Ride-sharing services have expanded rapidly during the past decade, supported by technological advancements and increasing digitalization trends. Ride-sharing companies connect passengers with a private vehicle driven by its owner, while charging a fee for that service.
According to Market and Markets, the ride-sharing industry is expected to hit $185.1 billion by 2026, growing at a CAGR of 16.6% between 2021 and 2026. Urbanization is estimated to act as a key growth catalyst for the given industry during the forecast period.
