Have the recent downturns in the stock market left you feeling uneasy? You're not alone in feeling this way. The abrupt and severe nature of this year's market sell-off has indeed taken many investors by surprise. Historically, seasoned investors often remind us that moments of market volatility can serve as excellent buying opportunities for those with a long-term perspective.

If you find yourself in search of a promising stock to add to your portfolio, consider taking a closer look at Uber Technologies (NYSE: UBER). Here are three compelling reasons that might persuade you to invest in this ride-hailing giant sooner rather than later.

1. Uber's Growth Trajectory Remains Strong

For those who might be unfamiliar, Uber's core business revolves around connecting passengers in need of transportation with drivers who can provide it. While it may appear similar to a traditional taxi service at first glance, a significant distinction lies in its operational framework. Unlike traditional cab companies, Uber's drivers are not employees bound by fixed schedules; instead, they are independent contractors who can choose when and where they work, using their own vehicles to facilitate rides.

This innovative model has significantly diversified the taxi industry landscape, enabling more competition and accessibility. More importantly for potential investors, Uber's business model has shown remarkable resilience and growth. In the past year alone, Uber's drivers collectively completed an astonishing 11.3 billion rides, generating close to $44 billion in revenue. This impressive performance translates into around $7 billion in operating cash flow. Moreover, the company's revenue growth surged by 18%, effectively doubling its profitability as it operates at a more efficient scale. Analysts anticipate that Uber will sustain this robust growth rate at least until 2027.

Interestingly, a report from Coherent Market Insights further supports this optimism, projecting that the ride-sharing sector will expand at an annualized growth rate exceeding 13% through the year 2032. This forecast is in line with predictions from Straits Research, adding further weight to the argument for investing in Uber.

2. Changing Cultural Norms Favoring Ride-Hailing

The anticipated growth in the ride-sharing market is certainly encouraging, but what solidifies this bullish outlook is the cultural shift towards ride-hailing services over traditional vehicle ownership. There was a time, particularly in the early 2000s, when owning a personal vehicle was considered essential for individual mobility. Young adults grew accustomed to the idea of having their own cars as symbols of freedom and independence.

However, times are changing. A combination of rising costs and diminishing convenience has led many to reevaluate their relationship with car ownership. According to Zipcar, a leading car-sharing company, about one-third of Americans are contemplating the idea of completely forgoing vehicle ownership by 2030. This sentiment is echoed in a recent survey by Deloitte, which revealed that while only 11% of Americans aged 55 and older would consider not owning a vehicle, a striking 44% of respondents aged 18 to 34 expressed openness to the notion of living without a personal car.

As societal attitudes towards mobility evolve, ride-hailing services like Uber are positioned to benefit significantly. The increasing acceptance of shared transportation reflects a broader trend that could solidify Uber's foothold in the market for years to come.