In this news roundup, Ridesharing Forum will tackle how New York City’s authorities heard Uber’s plea as they withdrew a ruling initially mandating drivers to get insurance coverage and the future of the ridesharing market that will leave you stunned.
No more insurance coverage requirement
Investment media recently reported how New York City authorities officially withdrew a proposed rule change that would have required taxi drivers and rideshare drivers to get coverage from a “solvent and responsible” insurance carrier.
This decision was made after Uber, one of the world’s leading ridesharing platforms, warned that requiring ridesharing drivers to have such coverage could potentially leave them and thousands of others without insurance.
However, the ruling’s requirements have been altered. In the revised rule, the insurance policies that drivers must have must be “issued by companies authorized to do business” in the state of New York.
Thus, licensed car owners are no longer required to evaluate their carrier’s financial status. Final rules and causes will be voted upon and set this Wednesday. If the new rules are approved, they will be implemented by the New Year 2026.
Ridesharing market poised to be at around over $340 billion by 2029!
Business research experts agree that the ridesharing market will blossom into a $340-billion industry by 2029.
Due to the fusion of technological innovation and sustainability being introduced to the ridesharing market lately, including consumers who are looking for eco-friendly and cost-effective transport solutions, the market will rise from $157.02 billion this year to $341.1 billion in 2029. That, if momentum is kept.
The market was $131.96 billion in 2024, with a projected $157.02 growth in 2025, at a compound annual growth rate of about 19 percent.
The increased presence of ridesharing platforms on smartphones, increasing urbanization, and growing environmental awareness contributed to this growth.
Meanwhile, the expansion to that amount in 2029 is driven by advancements in self-driving vehicles, expansion to underserved locations, and a sustainability-driven focus.
Then, you also have multi-modal transportation, micro-mobility solutions, smart cities integrations, and more technological innovations.
Those figures are huge, indeed. Do you agree with what you just learned? Feel free to share your thoughts by participating in this forum, or sharing this article with your family and friends online. Keep safe on the road!
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