Ride hailing services have gained high traction in mobility on demand market in the recent years owing to the time and money-saving benefits
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Mobility on Demand Market size is expected to reach USD 200 billion by 2024. The increasing adoption of smart vehicles integrated with advanced technologies is driving the industry growth. These include autonomous vehicles that allow system access using mobile phones and provide expanded service coverage and accessibility. The driverless automobile devices enable users to experience the transition in data capabilities and enhance their journey between physical and online aspects. Additionally, the mobility on demand market is propelled by reduced manpower and overhead costs associated with autonomous vehicles required to maintain and balance the passenger fleet.
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Government regulations and initiatives adopted to reduce automobile emissions and pollution control across the world are creating high growth opportunities for the mobility on demand market. For instance, the U.S. Environmental Protection Agency passed regulations for controlling greenhouse gas emissions, soot, smog, and several other air pollutants from the on and off-road vehicles. Increasing population density and vehicles on road further increase the pollution levels adversely, affecting the environment and human health. Mobility on demand technology allows users to share a single car, consume efficient car rental services, and decrease traffic congestion.
Ride hailing services have gained high traction in mobility on demand market in the recent years owing to the time and money-saving benefits. These services are made available to the users in the form of several mobile applications and websites that are used to book a taxi without stress. For instance, companies, such as Uber and Lyft, provide ride-sharing services to customers aiding them to save time and money required for regular transportation. Taxi sharing in the mobility on demand market aids passengers in handling rides by convenient smartphone means and provides them with several customized discount offers on regular usage.
The mobility on demand market has witnessed growth in business applications in the recent years. These applications are majorly consumed by business organizations and multinational companies to serve their employees and provide better transportation facilities. Parking space problems in metropolitan cities and industrial areas drive the usage of these services at high rates. Several governments have adopted initiatives and reforms that allow multinational companies to provide the ride-hailing services for their employees to reduce traffic congestion.
The Chinese government is also acting in favor of car-sharing developments in the country both at local as well as central levels, which by extension is opening up a plethora of opportunities for the regional mobility on demand market players. The State Council, in the year 2015, encouraged regional automakers to bring forth innovative car sharing models. One year later, in March 2016, 10 national level ministers and commissions, under the National Development and Reform Commission, put forth some of the important guidelines with regards to shared economy and improved credit system. These initiatives speak volume and has undeniably contributed to China mobility on demand market share. In fact, with China, Singapore, and India at the growth front, entire Asia Pacific mobility on demand industry size is forecast to surpass the billion-dollar benchmark (USD 2 billion) by 2024.
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Players operating in the mobility on demand market include Delphi Automotive PLC, International Business Machines Corporation, BMW AG, Intel Corporation, Ford Motor Company, Uber Technologies, Inc., Lyft, Inc., TomTom NV, Robert Bosch GmbH, Gett, Inc.,
Maximizing the core opportunities would likely require mobility on demand market players to venture into innovative solutions that are highly tech-driven. Thriving on the cusp of its gigantic growth prospect, many new firms are entering this business space by establishing subsidiaries or by forming a collaboration with already established giants. Just a few weeks back, renowned automaker General Motors made an official announcement of its car sharing service in Austin for ride-share app drivers and on-demand delivery app drivers. Another instance of similar line, leading automobile company Nissan recently launched its car sharing service, e-share mobi in Japan, in a quest to establish its stance in APAC mobility on demand market.
Table of Contents (TOC) of the report:
Chapter 4. Mobility on Demand Market, By Service
4.1. Key trends in mobility on demand market by service
4.2. Ride hailing
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast by region, 2013 – 2024
4.3. Car sharing
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast by region, 2013 – 2024
4.3.3. Market estimates and forecast by model, 2013 – 2024
4.3.3.1. P2P
4.3.3.1.1. Market estimates and forecast, 2013 – 2024
4.3.3.1.2. Market estimates and forecast by region, 2013 – 2024
4.3.3.2. Station-based
4.3.3.2.1. Market estimates and forecast, 2013 – 2024
4.3.3.2.2. Market estimates and forecast by region, 2013 – 2024
4.3.3.3. Free-floating
4.3.3.3.1. Market estimates and forecast, 2013 – 2024
4.3.3.3.2. Market estimates and forecast by region, 2013 – 2024
4.3.4. Market estimates and forecast by business model, 2013 – 2024
4.3.4.1. Round trip
4.3.4.1.1. Market estimates and forecast, 2013 – 2024
4.3.4.1.2. Market estimates and forecast by region, 2013 – 2024
4.3.4.2. One-way
4.3.4.2.1. Market estimates and forecast, 2013 – 2024
4.3.4.2.2. Market estimates and forecast by region, 2013 – 2024
4.4. Car rental
4.4.1. Market estimates and forecast, 2013 – 2024
4.4.2. Market estimates and forecast by region, 2013 – 2024
4.4.3. Market estimates and forecast by vehicle type, 2013 – 2024
4.4.3.1. Luxury car
4.4.3.1.1. Market estimates and forecast, 2013 – 2024
4.4.3.1.2. Market estimates and forecast by region, 2013 – 2024
4.4.3.2. Executive car
4.4.3.2.1. Market estimates and forecast, 2013 – 2024
4.4.3.2.2. Market estimates and forecast by region, 2013 – 2024
4.4.3.3. Economy car
4.4.3.3.1. Market estimates and forecast, 2013 – 2024
4.4.3.3.2. Market estimates and forecast by region, 2013 – 2024
4.4.3.4. SUV
4.4.3.4.1. Market estimates and forecast, 2013 – 2024
4.4.3.4.2. Market estimates and forecast by region, 2013 – 2024
4.4.3.5. MUV
4.4.3.5.1. Market estimates and forecast, 2013 – 2024
4.4.3.5.2. Market estimates and forecast by region, 2013 – 2024
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