Press release
On-demand transportation Market to Grow at 20.8% CAGR, Reaching $502.37 Billion by 2029
On demand transportation Market
On-demand transportation Market Outlook: How is the Market Expected to Grow by 2025?
In recent times, the market size of on-demand transportation has seen explosive growth. Projected figures indicate an increase from $195.08 billion in 2024 to $235.65 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 20.8%. Major reasons attributed to this trend are the expansion of smartphone and mobile application usage, surges in urbanization and city congestion, shifting consumer tendencies favoring convenience and adaptability, growth in the gig economy and freelance work, and advancements in GPS and navigation technology.
On-demand transportation Market Forecast: What Size Will It Reach By 2029?
Predictions indicate that the size of the on-demand transportation market will experience dramatic growth in the years to come, expanding to a projected $502.37 billion by 2029 at a compound annual growth rate (CAGR) of 20.8%. The forecast period's growth is largely due to a spike in the use of electric and autonomous vehicles, the integration of diverse transportation methods, an increased demand for green, sustainable forms of transportation, the popularity growth of ride-hailing services, and fuel price escalations. Looking ahead, the forecast period is expected to be shaped by several key trends, including the application of artificial intelligence for forecasting demand and streamlining routes, the creation of on-demand transportation options tailored to specific demographic groups, a focus on contact-free, cash-free payment alternatives on on-demand platforms, bespoke on-demand services for niche sectors and individualized requirements, and the inclusion of instantaneous communication and review mechanisms.
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Which Key Market Drivers Will Shape On-demand transportation Industry Trends in 2025-2029?
The increase in tourism activity and the presence of a working-class demographic are expected to contribute to the expansion of the on-demand transportation market. This type of transportation supports tourists and the working population by offering flexible booking times and pick-up locations, making the process quicker and easier. Tourism, a socio-economic phenomenon, involves people traveling outside of their usual places for various reasons like personal, business, or professional objectives. Citing a report from the UNWTO (United Nations World Tourism Organization), a non-profit organization based in Spain, it was highlighted that in just the first nine months of 2023 about 975 million international tourists had traveled, marking a 38% surge when compared to the same period in 2022. Furthermore, there was a 22% rise in international tourist arrivals during the third quarter of 2023. Thus, the increasing numbers in both tourism and the working-class population have become key factors fuelling the growth of the on-demand transportation market.
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What Are the High-Growth Segments in the On-demand transportation Market?
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
Which Global Trends Are Driving On-demand transportation Market Expansion?
Major players in the on-demand transportation market are prioritizing the development of advanced technologies such as public transport trials, with the aim of enhancing service efficiency, user experiences, and accessibility. These trials are designed to test the feasibility of on-demand services as a practical and efficient alternative for public transport, which could potentially reshape transportation strategies in the region. For instance, in May 2024, Skånetrafiken, a public transportation organization based in Sweden and operating in the Skåne region, launched a new on-demand public transport trial. This innovative trial employs a flexible transit service enabling passengers to book rides through a mobile app, thus providing a personalized transportation option that adjusts according to real-time demand.
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Who Are the Fastest-Growing Companies in the On-demand transportation Industry?
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
What Is the Regional Outlook for the On-demand transportation Market by 2029?
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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