USD 128.1 billion
Report ID: SQMIG45A2042 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 144 | Figures: 78
On-Demand Transportation Market size was valued at USD 128.1 billion in 2021 and is poised to grow from USD 142.37 billion in 2022 to USD 565.76 billion by 2030, growing at a CAGR of 19.57% in the forecast period (2023-2030).
On-demand transportation is defined as a web-based service that allows users to reserve vehicles for a fee based on the distance and duration of the trip. On-demand transportation services consist of a variety of vehicle types, including commercial vehicles and passenger vehicles, that can be reserved or booked in accordance with the needs of the customer. The service is also very well-liked in metropolitan areas as a result of growing digitalization and reliance on internet-based services.
Rising car prices have increased consumers' preference for on-demand services that allow them to modify, pre-book, and cancel their bookings at lower costs through applications, which in turn increases demand for the product. Millennials have also increased their use of car sharing services, which is driving up demand for the service. Other important factors driving up demand for these services include dwindling parking spaces, growing smartphone penetration, and rising PR. Moreover, growing demand for on-demand transportation services during the aforementioned forecast period will be aided by rising tourism activities, an increase in the working-class population, a rise in the popularity of road trips, and growing technological advancements and modernization in the automotive industry.
However, rising data privacy security and improved public safety are the main reasons limiting market expansion and may present new challenges to the on-demand transportation market during the mentioned forecast period.
US On-Demand Transportation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 128.1 billion
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On-Demand Transportation Market is segmented based on service type, vehicle type, business model, power source, application, and region. Based on service type, the On-Demand Transportation Market is segmented into E-Hailing, car sharing, car rental, and station-based mobility. In terms of segmentation by vehicle type, the On-Demand Transportation Market is categorized into four-wheeler, and micro mobility. With respect to classification by business model, the On-Demand Transportation Market is grouped into P2P, B2B, and B2C. The power source segment is further categorized into Fuel Powered, HEV (HEV), PHEV (PHEV), BEV (BEV). By Application, the On-Demand Transportation Market is divided into passenger transportation, and goods transportation. Demographically, the On-Demand Transportation Market is widespread into North America, Europe, Asia-Pacific, Latin America, and MEA.
On-Demand Transportation Market Analysis by Service Type
Based on service type, the market is segmented into E-Hailing, car sharing, car rental, and station-based mobility. E-hailing services (platforms for ride-hailing) are commonplace in most geographic locations and are projected to hold the dominant share in the market. In addition to ride-hailing, the trend of ride sharing is starting to gain traction in the on-demand transportation sector. Due to their low costs, Uber pool and Lyft offer such a platform that will be helpful to their clients.As users adjust to the new paradigm, ride-hailing trips are predicted to grow quickly and have an increasing impact on urban mobility systems, even though they still make up a relatively tiny portion of trips made in cities (reportedly just around 1% of total kilometres travelled worldwide). Other shared mobility options including carpooling, bike sharing, and e-hailing have all shown significantly slower growth in recent years.
On-Demand Transportation Market Analysis by Vehicle Type
In terms of segmentation by vehicle type, the market is categorized into four-wheeler, and micro mobility. In developed countries, the four-wheeler market offers benefits like lower noise pollution and a more comfortable driving experience. Growing consumer discretionary income in nations such as China and India is also contributing to growth. As a result, the four-wheeler segment dominates the market for on-demand transportation. Numerous benefits of micro mobility include reduced fuel usage and more mobility flexibility. Improved cost and energy efficiency are also made possible, which motivates users to select this particular vehicle type. Users are anticipated to switch to micro-mobility throughout the projected period as environmental rules tighten and traffic congestion intensifies. As a result, between 2023 and 2030, the segment is anticipated to increase at the fastest CAGR. In developing countries such as China and India, sharing of two-wheelers, e-bikes, and e-scooters is becoming more popular. Several new businesses are joining the on-demand transportation market by offering smartphone-based automobile booking services. Global conglomerates like the BMW Group, Daimler AG, Uber Technologies, and OLA, on the other hand, control the market.
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Across North America and Latin America, light commercial vehicles are widely preferred. Since car owners frequently offer carpool and ride-sharing services, the P2P segment accounts for a significant revenue part of the industry. The B2C segment, however, represents a sizable portion of the industry in terms of income because the vehicles used for rental and leasing services are held by service-provider businesses. While shared mobility services are preferred for transporting people about, there are a number of businesses that offer light and heavy trucks for moving products. Micro mobility, which includes scooters, bikes, and other small vehicles, is in high demand, and throughout the forecast period is expected to achieve a significant market share as a response.
In Asia Pacific regions like China, India, and ASEAN, ride sharing and ride sourcing services are quite popular. Major mobility sharing service companies active in Asia Pacific include DIDI Chuxing, OLA, Uber, and Grab. Asia Pacific is seeing an increase in demand for on-demand transportation services due to the region's rapidly growing urban population, rising daily commuter population, packed public transit systems, low motorization rate, and rising fuel prices. Asia Pacific now has a significant portion of the global on-demand transportation industry due to its large population and availability of top on-demand transportation service providers on a global scale.
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On-Demand Transportation Market Drivers
The rising sales of smartphones
Rise in fuel costs
On-Demand Transportation Market Restraint
Imposition of Stringent Regulations due to Increased Passenger Safety
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The competitive landscape of the on-demand transportation market provides information by competitor. Corporate overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, regional presence, company strengths and weaknesses, product introduction, product width and breadth, and application domination are among the details provided. Only the companies' focus on the on-demand transportation market is referenced in the above data points.
On-Demand Transportation Market Top Player's Company Profiles
On-Demand Transportation Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
SkyQuest With on-demand transportation, customers can schedule their trip at a convenient time (within service hours) and be picked up from a predetermined place. Global acceptance of on-demand transportation is rising. A favourable environment for the growth of the transportation industry is being created through e-hailing, car sharing, car rentals, and station-based mobility. To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to a detailed SkyQuest exclusive matrix.
|Market size value in 2021||USD 128.1 billion|
|Market size value in 2030||USD 142.37 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global On-Demand Transportation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global On-Demand Transportation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global On-Demand Transportation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global On-Demand Transportation Market for additional countries.
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