According to the latest report by IMARC Group, titled “On-demand Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global on-demand transportation market size reached a value of US$ 128.1 Billion in 2021. On-demand transportation is a service that uses the internet to book transportation for money that is calculated on the basis of the distance covered and time required. Mobile-based applications offer passengers the convenience of booking their journey at a convenient time, modifying, pre-booking or canceling reservations in real-time at their convenience, thereby saving a lot of time. On-demand transportation is extensively utilized for booking and reserving numerous types of vehicles, such as passenger vehicles or commercial vehicles as per the requirement of the consumer, including taxis, cars, charter buses, contracted buses, party buses, and hired buses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global On-demand Transportation Market Trends:
The market is primarily driven by a considerable rise in fuel prices across the globe. In addition to this, the reduction of parking spaces and rising expenses of vehicle maintenance are acting as significant growth-inducing factors for the market. Continual developments in the IT infrastructure and the increasing penetration of internet-based services are also providing an impetus to the market growth. Moreover, the incorporation of advanced technologies, such as artificial intelligence (AI), machine learning (ML), and the internet of things (IoT), to efficiently coordinate and manage traffic is creating a positive outlook for the market. Some of the other factors contributing to the market include the growing working-class population, the rising popularity of e-cab and taxi services with flexible payment options, modernization of the automotive sector and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 376.0 Billion by 2027, exhibiting a CAGR of 19.57% during 2022-2027.
- Based on the service type, the market has been segmented into e-hailing, car sharing, car rental, and station-based mobility.
- On the basis of the vehicle type, the market has been classified into four-wheeler and micro mobility.
- Based on the application, the market has been categorized into passenger and goods transportation.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ANI Technologies Pvt. Ltd, Avis Budget Group Inc., Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company¸ Gett Inc., Grab Holdings Inc., International Business Machine Corporation, Lyft Inc., Robert Bosch GmbH, Toyota Motor Corporation, and Uber Technologies Inc.
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