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US Ride-Sharing Revenue Projected To Bounce Back In 2021 By 23% – $1.9B; Projected To Reach $3B By 2025


The ride-sharing industry was one of the newest and
fastest-growing industries in the world until the
Coronavirus pandemic took hold in 2020. A year after the
pandemic, the industry is starting to bounce back and looks
poised to reclaim the momentum that it had lost. According
to data presented by TradingPlatforms.com,
the ride-sharing industry in the US is projected to generate
$1.9B in 2021, a 23% YoY increase from
2020.

Ride-Sharing Impacted By COVID-19 Pandemic in
2020; Recovery Expected in 2021

The global
ride-sharing industry was badly hit as lockdowns were
imposed all over the world, effectively halting global
mobility. The US is the world’s largest ride-sharing
market, generating almost $2B in 2019 but experienced a
significant contraction in 2020. As a result of the
pandemic, the US ride-sharing industry only generated $1.54B
in 2020 – a 21% YoY decrease.

As of May 2021, the
situation has improved in several areas in the US, albeit
not to pre-pandemic levels yet. In 2021, the ride-sharing
market in the US is projected to generate $1.9B in 2021 – a
23% YoY increase from 2020’s pandemic stricken revenue
numbers.

Forecast For Ride-Sharing Industry Still
Bright Despite 2020’s Pandemic Ravaged Year

The
ride-sharing market is expected to pass 2019’s
pre-pandemic revenue numbers by 2022 when it is expected to
cross the 2B mark for the first time. Projections also have
the US ride-sharing market generating at least $3B by 2025
on an impressive Compound Annual Growth Rate (CAGR) of
13.55% from 2021-2025.

The global ride-sharing market
experienced a similar YoY revenue decrease to the US market
as a result of the pandemic. In 2021 the global ride-sharing
market is expected to bounce back by more than 27% and
generate $9.37B. The industry is expected to surpass
pre-pandemic levels and the $10B mark by 2022 when it is
projected to generate $12.39B.

Globally, the
ride-sharing market is projected to grow at a robust CAGR of
12.42% from 2021-2025, resulting in a projected market
volume of just under $15B by 2025.

Rex Pascual, Editor
at TradingPlatforms.com,
commented;

“Despite the outlier that was 2020, the
future of the ride-sharing industry still remains promising.
While the pandemic situation still remains fluid in many
parts of the world, there is strong confidence in the
industry’s ability to pick up right where it left off once
the global situation fully stabilizes.”

You
can read more about the story with more statistics and
information at
: https://tradingplatforms.com/blog/2021/05/24/us-ride-sharing-revenue-projected-to-bounce-back-in-2021-by-23-1-9b-projected-to-reach-3b-by-2025/

© Scoop Media

 



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