Ride sharing is revolutionizing the transportation industry. However, in a world with cheap public transportation, why are ride-sharing companies successful?
The answer is simple, convenience. Rather than waiting outside in the middle of the night to hail a cab, you can call one to where you are. Sharing the cost of transportation makes it even more affordable.
Opportunities in the ride-sharing business
The demand for convenient travelling has been on the rise. In 2021 for instance, ride-sharing business picked. Today, the USA has the largest ride-sharing market base. In 2019 for instance, the revenue was $2B.
However, the global ride-sharing industry prospects to grow to a market value of $185.1.60 billion by 2026. The ride-sharing industry is booming, and there is no stopping now. Below are the top ride-sharing companies you can use as references.
Ride-sharing business model
Today, many people are willing to pay for convenience than standing in the rain flagging down a taxi. Some of these companies have gone ahead and become international brands present worldwide.
Thus, identifying factors that will attract more customers to your platform crucial. Besides to have a sustainable revenue industry, you must cultivate customer loyalty.
You have to build your business based on your reference to drivers and commuters and simplify it. Make your platform easy to use and transparent. To succeed in the ride-sharing industry, you can take a note or two from the top ride-sharing companies.
Top ride-sharing companies
You probably think of Uber and Lyft when ride-sharing comes up. However, many more platforms allow commuters to move around in an eco-friendly manner. The top 15 ride-sharing companies include:
Uber is probably the popular ride-sharing company in the world. It has its headquarters in San Francisco. In 2019, Uber had over 100 million drivers who took over 1.7 billion trips. The service is available in over 10,000 cities.
The pricing is competitive. Services like UberPool, a carpooling options make it affordable for commuters to travel.
Uber provides its customers with a variety of rides at different prices. The most common ones include Uber X, Uber XL, Uber Select, Uber Black and Uber Comfort
What is Uber doing so well?
- It’s faster, cheaper and more convenient for commuters, compared to taxis.
- It has enhanced mobility, even in areas with limited access to taxis and public transport
- It emphasizes the safety of its riders since all drivers have to pass the background check
- The service is available at any time of the day or night
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Lyft is the second-largest ride-sharing company, servicing over 600 cities in the US. It is also available in 12 cities in Canada. It accounts for 32% of the American ride-sharing market. Notably, it’s presence is in Detroit and Phoenix.
Lyft allows its passengers to make pit stops along the way. In addition, it has cheaper pricing compared to Uber during peak hours.
What does Lyft do well?
- It emphasizes the safety of its riders.
- Lyft offers an affordable alternative to taxis and inconvenient public transport.
- The marketing strategy is casual and friendly. Besides, it involves video ads and customer referrals.
- Winning over its drivers. Lyft has a high percentage of drivers with experience and pooling.
Bolt offers ride-sharing services in over 300 cities across 45 countries globally. The company has over 1.5 million drivers, servicing over 75 million riders globally. Bolt has scooters integrated into their ride-sharing service that are affordable.
What does Bolt do well?
- Bolt has considerably lower prices compared to Uber and Lyft
- The app is easy to use
- Bolt emphasizes safety and convenience
- Carbon-neutral journey
- Have lower commission rates, which increases their drivers’ income
Gett is an Israeli company. Today, it covers over 1500 business centres worldwide. It serves both businesses and commuters.The fleet at Gett includes taxis, limousines and chauffeur-driven cars. It is available in over 100 cities across Russia, the UK and Europe.
What does Gett do well?
- During peak time, the prices at Gett are lower than Uber
- Gett works with existing taxis
- The company has affordable plans for longer journeys
- Excellent employee welfare
- 24/7 support for drivers and commuters through email, phone and text
Wingz started its operations in 2011 and has since expanded into 30 cities in the US. Unlike other ride-sharing apps like Bolt and Uber, Wings allows the riders to request a specific driver.
Commuters using the platform have the chance to collate their favorite drivers for future references. Wingz riders can also book their ride up to 1 year in advance.
What does Wingz do well?
- Wingz charges its riders a flat-rate price, so there is no surge pricing
- Drivers earn more with the company taking a small percentage of the fare as commission
- If you become a favorite driver, you make more
- Safety is fundamental, with all drivers undergoing health and safety training
RideCell claims to have the best mobility platform with more innovative utilization of resources. The fleet at RideCell has IoT automation, which enables the company to organize its drivers more efficiently and sustainably.
RideCell offers its customers a wide range of services, from station-based to free-floating services. They also rents out their vehicles by minute, hour, day and weeks with monthly billing options.
What does RideCell do well?
- They integrate delivery and service fleet data for more insightful actions
- The company increased rental utilization without increasing the team’s workload
- Motorpool fleet management that creates convenience for employees
- The company includes a comprehensive fleet management system for security and vehicle recovery
Grab is a common name alongside Uber in the Southeast Asian region. Its app offers unique services and features, making it stand out from other ride-sharing companies.
For instance, a commuter can pick a carpooling option with more passengers. The company also has a pet and family-friendly ride option. Their fleet includes vehicles and bikes.
