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The global on-demand transportation market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 17% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
On-demand transportation enables passengers to book their journey at a convenient time. It provides the option of modifying, pre-booking or canceling reservations using a mobile-based application, which enhances the convenience of both commuters and service operators. It also assists in booking passenger and commercial vehicles, such as taxis, cars, charter buses, contracted buses, party buses and hired buses. At present, on-demand transportation is gaining immense traction around the world on account of the increasing digitalization and the growing penetration of internet-based services.
The global on-demand transportation market is primarily driven by the rising sales of smartphones. Additionally, a significant increase in traffic-related problems, growing costs of fuel, reduced parking spaces and high costs of automobiles has positively influenced the demand for on-demand transportation services. They offer improved security and safety by utilizing intelligent communication systems. In line with this, numerous developments in the information and technology (IT) infrastructure, coupled with the increasing demand for cab/taxi services by individuals, are acting as another growth-inducing factor. Moreover, on-demand transportation relies on artificial intelligence (AI) to efficiently coordinate and manage transportation systems. It provides passengers with traffic-related information for improved coordination with the drivers. This, in turn, is creating a favorable outlook for the market. Other major factors anticipated to fuel the growth of the market include increasing tourism activities across the globe, increasing working-class population, rising trend of road trips and modernization in the automotive sector.
IMARC Group provides an analysis of the key trends in each sub-segment of the global on-demand transportation market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on service type, vehicle type and application.
Breakup by Service Type:
Breakup by Vehicle Type:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis||2020|
|Segment Coverage||Service Type, Vehicle Type, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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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We expect the global on-demand transportation market to exhibit a CAGR of around 17% during 2021-2026.
The growing travel and tourism sector, rising penetration of IoT-based devices, increasing traffic and parking related problems, and expanding automobile fleet, are some of the key factors driving the global on-demand transportation market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary restrictions on interstate and intrastate transportation services, thereby limiting the adoption of on-demand transportation.
Based on the service type, the global on-demand transportation market can be segmented into E-hailing, car sharing, car rental, and station-based mobility. Among these, E-hailing accounts for the majority of the global market share.
Based on the vehicle type, the global on-demand transportation market has been divided into four-wheeler and micro mobility, where four-wheeler currently exhibits a clear dominance in the market.
Based on the application, the global on-demand transportation market can be categorized into passenger transportation and goods transportation. Currently, passenger transportation accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global on-demand transportation market 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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