Press release
On-demand transportation Market Growth And Overview Report 2024-2033
On-demand transportation Market
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.
Market Overview -
The on-demand transportation refers to a service that is used by the passengers to book their journey at a convenient time (during service operating hours) and to be picked up from an agreed location. It is a mobility service that is tailored to places with a low demand for shared transportation. From dial-a-ride shuttle services to taxis and now App-based pick-up and drop-off options, transport services that are ""on-demand"" are making life easier and more convenient for commuters.
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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.
Competitive Landscape -
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
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.
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Key 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 highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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