Consumer Ridesharing Spending Expected to Reach $937B by 2026

Consumer ridesharing spending around the world is expected to be over $937 billion by 2026, according to a Juniper Research press release.

The study, Ride Sharing: Value Chain Analysis, Market Size and Forecasts 2012-2026, found that is equivalent to 50 times the combined yearly revenue of Transport for London, New York City’s Metropolitan Transit Authority (MTA) and the Beijing Metro this year, the release stated.

The spending is an increase from $147 billion this year, representing a growth of 537% by 2026, according to the release.

Customers in the U.S. and China are ridesharing spending leaders, and they are predicted to account for 65% of market value in 2026, the release stated. There will likely need to be government initiatives to cut private vehicle use in cities, along with robust pandemic recovery, in order for the countries to keep leading the pack.

The study also found that only about 13% of consumers will make use of carpool-style ride sharing by 2026, according to the release. Most will go for single-occupancy services, showing most consumers would prefer to travel alone and are willing to pay more to do so.

In other news, drivers for ridesharing and food delivery companies have been among those victimized by carjacking and crimes.

Read more: Ridesharing, Food Delivery Drivers Among Victims of Violent Crimes

Eleven percent of the carjackings in Minneapolis so far this year happened to rideshare drivers. That has led to drivers quitting or only working during the day. Others only pick people up at airports. Some have taken to wearing bulletproof vests, and others want the companies they work for to upload pictures or conduct background checks on riders.

Uber and Lyft have responded with measures like buttons to connect drivers to 911. Both also require riders to upload IDs if they use untraceable payments.