Press release
On-demand transportation Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
On-demand transportation Market
The expansion of the on-demand transportation market in the future is predicted to be accelerated by the combination of a growing tourism industry and a burgeoning working-class demographic. The term 'tourism' corresponds to an economic and social trend involving people travelling beyond their typical surroundings for either personal, business or professional reasons. By enabling individuals to arrange their journeys at convenient timings and being picked up from a pre-determined location, on-demand transportation simplifies travel for both tourists and the working class. As an example, the UNWTO (United Nations World Tourism Organization), a non-profit organization based in Spain, reported in November 2023 that the number of international tourists who travelled from January to September 2023 was 975 million, marking a 38% increase from the same duration in the previous year and a 22% surge in international arrivals in the third quarter of 2023. Hence, the surge in tourism and the growing working-class demographic are fuelling the expansion of the on-demand transportation market.
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What is the projected compound annual growth rate (CAGR) of the on-demand transportation market from 2025 to 2034, and what factors influence it?
In recent times, the size of the on-demand transportation market has experienced significant expansion. It is predicted to escalate from a market value of $195.08 billion in 2024 to $236.86 billion in 2025, boasting a compound annual growth rate (CAGR) of 21.4%. Factors such as the widespread use of smartphones and mobile apps, increased urbanization and city congestion, shifting consumer preferences favoring convenience and flexibility, the expansion of the gig economy and freelance opportunities, along with advancements in GPS and navigation have contributed to the growth seen in the historical period.
The market size for on-demand transportation is set to experience substantial growth in the forthcoming years, reaching $506.99 billion in 2029 with a compound annual growth rate (CAGR) of 21.0%. This growth during the projection period can be attributed to factors such as an increase in the adoption of autonomous and electric vehicles, a convergence of multimodal transportation methods, a heightened demand for sustainable and eco-friendly transportation solutions, a surge in ride-hailing services, and escalating fuel prices. Key trends for the projected period include the use of artificial intelligence for predictive demand analysis and route optimization, the creation of demographics-specific on-demand transportation services, a focus on cashless and contactless payment options on on-demand platforms, and personalization of on-demand services for specialized needs and niche markets, along with the integration of real-time communication and feedback features.
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How are the latest trends influencing the growth of the on-demand transportation market?
Key players in the on-demand transportation market are zeroing in on technological innovations, such as public transport trials, to escalate service efficiency, user experience, and accessibility. Such trials are conducted to evaluate the feasibility of on-demand services as an eco-friendly and efficient public transport alternative, thereby potentially impacting future transit strategies in the area. For example, in May 2024, Skånetrafiken, an organization from Sweden that oversees public transit in the Skåne region, including buses and trains, jumped on this innovation. The recent trial of on-demand public transportation involves introducing a flexible service, which facilitates passengers to schedule rides through a mobile app, thereby offering a custom transit solution that responds to real-time demand.
What are the major segments of the on-demand transportation market and their role in driving growth?
The on-demand transportation market covered in this report is segmented -
1) By Type: Ride-Sharing, Vehicle Rental Or Leasing, Ride Sourcing
2) By Vehicle: Four-Wheeler, Micro Mobility
3) By Application: Passenger Transportation, Goods Transportation
Subsegments:
1) By Ride-Sharing: Carpooling Services, Shuttle Services, Luxury Ride-Sharing, Pooling Services
2) By Vehicle Rental Or Leasing: Short-Term Rentals, Long-Term Rentals, Peer-To-Peer Rentals, Corporate Rentals
3) By Ride Sourcing: E-Hailing Services, App-Based Booking Platforms, Taxi Dispatch Services, Limousine Services
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Which regions are key players in the growth of the on-demand transportation market?
Asia-Pacific was the largest region in the on-demand transportation market in 2024. 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
Who are the key firms paving the way for growth in the on-demand transportation market?
Major companies operating in the on-demand transportation market include Avis Budget Group Inc., BlaBlaCar SA, Bolt Financial Inc., Cabify SA, Careem Inc., Curb Mobility Private Ltd., Daimler AG, Europcar Mobility Group SA, Ford Motor Company, General Motor Company, Grab Holdings Inc., Hyundai Motor Company, Lyft Inc., Didi Chuxing Technology Co, Enterprise Holdings Inc., Jugnoo, Uber Technologies Inc, Bird Global Inc., MOIA GmbH, ANI Technologies Pvt Ltd., PT Gojek, Bolt Mobility
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What Is Covered In The On-demand transportation Global Market Report?
•Market Size Forecast: Examine the on-demand transportation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the on-demand transportation market for a structured understanding.
•Key Players Overview: Analyze major players in the on-demand transportation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the on-demand transportation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the on-demand transportation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the on-demand transportation market.
•Industry Challenges: Identify potential risks and obstacles affecting the on-demand transportation market.
•Competitive Landscape: Review strategic developments in the on-demand transportation market, including expansions, agreements, and new product launches.
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