PDF - mobility on demand market

Mobility on Demand Market to Grow At 10% CAGR till 2026: Global Market
Insights Inc.
Mobility on demand market size has been projected to witness remarkable growth
prospects due to the growing demand for alternative transportation modes. There is
an increasing popularity of conveyance services such as car sharing, ride hailing,
among others. Many service providers are directing their efforts toward regional
expansion and gaining massive investments from investors, government, and
automakers to create a strong service portfolio.
Reports predict that global <strong>mobility</strong> on demand industry size is slated to surpass
USD 250 billion by 2026. Described below are some key factors outlining the
forecast for <strong>mobility</strong> on demand businesses over the coming years:
• Growing adoption of vehicle sharing apps
Uber has become a household name across numerous developed and emerging
economies. Auto manufacturers are also expanding their production capacities by
forming strategic alliances, partnerships with other industrial entities. Major players
as well as startups are promoting several service platforms such as car rental,
carpooling, and others to fulfill the growing demand of transportation from the
consumers.
Mobility on demand Market
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For example, in April 2019, Enterprise Holdings had announced its plan to introduce
a new car subscription service, which will enable customers to pay a monthly fee for
its six vehicle options. Moreover, the rising cost of vehicle ownership along with
growing demand to curb GHG emissions has bought a tremendous change in
automobile usage, which is likely to impact <strong>mobility</strong> on demand market trends.
The North America region is also witnessing expansion of major prominent players
such as Zipcar, Lyft, and Maven that are growing in prominence due to the large
customer base and standard work conditions, along with ease in business
establishment.
• Continuous growth of transportation sector
Employing <strong>mobility</strong> on demand offers consumers the advantages of using a vehicle
without any extra financial funds such as maintenance, vehicle lease, repair, and
insurance needed for owning a vehicle. With the commencement of <strong>mobility</strong> concept,
the efficiency of transportation system has been improved and increased
accessibility is delivered to travelers.
In terms of geographical landscape, U.S. was among the largest <strong>mobility</strong> on demand
markets in 2018 due to the growing population who are adopting these technologies
with ease. Manufacturers in this region are offering more options for travelers so that
it must be easy for them to choose whatever option best meets their needs.
Large organizations are operating in the U.S. as needs of consumers are shifting
with current market trends and giving more emphasis on alternative forms of
transportation, asking for more personal choice in <strong>mobility</strong>. Implementations of these
new trends in transportation sector provide opportunities to create an integrated
system of <strong>mobility</strong> choices focused on meeting the user requirements while
improving traveler safety.
• Deployment of more connected transport systems
The rise in utilization of public transport along with advent of technological
advancements is allowing the <strong>mobility</strong> on demand market to change continuously. As
younger generation and working people are now looking for more convenience and
affordable options in transportation, numerous industry players are increasing their
spending on innovations to improve the efficiency of the services.
The Federal Transit Administration had developed the <strong>mobility</strong> on demand program
to develop automated, efficient, integrated, and connected transportation systems to
provide more customized options to users. Governments across the world are also
playing a major role in promoting the usage of these on-demand <strong>mobility</strong> options to
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lessen traffic congestion, which is increasing day by day, at the same time
sustainably maintaining the environmental conditions.
A few of the key participants include Grab, Didi Chuxing, Avis, Uber Technologies,
Enterprise Holdings, General Motors, among others. Future <strong>mobility</strong> on demand
industry trends will be considerably influenced by efforts of these companies to
expand into other geographical markets.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
reports are designed via a proprietary research methodology and are available for
key industries such as chemicals, advanced materials, technology, renewable
energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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