below are six of the top emerging trends in the ride sharing industry:
Trend #1: Bike sharing and scooter sharing programs are gaining in prominence.
The ability to ride share scooters and bikes is one of the fastest growing trends in the ride sharing industry. In fact, this segment is set to become a critical part of the industry. Bike rental programs have become extremely popular among customers seeking to cover small distances in an environmentally friendly way.
Bikes and scooters are becoming prominent in the ride sharing industry because they can help you avoid traffic in congested areas. In addition, their affordability helps too. Besides, there are less stringent bike-sharing regulations, a factor that has encouraged the rapid rise in bike-sharing. For instance, in China, there are close to seventeen million bicycles in operation. Similar bike sharing industry trends are expected to the emerge worldwide.
Trend #2: There will be an increased use of smart devices in the ride sharing industry.
Another key driver that’s set to expand the ride sharing industry is the increased adoption of smart devices. These include smartphones, wearables, tablets, and other devices that are redefining ride sharing. Using these smart devices, customers can book and pay for rides, verify a driver’s details, and track a trip, among other functionalities. The enhanced transparency and the ability to check a driver’s details will continue to enhance ridesharing safety.
In the future, there will be an increase dependence on advanced and sophisticated bike sharing software to facilitate the service. This will expand the sector’s market share. The increased use of wearable smart devices will also take prominence. For instance, you’ll be able to book a ride using a smartwatch without having to interact with your smartphone.
Trend #3: Ride sharing is popular among millennials.
The uptake of ridesharing is highest among Generation Z and Millennials. These two younger groups will continue to drive the ride sharing industry into the future. Millennials and Gen Z are tech-savvy generations with almost uninhibited access to the internet via smartphones. They also have easy access to apps that make ridesharing a breeze.
In fact, a majority of the people who own a smartphone are young. This is also the market segment that ridesharing targets more heavily. It’s estimated that the average Millennial will fork out $320,190 in ridesharing costs in the next 25 years.
The convenience of using a smartphone or other smart device to book and pay for a ride has made owning a car a less urgent goal. Besides, the entry of bikes and scooters has started to shake things up. As things stand, the ride sharing industry is looking bright thanks to this generation.
Trend #4: The dockless bike segment will become more prevalent.
This is a new and extremely convenient mode of ridesharing. With a dockless system, you can locate and unlock your bike via a smartphone app.
In the future, there will be more dockless bikes than station-based ones. This is because the former has fewer hardware requirements for managing and securing inventory. They also allow user flexibility and cover a larger geographical area.
Trend #5: The ride sharing industry is becoming more competitive.
As new players enter the ride sharing industry, we are likely to see fierce competition. This will, as a result, bring down ridesharing costs as companies seek to expand their market share.
At the moment, the most popular players are Uber, Lyft, and Didi. However, many more are entering the market every year. In the coming years, therefore, we will witness intense competition as ridesharing companies seek to establish their dominance.
Trend #6: The ride sharing market will grow exponentially.
As customers’ demands for quick, convenient, and comfortable rides rise, the ride sharing industry will continue to grow in the years ahead. The ease of using mobile phone applications to book rides promises to keep this industry roaring into the future.
Among the factors that are set to keep ridesharing on a growth trajectory include the elimination of parking headaches, affordable rides to your destination, and a reduced carbon footprint. Besides, stiff competition among players will keep driving ridesharing costs down. This will bring onboard more customers and keep the industry vibrant.
Discounts and offers provided by some of the ridesharing companies are bringing new customers on board. Expect to see more of these offers and discounts going forward. This can only be good for the ride sharing industry.