ID: MRFR/ICT/2371-HCR | 100 Pages | Author: Aarti Dhapte | June 2023
The mobility on demand market growth is estimated to reach USD 230 billion by the end of 2030. The CAGR rate at which the growth is expected must be at 11%.
Mobility on demand refers to the creative services in automobiles. The mobility on demand enables the consumers to access mobility, goods, and services on demand. It also offers the consumers with racks and stacks of light electric vehicles at closely placed intervals. The economic cars, luxury cars, executive cars, MUVs, and SUVs are the various types of cars that are available via mobility on demand. The mobility on demand services find application in event and employee transportations along with outstation, local, and airport transportation. The consumers and the manufacturers also depend on various car rental schemes that are cost-effective.
The mobility on demand market growth is estimated to reach USD 230 billion by the end of 2030. The CAGR rate at which the growth is expected must be at 11%. The rise in the technological advancements in mobiles and the sudden spread of data connectivity has driven the mobility on demand market.
The sudden outbreak of the COVID-19 pandemic has swept the globe. Industries across the world have faced huge difficulty during the lockdown that was imposed by the Governments of various states. More customers are emphasizing the safety, health, and reliability of their transportation. In order to stay away from the risk of getting coronavirus, travelers are preferring rides that can be safe, infection-free, and also holds both business and private trips. The outbreak of COVID-19 has turned the world of mobility upside down. But it is expected that post the lockdown the mobility on demand industry is expected to rise.
Government entities have invested in strengthening the shared mobility services which have become a huge driving factor for the market. The Cab booking services are also playing a vital role in generating revenues across the global mobility on demand market. Cabify and Uber are the two companies that are constantly developing new strategies to drive the market growth.
Due to the rise in the production of vehicles, there has been an increased growth in the sales rate of the vehicles as well. After the outbreak of the COVID-19 pandemic, the shared cab services were stopped to maintain social distancing. Many people across the world lost their job during the lockdown. Therefore, due to the cost-effective nature of the shared mobility services people would prefer using shared cabs for traveling. This can be a huge opportunity for the mobility on demand market.
The absence of the core business models in tier II cities may hamper the growth of the mobility on demand market in the forecasted period. Another restraining factor may be the unavailability of robust technical and transportation infrastructure in several countries. However, the mobility on demand industry manufacturers are constantly working to improve their technologies.
Due to the greater spending capacity of the consumers, the demand for private vehicles has increased. This is a great challenge for the mobility on demand industry because this trend has led people to cast aside shared mobility services in order to experience a safe and comfortable travel experience. Another major challenge that may affect the mobility on demand market sales is that a huge population hates shared mobility services as it takes a lot of time to travel and reach the destination via sharing cabs.
There are a lot of things that can affect the mobility on demand business and restrain its growth. However, there are also many factors that can drive the growth of the market. Depending on the growth factors like growing traffic congestion, the mobility on demand market is expected to reach USD 186 billion during the forecast period at a CAGR of 18%. Continuous initiatives are taken by several vehicle manufacturing players in order to cater to the market.
Value Chain Analysis
Bring your own Device (BYOD), smart cities along with big data and new analytics are some of the newly invented technologies that are boosting the growth of the mobility on demand market. The market growth is expected to take a major positive turn by introducing various new strategies and innovations. The electric vehicle is the fastest-growing vehicle based on the mobility on demand market segments. Technology advancements in the automobile sector along with the emergence of driverless cars may drive the market growth.
The mobility on demand industry profit is segmented based on five categories. They are by vehicle type, by service, by internet connectivity, by vehicle connectivity, and by data service. Here is a list of the mobility on demand industry segments and their sub-segments.
By Vehicle Type
By Internet connectivity
By Service types
By Data Service
By Vehicle connectivity
Geographically, the mobility on demand market size is segmented into various regions such as Europe, North America, Asia Pacific, Latin America, and the Middle East and Asia. Among all the five major divisions of regions, the North American region is expected to record as the fastest growing region in the market of mobility on demand. The rise in the adoption of e-hailing services and the BYOD (Bring Your Own Device) in the region accounted for the highest market share. According to the mobility on demand industry analysis, the Asia Pacific region also has a major portion of the mobility on demand market share due to its increased demand for advanced IT infrastructure and the growing population in the urban areas.
Recently many new companies are joining the mobility on demand market with innovative advanced technologies and new strategies. Uber Technologies, Robert Bosch Gmbh, and Delphi automotive have been the top key players. These players are constantly making effort to change their product portfolios in a positive way in order to increase the demand of the consumers which in turn will increase the sales of the products. These companies are also implementing new strategies to identify their obsolete products and transform them into new ones.
List of Key Companies:
This research report outlines the growth of the market along with the impact of COVID-19 in the market, competitive analysis, and a detailed analysis on the regions on which the market share has been segmented. This is a detailed report which also focuses on the recent developments of the market along with the constantly changing mobility on demand market trends. The report is based on the qualitative and quantitative research of the market of mobility on demand and also focuses on the factors that affect the market such as challenges, drivers, restraints, and opportunities.
|Market Size||USD 230 Billion (2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Vehicle Type, By Vehicle Connectivity|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Uber Technologies Inc. (U.S.), Delphi Automotive Plc (U.K.), Denso Corporation (Japan), Intel Corporation (U.S.), Tomtom NV (Netherlands), Robert Bosch Gmbh (Germany), International Business Machines Corp. (U.S.), Didi Chuxing (China), Gett, Inc. (U.S.), Lyft (U.S.).|
|Key Market Opportunities||
|Key Market Drivers||
Bring your own device (BYOD), smart cities, internet of things and big data and new analytics, are some of the cutting-edge technologies that are boosting the market growth.
Vehicle emission, crash avoidance, improved travel time reliability and reduced congestion are some of the benefits that can foster the demand for mobility on demand in the coming years.
Service-based market segments covered in the report are car sharing, e-hailing, station and car rental among others.
The market is predicted to develop at a rate of 11% over the conjectured timeline.
E-hailing services offer the users with a smooth and convenient platform to boos taxi, car, limousine or any mode of transportation and is a great option during rainy weathers. These factors are driving its demand in the market.
Key Questions Answered
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