What does Grab do well?
- Commuters get multiple ride options in their app
- The company has a reward system
- 24/7 support for both drivers and commuters
Curb works with for-hire drivers and existing taxis. It is, therefore, possible to book your ride in advance. The platform works with a pair and pay system, where a rider can process electronic payment, even after hailing the car by hand.
The innovative taxi advertising ideas at Curb are attracting many traditional taxis in major cities in the US
What does Curb do well?
- It works with fully insured vehicles
- It has innovative advertising techniques that attract a lot of drivers
- The payment system is flexible
Via is a common carpool ride option in major cities across twenty countries. The company offers lower prices and works by finding drivers who take the same route.
It is the best carpooling service for its customers, saves commuters money, and reduces their carbon footprint. Via is in the US, UK, and Canada.
What does Via do well?
- It offers lower costs to its riders than most services
- Best choice for peer-to-peer ride-sharing
- Includes a commuter scheme payment service in New York that lets the commuters pay for their journey with their benefits
BlaBlaCar is a ride-sharing company in Europe, plus Mexico and Brazil. The platform works allow anyone in your path to offer you a ride. You fill in your destination, and it presents options of possible rides you have.
You then choose the vehicle you want to travel in and pay online. For safety reasons, the company also includes a ladies-only ride option
What does BlaBlaCar do well?
- More income for drivers, since the company only takes 15% commission on fare
- It offers carpooling services, which are a cheap and convenient alternative
- The company has an interactive platform where drivers interact with other drivers
- Innovative ways to connect their drivers and passengers like the carpooling service BlaBlaLines
Turo is a ride-sharing company where car owners rent out their vehicles at their preferred prices. You take photos of your car, list the car and update the calendar.
The company, Turo, then sends you updates whenever someone wants to rent your car. However, their operation has expanded, and now there are vehicles servicing airports in select cities.
What does Turo do well?
- Turo offers flexible rental services to customers
- The services are cheaper compared to Zipcar and Enterprise
- The owner has complete control over the pricing
In Southeast Asia, Gojek competes with Grab. Gojek mainly caters to the Indonesian market, but it has expanded to other countries like Indonesia, Vietnam, Thailand and Singapore.
Gojek has a similar booking process as Uber and Bolt and unique features like editing the route mid-journey. The Gojek fleet includes cars, and bikes, which help cut down the transportation cost.
What is Gojek doing well?
- Range of services including van and courier
- Simple booking process
- Scooters and cars
- Attractive special features for their customers
Cabify is a ride-sharing company in the South American region, catering to Brazil, Argentina, Chile, Colombia, and the Dominican Republic.
The company is notorious for its extensive and rigorous background checks on its drivers. It also has a geo-tracking system that friends and family use to know the passenger’s location at all times.
Cabify also has some employee travel plans for businesses and clients.
What does Cabify do well?
- There are high levels of security implemented
- The app is simple to use with a simple booking process
- There are straightforward user interfaces
Getaround claims to be the world’s largest car-sharing marketplace. It provides communities with cheaper alternatives to owning vehicles. The platform features a personalized earning report to help car owners maximize their profits.
The vehicles should have insurance cover by the time you are renting them. In addition, the customers looking to hire cars from Getaround need to pass the screening test for safety reasons.
What does Getaround do well?
- 24/7 support for car owners and guests
- You can access all their services with your phone
- An insurance cover is included in the plan when you book a car
- The screening tests ensure that the vehicle is safe from inexperienced drivers
Didi is the Uber of China. It is a global ride-sharing platform with a range of services like private driving, peer-to-peer car sharing, bike sharing, and taxi hires. The service is also available in Mexico, Chile, Brazil, Australia, Colombia and Japan
Through their app, Didi Rider, customers can straightforwardly book rides. The company also includes numerous safety measures such as geo-tracking.
What does Didi do well?
- Improved security for drivers and passengers
- Simple interface
The future of ride-sharing business
The future of the ride-sharing industry looks positive, especially with the advanced technology in the market. RideCell is an example of companies offering futuristic solutions to ride-sharing consumers.
Since ride-sharing is an economical option to owning a car and is better for the environment, the industry will grow.
It is a millennial-driven industry. More than 50% of millennials would accept the idea of sharing rides. The millennial generation is redefining the way of life by sharing houses and apartments. When it comes to transportation, they go a step further into sharing bikes. The population is transforming, and millennials will back it up for anything that makes life convenient.
It is a changing industry– the transportation system, as you know it is changing every day. Customers now prefer sharing vehicles to own one, demanding the automobile industry change. It would be wise if the manufacturers embraced the shift and participated.
Autonomous driving is also a promising possibility in the future of ride-sharing. Companies like Uber and Lyft are making strides in developing self-driving vehicles. By 2023, autonomous cars could be bringing in $173 billion in global revenue.
Looking into the future of transportation, carpooling will not be the only option. However, it is in a growth spout now, and more people embrace the idea. The possibilities are many, and the costs are affordable to most people. There are still other good business opportunities you can grab and grow your fortune. Always take chances that come your way.