Mobility on Demand (MOD) Market Analysis and Forecasts New Research Report : Global Market Insights Inc.Mobility on Demand Market size is anticipated to grow extensively during the forecast period. Mobility on demand is an innovative and user-focused approach instrumental in leveraging emerging mobility services. The integration of transit networks & operations, real-time data, and cooperative Intelligent Transportation Systems (ITS) allow for a more traveler-centric, transportation structure, providing improved mobility options to all users in an efficient and safe manner. Travel and mobility demands have evolved from private automobile ownership to more flexible, public, and private options, which incorporate shared-use and multimodal integration. MOD market also provides a safer option to commute as collision avoidance is enforced by monitoring the vehicle speed and route.
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Growing working population in urban locations has increased the need for time reliable solutions owing to the enhanced personal mobility and economic gains including reduced costs. In the present-day scenario, there is a growing necessity of energy-efficient and green eco-friendly technologies to improve environmental conditions, creating demand for mobility on demand market. Usage of fuel-efficient vehicles, getting the appropriate-sized automobiles to suit customers’ requirements, and increased vehicle occupancy through ride sharing reduce greenhouse gas emissions, thereby positively impacting the environment. Shared vehicles in place of driving a personal vehicle could also contribute to lower congestion that proves to be a positive key indicator for the overall MOD market growth.
Technological advancements and a fast-emerging trend of Internet of Things (IoT) in recent years have enabled customers to interact with other platforms to hire or share their mode of transportations. Along with the traditional transportation options, these new trends provide opportunities to create an integrated system of mobility options in the MOD market. They are centered on meeting the needs of a varied cross-section of users while enhancing the customer safety. Mobility on demand provides time and cost-efficiency, comfort, and offer platforms that are efficiently conserving energy.
A rise in the number of connected vehicles and stringent regulations monitoring CO2 emissions across the globe are favoring the market development. The reduction in vehicle ownership among millennials and a growing need for personal mobility due to rapid urbanization are primary factors driving the MOD market. The geriatric population has been on a rise due to advancements in the healthcare and there is a growing need for the availability of suitable transportation facilities to enable mobility among them. Additionally, ground-breaking developments of autonomous and semi-autonomous vehicles are expected to change the mobility on demand market landscape as the need for drivers would have vanished. Fully automated vehicles have shown promise to revolutionize such transportation systems. The growth in the user-base for ride-sharing and public-private partnerships provide abundant opportunities facilitating the growth of the MOD market.
However, MOD market need further development alongside existing services in an integrated fashion to foster a smooth and connected transport system. The present-day transport system needs to be flexible and efficient.
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The high cost of infrastructure development, is a key factor restraining the growth of the MOD market. There is a restraint due to low internet penetration in developing regions. Although the government-provided incentives are in favor of the industry, regulatory policies continue to remain stringent and abstruse, further hindering the industry growth. Resistance from traditional taxi services and continued consumer usage of local transportation services due to lack of trust in the mobility on demand market and its services may prove to be a challenge. Reliance on cloud computing also places the risk of privacy and data security as information about users and drivers are readily available on the app.
Based on the type, MOD market includes E-hailing, car sharing, car rental, and station-based services. The e-hailing service segment is anticipated to display the maximum growth as it offers first and last mile connectivity to passengers. It makes use of GPS to reduce the taxi waiting time and are predominant in urban parts. Consumers have shown an inclination towards app-based e-hailing services owing to its focus on better customer service, innovative pricing system, and user-friendliness. The integration of traditional car rental model with car-sharing technology will open up new business opportunities for smaller car rental operators MOD market without the need of having to start a separate car-sharing company.
Asia Pacific region, which contains numerous emerging economies with massive population bases; for instance, China and India are the most lucrative areas in the MOD market. Various app-based car sharing and taxi services have proliferated the region. Station-based mobility, government incentives, and an increase in supporting infrastructure will also aid the growth in the Asia Pacific market. Factors, such as rising traffic congestion and increasing urbanization, will drive the industry demand. Some of the companies operating in the mobility on demand market are RideScout, Uber, Delphi Automotive, Denso Corporation, TomTom NV, and Intel Corporation."
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