According to a new market research report published by Credence Research “On-Demand Transportation Market (By Vehicle Class (Passenger Cars, Commercial Vehicles), By Service Type (E-Hailing, Car Rental, Car Sharing, Bus Sharing)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall on-demand transportation market worldwide was valued at US$ 47.62 Bn in 2018 and is set to grow with 16.30% CAGR during the forecast period.
On-demand transportation is regarded as the future of public transportation and is characterized by flexible and user-friendly transportation based on passenger needs. In 2018, global transportation services market was valued at more than US$ 6.0 Tn, thereby creating immense potential for on-demand transportation. Due to the rise in smartphones and internet penetration, the adoption of on-demand transportation services has increased significantly over the period. Consumers can book or reserve various types of vehicles such as passenger cars, commercial vehicles or micro mobility vehicles through on-demand transportation services. Market players are coming with different expansion strategies such as product launch, partnerships & collaborations and merger & acquisitions to gain market share. For instance, in 2018, BMW and Daimler announced to team up for the car and ride-sharing services. On account of these factors, we are expecting tremendous growth in on-demand transportation market during the forecast period.
Based on vehicle type, passenger cars is the leader in on-demand transportation market with more than 50% of the market share. Passenger cars have been preferably selected for ride sharing, rental and e-hailing. These are essentially digitally transformed cab services which makes them high in demand. Entry level passenger cars are widely adopted due to smaller space, high fuel efficiency and exemption from taxes. Demand for SUVs is on rise among customers for long journeys due to large space and high comfort. As a result, passenger cars remain the most commonly used vehicle and is expected to retain its dominant position in the market throughout the forecast period.
Based on the geography, North America is the leader in on-demand transportation market with more than 30% of the overall market revenue followed by the Asia Pacific. As the smartphone and internet penetration is on the rise in the Asia Pacific, we are expecting huge growth in on-demand transportation market during the forecast period. India and China are expected to remain the growth engines for on-demand transportation market in the Asia Pacific. Smart Mobility 2030 initiative by the Land Transport Authority of Singapore is expected to further support the market growth. Rapid urbanization, crowded public transits and rise in the number of daily commuters are fueling the demand in the Asia Pacific. Consequently, Asia Pacific is set to register the fastest growth in the market over the forecast period.
On-demand transportation market comprises of more regional players as compared to global players due to the easy availability of cab services and requirement of local networks. Thus, it becomes challenging for overseas players to establish their footprint in a given regional market. Some global players such as Uber Technologies Inc. are collaborating with regional players for the market presence. For instance, in 2016, Uber Technologies Inc. merged with China’s Didi Chuxing to increase their presence in the country.
Some of the major companies profiled in the report include Uber Technologies Inc., Lyft, Inc., ANI Technologies Pvt. Ltd. (OLA), Grab Holdings Inc., Wingz, Inc, Careem Inc., Comuto SA (BlaBlaCar), Bolt (Formerly taxify), Gett, Inc., Beijing Xiaoju Technology Co, Ltd.(Didi Chuxing), Curb Mobility, Cabify, Europcar Mobility Group, The Hertz Corporation, Avis Budget Group, Inc., Bayerische Motoren Werke AG (BMW), Daimler AG, Transdev, General Motors Company, Ford Motor Company, Robert Bosch GmbH, Hyundai Motor Company, Enterprise Holdings, Inc. , Meru Cabs, Jugnoo, Zoomcar, Revv car, Myles and others.
Browse the full report at https://www.credenceresearch.com/report/on-demand-transportation-market
The Global On-Demand Transportation Market is Segmented into:
|Segmentation||By Vehicle Class (2019–2027; US$ Bn)|
|By Service Type (2019–2027; US$ Bn)|
|By Geography Segment (2019–2027; US$ Bn)|
*Complete segmentation list is on report page