Uber, Bolt, rideshare operators to see global revenue hit $12.4bn by 2022
After the pandemic blow that threw the global ride-sharing industry off balance in 2020 because of restricted movements, the industry has been projected to recover and surpass its pre-pandemic level this year and sustain uptrend in 2022.
In 2021 the global ride-sharing market is expected to bounce back by more than 27 per cent and generate $9.37 billion, whereas, the industry is expected to surpass pre-pandemic levels by 2022 when it is projected to generate $12.39 billion in revenue.
According to data presented by TradingPlatforms.com, globally, the ride-sharing market is projected to grow at a robust compound annual growth rate (CAGR) of 12.42 per cent from 2021-2025, resulting in a projected market volume of just under $15B by 2025.
The ride-sharing industry was one of the newest and fastest-growing industries in the world until the Coronavirus pandemic took hold in 2020.
A year after the pandemic, the industry is starting to bounce back and looks poised to reclaim the momentum that it had lost. Specifically, the industry in the US is projected to generate $1.9 billion in 2021, a 23 per cent year-on-year (YoY) increase from 2020.
The global ride-sharing industry was badly hit as lockdowns were imposed all over the world, effectively halting global mobility.
The US is the world’s largest ride-sharing market, generating almost $2 billion in 2019 but experienced a significant contraction in 2020.
As a result of the pandemic, the US ride-sharing industry only generated $1.54 billion in 2020 – a 21 per cent YoY decrease.
As of May 2021, the situation has improved in several areas in the US, albeit not to pre-pandemic levels yet.
In 2021, the ride-sharing market in the US is projected to generate $1.9 billion in 2021 – a 23 per cent YoY increase from 2020’s pandemic stricken revenue numbers.
The market is expected to pass 2019’s pre-pandemic revenue numbers by 2022 when it is expected to cross the $2 billion mark for the first time.
Projections also have the US ride-sharing market generating at least $3 billion by 2025 on an impressive Compound Annual Growth Rate (CAGR) of 13.55 per cent from 2021-2025.
The global ride-sharing market experienced a similar YoY revenue decrease to the US market as a result of the pandemic.
Rex Pascual, Editor at TradingPlatforms.com said, “Despite the outlier that was 2020, the future of the ride-sharing industry still remains promising. While the pandemic situation still remains fluid in many parts of the world, there is strong confidence in the industry’s ability to pick up right where it left off once the global situation fully stabilizes.”