Press release
Global Mobility on Demand Market By Growth Analysis and Key Players: Toyota Motor Corporation, Delphi Automotive PLC, Intel Corporation, International Business Machines Corporation, Uber Technologies, BMW AG, Robert Bosch GmbH, General Motors
Mobility on Demand Market
The mobility on demand (MOD) market in private applications is expected to witness a significant growth over the forecast timespan due to growing inclination of individual commuters toward shared services. Increasing traffic congestion in urban areas is compelling the people to opt for services such as ride hailing for running daily errands such as grocery shopping, thus propelling the ride hailing market growth to reach over USD 100 billion by 2024.
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The growing popularity of car sharing services is expected to propel the mobility on demand market growth. Reduction in travel costs and emissions of greenhouse gases are some of the drivers of the car-sharing industry. Station-based car sharing services currently sized at over 600 million encourage the commuters to walk, cycle, or use public transportation to the car-stations. Technological advancements, such as smartcards, GPS tracking, and app-based reservation of cars, will drive the car sharing market growth, impacting the industry growth.
The smart cities initiatives by the governments of various countries including the U.S., Spain, Ireland, India, Singapore, and Sweden are expected to speed up the mobility on demand market expansion. The governments are providing incentives to the people to share rides while commuting and converting the existing public fleet of vehicles to electric vehicles.
Growing trend of adoption of electric and plug-in hybrid vehicles in shared transportation services is dominating the mobility on demand market. Increasing stringency of regulations regarding the emissions of hazardous greenhouse gases from the vehicles is compelling the drivers and fleet owners to opt for these environment-friendly alternatives. Various automobile manufacturers are forming strategic partnerships with mobility on demand vendors to promote the use of electric or plug-in hybrid cars.
Mobility on Demand Market size was over USD 100 billion in 2017, is set to exceed USD 200 billion by 2024.
Growth Drivers:
• Growth in worldwide travel & tourism industry
• Stringent government regulations regarding emission control in Europe and North America
• Incentives offered by the government to use car sharing in U.S.
• Growing adoption of vehicles enabled with advanced technologies
• Reduction in traveling/commuting cost
• Growing adoption of car rental services on airports
• Increasing investments in car sharing by the automobile manufacturers in Germany
• Growing adoption of urban mobility due to increasing traffic congestion and pollution in China
• Lack of proper public transportation infrastructure in India
• Increase in number of smartphone and internet users in developing economies
• Changing regulations in Malaysia and Singapore
• Lack of public transport infrastructure in MEA and Latin America
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The Germany mobility on demand market is expected to grow over the next six years due to the stringent regulations imposed on taxi drivers such as the obligation to operate taxi service and obligation to set rates. Increasing environmental consciousness and openness to innovations among the consumers are expected to drive industry growth. Several automobile companies in the country are entering the mobility on demand market to regain the declining positions due to the reduction in car ownership.
Increasing government initiatives to implement these services in countries are expected to accelerate the mobility on demand market growth. The governments in various developed economies including the U.S. and Germany are funding such projects to foster innovations and provide technical assistance to the industry players.
Browse key industry insights spread across 400 pages with 510 market data tables & 32 figures & charts from the report, Mobility on Demand Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/mobility-on-demand-mod-market
Key players operating in the mobility on demand market include Toyota Motor Corporation, Delphi Automotive PLC, Intel Corporation, International Business Machines Corporation, Uber Technologies Inc., BMW AG, Robert Bosch GmbH, General Motors Company, Ford Motor Company, Autolib, Avis Budget Group, Cabify, Car2Go, Communauto, Didi Chuxing, DriveNow GmbH & Co. KG
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