Market Research Future (MRFR) has published a cooked research report on the “Mobility on Demand Market” that contains information from 2018 to 2032. The Mobility on Demand Market is estimated to register a CAGR of 11%. during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Mobility on Demand Market General Motors Company, Hertz Corporation, Gett, International Business Machines Corp. (IBM), Ford Motor Company, Toyota Motor Corporation, Tomtom NV, Delphi Automotive PLC, Bayerische Motoren Werke AG (BMW AG), Europcar Mobility Group, Lyft, Inc., Uber Technologies, Inc., Car2Go, Robert Bosch GmbH, Cabify, Orix Corporation, and Intel Corporation
The global Mobility on Demand Market is accounted to register a CAGR of 11%. during the forecast period and is estimated to reach USD 259.6407 billion by 2032.
The Mobility on Demand (MoD) market refers to the emerging trend of providing convenient, flexible transportation options to individuals and communities. It typically involves the integration of various transportation modes, such as ride-sharing, car-sharing, bike-sharing, and public transit, into a single platform or service. MoD aims to offer users the ability to access transportation services on-demand, without the need for personal vehicle ownership.
The global Mobility on Demand Market has been segmented based Type , Application .
Based on Type, the market is segmented into Sharing and Renting. Renting segment holds a significant market share in 2022. Due to the expanding quantity of these cars and increasing customer demand, it is predicted that the rental sector would dominate the mobility-on-demand industry. Consumer trends indicate a minor movement away from automobile ownership towards renting, which can be attributed to the easy accessibility and variety of rental choices offered by major market participants.
Based on Application Type, the market is segmented into Car rental, E-hailing, Station-based mobility, and Car sharing. The car rental segment dominated the Mobility On Demand Market with the highest market share in 2022. In order to draw in more clients and support the segment’s expansion, emerging firms have been seen offering profitable and cost-effective rental services with promotional offers.
The global Mobility on Demand Market, based on region, has been divided into North and Latin America, Eastern Europe, Western Europe, Asia-Pacific. North America was the largest market for mobility-on-demand in 2022, accounting for more than 31% of global revenues. The shift in consumer preferences toward renting or sharing vehicles is one of the major factors for the region's market dominance. People who travel frequently for business or leisure and those migrating to North America for education or employment prefer mobility on demand solutions. This has accelerated the demand for mobility on demand in the region, with the United States being the leading contributor to the rising demand and maximum revenue generation.
Asia Pacific has experienced a significant surge in car rental or sharing demand, making it the fastest-growing market. India, China, Australia, and South East Asian countries are among the major revenue contributors. As a result of the increased tourism and a growing number of business hubs in the country, India is expected to contribute significantly to the growth of the mobility-on-demand market.
Key Findings of the Study