On-demand Transportation Market Size Worth US$ 376.0 Billion Globally by 2027, at 19.57% CAGR

According to the latest report by IMARC Group, titled "On-demand Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global on-demand transportation market reached a value of US$ 128.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 376.0 Billion by 2027, exhibiting a CAGR of 19.57% during 2022-2027.

On-demand transportation is a service that uses the internet to book transportation for money that is calculated on the basis of the distance covered and time required. Mobile-based applications offer passengers the convenience of booking their journey at a convenient time, modifying, pre-booking or canceling reservations in real-time at their convenience, thereby saving a lot of time. On-demand transportation is extensively utilized for booking and reserving numerous types of vehicles, such as passenger vehicles or commercial vehicles as per the requirement of the consumer, including taxis, cars, charter buses, contracted buses, party buses, and hired buses.

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Industry Growth:

The market is primarily driven by a considerable rise in fuel prices across the globe. In addition to this, the reduction of parking spaces and rising expenses of vehicle maintenance are acting as significant growth-inducing factors for the market. Continual developments in the IT infrastructure and the increasing penetration of internet-based services are also providing an impetus to the market growth. Moreover, the incorporation of advanced technologies, such as artificial intelligence (AI), machine learning (ML), and the internet of things (IoT), to efficiently coordinate and manage traffic is creating a positive outlook for the market. Some of the other factors contributing to the market include the growing working-class population, the rising popularity of e-cab and taxi services with flexible payment options, modernization of the automotive sector and extensive research and development (R&D) activities conducted by key players.

Competitive Landscape with Key Players:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market:

• ANI Technologies Pvt. Ltd
• Avis Budget Group Inc.
• Bayerische Motoren Werke AG
• Daimler AG
• Ford Motor Company
• Gett Inc.
• Grab Holdings Inc.
• International Business Machine Corporation
• Lyft Inc.
• Robert Bosch GmbH
• Toyota Motor Corporation
• Uber Technologies Inc.

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Key Market Segmentation:

Breakup by Service Type:

• E-Hailing
• Car Sharing
• Car Rental
• Station-Based Mobility

Breakup by Vehicle Type:

• Four-Wheeler
• Micro Mobility

Breakup by Application:

• Passenger Transportation
• Goods Transportation

Breakup by Region:

• Middle East and Africa
• North America
• Asia-Pacific
• Europe
• Latin America

Key highlights of the report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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