(MENAFN- GlobeNewsWire - Nasdaq) Subscription-based services are likely to drive demand for on-demand transportation.
Wilmington, Delaware, United States, Transparency market Research Inc. -, Oct. 18, 2024 (GLOBE NEWSWIRE) -- The on-demand transportation market (주문형 운송 시장) was valued at US$ 153.2 billion in 2022. A CAGR of 7.2% is expected between 2023 and 2031, increasing the market to US$ 287.6 billion .
Connectivity and digitalization have significantly impacted on-demand transportation. In addition to making it easier to book rides, the Internet and mobile apps have also enabled service operators to offer flexible options for transportation.
In the future of transportation and mobility, on-demand services are expected to become increasingly popular. The investment in on-demand transit has tripled over the past few years, making it the fastest-growing on-demand industry. These services bridge single occupancy vehicles and fixed-route mass transit via shared, autonomous, technology-enabled transportation.
As autonomous technology develops, on-demand transportation will be further revolutionized. On-demand transportation systems will become safer, more efficient, and more accessible with the use of self-driving vehicles in the future.
On-demand transportation services have also grown in popularity due to the increased cost of owning and operating a vehicle. In urban areas with high parking costs and vehicle maintenance expenses, on-demand services can be a more cost-efficient alternative to owning a vehicle
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Key Findings of the Market Report
The ride-sharing segment is expected to grow the market for on-demand transportation services. On-demand transportation is poised to gain much traction in the coming years as passenger cars become more popular. The manual segment is predicted to hold the largest share of the market for on-demand transportation in the near future. The tourism industry largely drives the on-demand transportation market. Asia Pacific holds the largest market share and is expected to lead in the coming years.
Global On-demand Transportation Market: Growth Drivers
Increasing smartphone usage and the accessibility of app-based transportation services like Uber, Lyft, and Grab are facilitating the growth of the on-demand transportation market. As traffic congestion and rapid urbanization increase in the world's largest cities, commuters are looking for alternatives to traditional transportation methods. Transportation solutions on demand are becoming more important as public and private cars become less prevalent. With the changing preferences of consumers in terms of shared mobility, flexibility, and convenience, transportation on-demand services are becoming increasingly popular, especially among millennials and urban dwellers. Enacting ridesharing rules and regulatory frameworks that facilitate the operation of ride-hailing businesses while guaranteeing passenger safety and high-quality service can help governments and municipalities expand the on-demand transportation sector. A growing awareness of environmental issues and concerns about air pollution and greenhouse gas emissions have led to the demand for environmentally friendly transportation options. A green, electric, and hybrid fleet has emerged to provide on-demand transportation services.
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Global On-demand Transportation Market: Regional Landscape
Asia Pacific is expected to drive demand for the on-demand transportation market. As urbanization and traffic increase, on-demand transport services will become increasingly important. Increasing tech-savvy citizens and the growing use of smartphones have contributed to the rise of app-based ride-hailing in countries such as South Korea and China. Regulatory assistance and advantageous regulations promote expanding on-demand transportation services in economies such as Japan. The growing demand for shared mobility solutions is driving the popularity of ride-sharing and bike-sharing services. In addition to e-scooters and bike rentals, micro-mobility options provide more on-demand transport alternatives. Integrating on-demand transportation with public transportation networks can be improved by working with local transportation authorities and providers. Digital wallets and novel payment mechanisms are becoming increasingly common in regions like China and India, allowing smooth transactions and improving customer satisfaction.
Global On-demand Transportation Market: Competitive Landscape
Sustainable and inclusive practices are increasingly incorporated by players operating in the on-demand transportation market. Cooperative transportation and shared mobility are being invested in by key players in the on-demand transportation market to improve consumer convenience and demand.
Key Players
Uber Technologies Inc. ANI Technologies Pvt. Ltd. (OLA) Lyft Inc. Grab Careem Taxify OÜ Gett Beijing Xiaoju Technology Co Ltd. (Didi Chuxing) BlaBlaCar Wingz Inc. Curb Mobility Easy Taxi Serviços LTDA Cabify Turo Yandex Car2go NA, LLC DriveNow GmbH & Co. KG Cabio CarSharing Maven Mobility Cooperative SOCAR Mobility Malaysia Europcar Sixt SE The Hertz Corporation Avis Budget Group, Inc. Enterprise Holdings Inc.
Key Developments
In June 2023 , Uber, an app that offers ridesharing services, introduced its first electric vehicle product, Uber Green, at the Chhatrapati Shivaji Maharaj International Airport (CSMIA). As part of its electrification journey, the company offers zero-emission electric rides on-demand in Mumbai, a convenient and emission-free option.
Global On-demand Transportation Market: Segmentation
By Type
Ride-sharing Vehicle Rental/Leasing Ride Sourcing
By Business Model
By Vehicle Type
Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicles Buses & Coaches Micro-mobility
By Autonomy Level
Manual Semi-autonomous Autonomous
By Power Source
Fuel Powered HEV PHEV BEV
By Application
Passenger Transportation Goods Transportation
By Region
North America Europe Asia Pacific Middle East & Africa South America
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