Ride-share spending to hit almost US$1 trillion by 2026
American and Chinese consumers are expected to lead the global spend
Single-occupancy trips
However, the report cautioned that only 13 percent 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 travelling alone.
It noted that while this is a logical trend given the ongoing pandemic, the emissions generated by single-occupancy services mean platforms must explore non-financial incentives to drive 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.
But Wears added that cities needed to do more on this front.
“The only stakeholders attempting to drive carpool ride-sharing services at the moment are the platforms themselves, but if carpool services are to make an impact in terms of congestion and emissions, it will be vital for city authorities to involve themselves in future.”
“There are multiple strategies ride-sharing platforms must leverage to drive adoption of carpool services, but these will need to be implemented carefully to avoid the perception of prioritising carpool users over non-carpool ones,” he added.
“If implemented poorly, this will generate a negative reaction from users and lead to increasing competing services.”
Despite the optimistic growth predicted in the report, ride-share firms have struggled during the pandemic — with Uber and Lyft’s share prices falling by 26 and 32 percent respectively over the six last months.
Story byCities Today
Cities Today is the leading news platform on urban mobility and innovation, reaching an international audience of city leaders.Cities Today is the leading news platform on urban mobility and innovation, reaching an international audience of city leaders.
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