Introduction
Global ride-sharing market is worth +$300bn in 2023 (Source: UBS).
A significant factor propelling this expansion is the changing dynamics of transportation, notably influenced by Gen Z and Millennials. The digital-native generations, accustomed to the digitalization of nearly every aspect of life, naturally gravitate towards app-based transportation solutions.
The preference for on-demand services over traditional vehicle ownership is unmistakable, especially when juxtaposed with the escalating costs associated with owning a car in urban environments. Metropolises worldwide are experiencing surges in fuel prices and maintenance costs, making car ownership an increasingly hefty financial burden. This trend highlights the escalating relevance of ride-sharing platforms.
Today's consumers are becoming more conscious of the impact of their choices, actively seeking transparent and ethically responsible brands. Despite this, traditional ride-sharing platforms remain under scrutiny for their centralized models, high commissions, and perceived inequitable profit distribution, often sidelining the drivers who power these services. Consumers have no choice of moving away as they all have the same model.
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