From autonomous driving technology to drones to personal aircraft, the scope of the mobility industry is expanding rapidly. Let’s take a look at the ride sharing service, which is on the verge of turning a crisis into an opportunity.
In 2010, ‘ride sharing service’ started with the advent of Uber. It connects passengers who want to move through the platform and individuals or taxis who own cars.
Despite the uncertainty of growth due to COVID-19, the ride sharing market continues to attract investors attention. Because it is showing growth even in difficult circumstances. There ar currently six global companies leading the ride-sharing market. Let’s look at the ride sharing trend leading by them.
Trend 1: Diversification of profit structure
The ride sharing market has been hit hard by COVID-19. Faced with downturns, Uber and Lyft also laid off 25% and 17% of their workforce in 2020. Both companies have begun restruicting their portfolios. We have diversified our profit structure by building a vast range of mobile services including logistics.
Uber secured flexibility throughout the group by increasing the proportion of food delivery service Uber Eats and freight delivery service Uber Plate. Lyft also tried to get out of the crisis by launching a delivery service for daily necessities and medicines called Essential Delivery.
As a result, they succeeded in making up fort he loss of mobility services by increasing sales from new businesses.
Trend 2: Evolving beyond ride sharing to a super app
Grab, which is a ride sharing platform based in Singapore and expanding across Southeast Asia, goes one step further. It has expanded its reach into a super app by combining ride-sharing with delivery, distribution and financial services.
As of 2019, 75% of Southeast Asians did not have a bank account. The financial market in Southeast Asia, where most of the transactions are made in cash, provided an opportunity for Grab to grow into a super app.
In 2019, Grab launched the electronic wallet Grab Pay. Just like with a prepaid card, if you top up a certain amount, you can freely make payments within the balance. Thanks to its convenience, the number of Grab users exploded, and in 2021, during the pandemic, Grab was listed on US Nasdaq.
As such, the ride sharing service is expanding its scope into various markets related to consumers daily lives. The automobile industry predicts that the car will become a giant smartphone with the development of infotainment technology. Attention is paid the role of large amounts of date such as real time traffic information and digital maps in the ride sharing industry in the future.
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