On-demand Transportation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 -2026

On-demand transportation is an internet-based service that is used to book means of transportation in return of money, based on the time and distance it is used for. Various types of vehicles, such as passenger vehicles or commercial vehicles, can be booked or reserved through on-demand transportation services as per the requirement of the consumer. Moreover, the service is highly popular in urban areas, owing to high digitalization and high dependency on internet-based services.

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The market for on-demand transportation services is primarily driven by the lower middle class population owing to its low per capita income. Moreover, the market is expanding significantly in developing nations such as China and India. On-demand transportation services provide short-term ownership to consumers at significantly lower prices and hence, consumers prefer such transportation means instead of owning a vehicle. A privately owned vehicle is only utilized for up to 5% of its total life; it remains parked for 95% of its life in most cases.

Considering this, several vehicle owners are readily sharing their vehicles. Increase in number of vehicle owners has led to increased traffic congestion and rise in global emission levels. Consequently, governing bodies are promoting alternative fuel powered vehicles and alternative modes of transportation that emit less to zero-emission. On-demand transportation services are effectively capable of reducing the number of vehicle owners and hence, governing bodies are implementing regulations in favor of shared mobility services. Consumers who do not own a vehicle prefer on-demand mobility services. Increasing tourism and working class population coupled with rising trend of road trips is fueling the on-demand transportation market significantly. Developments by software companies to make the mobile phone-based applications faster and user friendly have played a vital role in promoting on-demand transportation services.

Key players operating in the global on-demand transportation market include:
ANI Technologies Pvt. Ltd. (OLA),
Lyft, Inc.,
Grab,
Careem,
Uber Technologies Inc.,
Taxify OÜ,
Gett,
BlaBlaCar,
Wingz, Inc,
Curb Mobility,
Cabify,
Europcar,
The Hertz Corporation,
Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing),
Avis Budget Group, Inc.,
Enterprise Holdings, Inc.

Incorporation of electric and autonomous vehicles is likely to reduce the cost of on-demand transportation services. Electric vehicles reduce fuel expenses, which reduces the overall cost of utilizing mobility sharing services, such as ride sharing and ride sourcing. This, in turn, is likely to fuel the demand for on-demand services across the globe. Autonomous vehicles are expected to eliminate the driver and subsequently, expenses over the driver. Lower number of vehicles per capita across several nations is fueling the demand for on-demand transportation services, which in turn is likely to offer lucrative opportunities to the global on-demand transportation market. Forward integration of vehicle manufacturers in the on-demand transportation service market is likely to offer considerable opportunities and propel the market.

Taxi fleet operators across several nations are opposing on-demand sharing services, which in turn is restraining the global on-demand transportation market, especially for ride-sharing and ride sourcing services. Several nations, such as Germany and France, have banned peer-to-peer taxi services, which is marginally hampering the global on-demand transportation market.
In terms of revenue, the ride sourcing segment accounts for a notable share of the on-demand transportation market, followed by vehicle rental or vehicle leasing services segments. Vehicle leasing services are significantly popular across families and companies willing to provide transportation services to their employees. Long family tours, outings with friends, and increased tourism activities are fueling the demand for vehicle sharing and leasing services. Subscribing vehicle is another term being used in the vehicle rental and leasing industry in which consumers can lease their vehicle for a specific time period, such as one month to a year or may be longer.

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Demand for ride sharing and ride sourcing services is rising due to the increase in congestion across urban areas. Rapid urbanization, increase in vehicle ownership, and expansion of urban areas are fueling the demand for transportation services within urban areas. Longer routes and longer time of travel for public transportation services, increased crowd in various modes of public transportation, lack of proper connectivity, and lack of punctuality of public transportation services are fueling the demand for ride sourcing and ride sharing services.

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