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Emerging Trends to Reshape the On-demand transportation Market: Skånetrafiken to launch new on-demand public transport trial as a Key Influencer
On-demand transportation
On-demand transportation Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size of on-demand transportation has seen a significant upward trajectory. Its growth is projected to increase from $195.08 billion in 2024 to a whopping $236.86 billion in 2025, at a compound annual growth rate (CAGR) of 21.4%. A multitude of factors account for this growth experienced during the historic period. The widespread use of smartphones and mobile applications, advances in GPS and navigation technology, rising urbanization and city congestion, shifting consumer preferences favoring convenience and flexibility, alongside the expansion of the gig economy and freelance work have all contributed to this market growth.
On-demand transportation Market Size Forecast: What's the Projected Valuation by 2029?
The market for on-demand transportation is anticipated to witness substantial growth in the upcoming years, with projections indicating that the value will reach $506.99 billion in 2029, growing at a compound annual growth rate (CAGR) of 21.0%. The predicted growth during this forecasted period is largely owed to the increased adoption of electric and autonomous vehicles, expansion of integrated multimodal transportation solutions, growing demand for sustainable, eco-friendly transportation, and the rising popularity of ride-hailing services, along with a surge in fuel prices. Key trends to watch for in the forecast period include the application of artificial intelligence for demand prediction and routing efficiency, the creation of specialized on-demand transportation services for targeted demographics, the prioritization of contact-free and cashless payment methods in on-demand platforms, tailoring services for niche markets and specialized needs, as well as introducing real-time communication and feedback features.
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What Are the Drivers Transforming the On-demand transportation Market?
The expansion of the on-demand transportation market is projected to be fueled by the increasing tourism industry as well as the working-class population. The concept of tourism is an economic and social phenomenon involving people moving to places or countries outside their usual habitat for personal, business, or professional reasons. On-demand transportation provides a convenient and more accessible solution for these tourists and the working-class people by offering timely booking and pick-ups from pre-arranged locations. In November 2023, the UNWTO (United Nations World Tourism Organization), a non-profit organization based in Spain, reported that about 975 million international tourists traveled from January to September 2023. This is a 38% surge compared to the same span in 2022, accompanied by a 22% increase in international tourist arrivals in the third quarter of 2023. Hence, the burgeoning tourism sector and the working-class demographic are key contributors to the growth of the on-demand transportation market.
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What Long-Term Trends Will Define the Future of the On-demand transportation Market?
Top firms in the on-demand transportation sector are focusing their efforts on developing technological advancements like public transport trials, with the aim of improving service efficiency, enhancing the customer experience, and widening their accessibility. The purpose of these trials is to gauge whether on-demand services can function as an efficient and sustainable public transit alternative, which could potentially impact future transport policies in the region. Skånetrafiken, an organization based in Sweden known for managing public transportation in the Skåne region including buses and trains, provides a prime example of this in May 2024. Their latest on-demand public transportation trial introduces a flexible transit service where passengers can order rides through a mobile app, providing a personalized transport solution that adapts to demand in real-time.
Which Segments in the On-demand transportation Market Offer the Most Profit Potential?
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 Firms Dominate the On-demand transportation Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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
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