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On-demand Transportation Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Avis Budget Group Inc., BlaBlaCar SA, Bayerische Motoren Werke Group AG
On-demand transportation Global Market Report 2024
On-demand transportation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $422.2 billion In 2028 At A CAGR Of 20.8% :
The on-demand transportation market size has grown exponentially in recent years. It will grow from $162.57 billion in 2023 to $198.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to proliferation of smartphones and mobile applications, increase in urbanization and congestion in cities, changing consumer preferences towards convenience and flexibility, growth in the gig economy and freelance work, advances in gps and navigation.
The on-demand transportation market size is expected to see exponential growth in the next few years. It will grow to $422.2 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to surge in adoption of electric and autonomous vehicles, integration of multimodal transportation options, growth in the demand for eco-friendly and sustainable transportation solutions, rise of ride-hailing services, increasing in fuel prices. Major trends in the forecast period include use of artificial intelligence for predictive demand analysis and route optimization, development of on-demand transportation services catering to specific demographics, emphasis on contactless and cashless payment options in on-demand platforms, customization of on-demand services for niche markets and specialized needs, integration of real-time communication and feedback features.
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On-demand transportation Market Major Segments
The on-demand transportation market covered in this report is segmented -
1) By Type: Ride-Sharing, Vehicle Rental/Leasing, Ride Sourcing
2) By Vehicle: Four-Wheeler, Micro Mobility
3) By Application: Passenger Transportation, Goods Transportation
Key Driver - Tourism And Working-Class Mobility Boost On-Demand Transportation Market
Growing tourism and a working-class population are expected to propel the growth of the on-demand transportation market going forward. Tourism refers to a social and economic phenomenon that entails the movement of people to countries or places outside their usual environment for personal, business, or professional purposes. On-demand transportation helps tourism and the working-class population by booking their journey at a convenient time and being picked up from an agreed location that is quicker and easier to use. For instance, in January 2022, according to a report shared by the World Tourism Organization (UNWTO), a Spain-based United Nations specialized agency, compared to 2020, there was a 4% increase in global tourism in 2021. (415 million versus 400 million). Therefore, the growing tourism and working-class population are driving the growth of the on-demand transportation market.
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Prominent Trend - Advancements In Automotive Transportation Redefine On-Demand Mobility Services
The advancement of automotive transportation is a key trend gaining popularity in the on-demand transportation market. Major companies operating in on-road transportation are looking for advancements in transportation to improve the efficiency of existing transportation methods, while new inventions are poised to entirely reshape the way we move. The advent of self-driving cars such as the Google Car and Telsa is making the idea of autonomous cars a reality. For instance, in December 2021, Uber Technologies Inc., a US-based transportation company operating in the on-road transportation market, rolled out a new service that gives people the option to book an Uber ride through an official Uber Whatsapp chatbot. No longer are riders required to download or use the Uber app. The Whatsapp chat interface has been used to manage everything, including user registration, ride booking, and trip receipts.
On-demand transportation Market Players
Major companies operating in the on-demand transportation market report are Avis Budget Group Inc., BlaBlaCar SA, Bayerische Motoren Werke Group AG, Bolt Financial Inc., Cabify SA, Careem Inc., Curb Mobility Private Ltd., Daimler AG, Europcar Mobility Group SA, Ford Motor Company, General Motor Company, Gett Inc., Grab Holdings Inc., Hyundai Motor Company, International Business Machines Corp, Lyft Inc., Didi Chuxing Technology Co, Enterprise Holdings Inc., Jugnoo, Uber Technologies Inc, Bird Global Inc., MOIA GmbH, Via com, City Mapper Ltd., Taxify BV, ANI Technologies Pvt Ltd., PT Gojek, Wingz Inc., Hailo Technologies Ltd., Bolt Mobility
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the on-demand transportation market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the on-demand transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. On-demand transportation Market Report Structure
3. On-demand transportation Market Trends And Strategies
4. On-demand transportation Market - Macro Economic Scenario
5. On-demand transportation Market Size And Growth
…..
27. On-demand transportation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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