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Mobility on Demand (MOD) Market to cross US$200bn by 2024, Top Key Players; Al-Futtaim, Avis Budget Group, Cabify, Didi, asy Tax, Enterprise Rent-A-Car, Europcar, Grab, Lyft, Uber

03-12-2019 08:30 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Mobility on Demand (MOD) Market

Mobility on Demand (MOD) Market

Mobility on Demand (MOD) Market is set to grow from its current market value of more than $100 billion to over $200 billion by 2024; according to a new research report by Global Market Insights, Inc. Mobility on Demand Market is expected to grow over the forecast time span due to the increasing inclination of customers toward shared services rather than ownership. The costs of owning vehicles including components, such as insurance, repair & maintenance, and depreciation, are more than the sharing of vehicles. Furthermore, volatility in fuel prices is encouraging the users to switch to the shared transport, propelling the mobility on demand (MOD) market growth.

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Global mobility on demand (MOD) market in business applications is poised to grow at a significant pace as these services help the corporate organizations to reduce the dependency on private fleets. Also, these services allow the organizations to significantly reduce fleet-related costs and optimize the fleet management. Companies such as Omoove and Ubeeqo provide these services to the corporations that are tailored according to their specific requirements. The development of travel & tourism industry is expected to be one of the major drivers of the industry. According to the World Travel & Tourism Council, in 2016, the direct contribution of this sector to GDP was USD 2,306.0 billion, that is approximately 3.1% of the total GDP.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Al-Futtaim
2. Avis Budget Group
3. Cabify
4. DiDi
5. Easy (Easy Taxi)
6. Enterprise Rent-A-Car
7. Europcar
8. Gett
9. Grab
10. Hertz
11. Localiza Hertz
12. Lyft
13. Sixt
14. Uber
15. Zipcar
16. Drivy
17. ORIX Corporation
18. DriveNow GmbH & Co. KG

Transport forms a vital component of the travel industry for the sustainable growth of the sector. Using mobile technologies, travelers are seeking more freedom of movement, demanding advanced mobility solutions such as car rental services and positively impacting the mobility on demand (MOD) market. Furthermore, several tourism & hospitality companies are offering services such as car rental and ride-hailing.

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The Europe mobility on demand (MOD) market is expected to witness growth at approximately 9% CAGR owing to the advanced automotive sector of Germany and the presence of key players such as BMW Group and Delphi Automotive PLC. Flinkster is a station-based car sharing provider, which exclusively operates in Germany. In June 2017, Delphi announced a strategic partnership with Transdev with an aim to develop a fully automated and intelligent transport system.

The Asia Pacific mobility on demand (MOD) market is expected to witness a strong growth in car sharing service segment, which is expected to reach over USD 2 billion by 2024 owing to the rapid urbanization in economies including India and China. China is witnessing increasing pressure to tackle traffic congestion and air pollution problems while India is facing problems pertaining to weak public transport infrastructure.

Government organizations in India, China, Malaysia, and Singapore are stressing on undertaking measures to solve the traffic and pollution issues. The local governments of Qingdao, Shenzhen, Shanghai, and Beijing are supporting the adoption of services by offering parking lots and adding cars. In October 2015, the State Council encouraged the automotive manufacturers to develop and implement car sharing market services in the country.

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.

Browse key industry insights spread across 400 pages with 510 market data tables & 32 figures & charts from the report, mobility on demand (MOD) market in detail along with the table of contents:

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.

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. Increased convenience of booking these services through apps on smartphones and websites is further increasing the demand for mobility on demand market in private applications.

Various automobile manufacturers are forming strategic partnerships with mobility on demand vendors to promote the use of electric or plug-in hybrid cars. For instance, Volkswagen UK formed a partnership with Zipcar to launch a new fleet of 50 Volkswagen GTE plug-in hybrid cars in London. These premium zero-emission cars encourage more people to choose electric instead of fossil-fuel-based cars.

Technological advancements and the emerging IoT trend are further propelling the mobility on demand (MOD) market growth. Rise in the number of connected vehicles and the increasing penetration of smartphones are anticipated to drive the industry. Various government organizations are focusing on encouraging digitalization for the overall economic growth. Technological developments, such as autonomous and AI-enabled vehicles, are expected to revolutionize the industry. Innovations, such as electric vehicles and GPS-based navigation systems, are anticipated to fuel the mobility on demand (MOD) market growth.

Key players in the mobility on demand (MOD) market comprise Al-Futtaim, Autolib'​, Avis Budget Group, Cabify, CAR2GO, cambio CarSharing Deutschland, Cityhop cars by the hour, NZ's first carshare company, Communauto, DiDi, DriveNow GmbH & Co. KG, Drivy, Easy (Easy Taxi), Enterprise Rent-A-Car, Europcar, Getaround, Gett, Grab, Hertz, Localiza Hertz, Lyft, ORIX Corporation, Sidecar, Sixt, Uber, and Zipcar.

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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.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

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