Rising Car Sharing or Rental Services Driving Growth in On-Demand Transportation Market

  • Published Date : 12, October 2019

According to the most recent report added to Pro Market Statistics database, the global on-demand transportation market is quickening as a lively market because of the prominence of portable applications for booking cabs. Acquiring noteworthy income, this market is required to rise quickly during the estimated time frame (2017-2025). During this period, the market has been determined to develop at 21.4% CAGR (Compound Annual Growth Rate). 

Market Drivers and Key Barriers 

The most significant global on-demand transportation market driver is the increased problems identified with traffic. Other market drivers include developing fuel costs, diminished parking spots, rising penetration of smartphones just as connected vehicles, improvements in the information technology (IT) foundation in numerous countries, and increasing utilization of taxi/taxi sharing administrations by the people. Be that as it may, traveler security and absence of powerful IT foundation in rising countries are making obstacles in the market developers. 

Market Segmentation

The global on-demand transportation market can be divided based on administration types, vehicle type, vehicle connectivities and region covered. In view of administration types, this market has been fragmented into vehicle rental, vehicle sharing, e-hailing, station-based portability, and other help types. By vehicle types, the market can be divided into smaller scale versatility, four wheeler, and other vehicle types. Based on vehicle connectivity, the market has been sectioned into vehicle-to-foundation (V2I), vehicle-to-walker (V2P), and vehicle-to-vehicle (V2V), vehicle-to-organize (V2N). 

Regional Insight 

The regional segmentation of the global on-demand transportation market fragments the market into regional markets in particular Asia Pacific, South America and the Middle East and Africa (MEA), North America, Europe. 

Asia Pacific region has been assessed to be the most promising regional market during the conjecture time frame because of developing traffic and vehicle costs in countries like China and Japan. In the Asia Pacific region, factors, for example, environmental emission regulations, rising fuel costs, and traffic congestions are market development. In India, the applications valuable for booking cabs are well known. Other prominent country-explicit markets in this region are Australia and New Zealand. 

In South America, the market is developing, yet it isn't as large as North America in light of the fact that mechanical progression in this region is restricted. The significant country-explicit markets in this region are Argentina, Brazil, and Chile, trailed by the rest of the country of South America. 

In the MEA region, the huge country-explicit markets are Saudi Arabia, South Africa, UAE, and Qatar, trailed by the rest of the countries of the MEA region. North America is a significant regional market because of cutting edge IT foundation, accessibility of rapid web, nearness of key market players, and greater part clients approaching Smartphone. Significant country-explicit markets in this region are the USA, Canada, and Mexico. 

In Europe, the market is becoming because of the reasons equivalent to in North America. Most extreme market income in Europe comes from Germany, France, Italy, Spain, and the UK, trailed by the rest of the countries of Europe. 

Key Players

Audi AG (Germany), General Motors Company (USA),Avis Budget Group Inc. (USA), BMW Group (Germany), Daimler AG (Germany), Didi Chuxing Technology Co. (China), Ford Motor Company (USA), Gett Inc. (Israel), ), Toyota Motor Corporation (Japan),, GrabTaxi Holdings Pte. Ltd. (Singapore), Honda Motor Company Ltd. (Japan), Hyundai Motor Company (South Korea), International Business Machines Corporation {(IBM) (USA)}, Lyft (USA), Ola Cabs (India), Robert Bosch GmbH (Germany), and Uber Technologies Inc. (USA).