Uber quarterly gross bookings worldwide 2016-2023
Ridesharing
Ridesharing services are online networks where drivers can ‘share’ space in their personal vehicle to passengers (who are also members of the network) for a fee. The service therefore operates like a traditional taxi, with the key difference being the use of technology and private vehicles. The latter exempts the network from the regulatory framework applicable to taxis in many regions. Accordingly, in some cases lower prices can be offered by ridesharing services. Uber is the leading ridesharing service in the United States with an annual revenue of nearly 32 billion U.S. dollars globally in 2022.
Global growth of ridesharing faces uncertainties
While projections for the ridesharing market are positive, the market also faces uncertainties, in light of the long-term impact of the COVID-19 pandemic as well as tighter regulations on ride-sharing services that many countries are considering or have already introduced. For example, Uber is banned or restricted in parts of Europe. Should more localities decide to regulate or ban ridesharing services, the more optimistic forecasts for growth may need to be reconsidered.