The on-demand transportation market size is expected to see exponential growth in the next few years. It will grow to $422.2 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to surge in adoption of electric and autonomous vehicles, integration of multimodal transportation options, growth in the demand for eco-friendly and sustainable transportation solutions, rise of ride-hailing services, increasing in fuel prices. Major trends in the forecast period include use of artificial intelligence for predictive demand analysis and route optimization, development of on-demand transportation services catering to specific demographics, emphasis on contactless and cashless payment options in on-demand platforms, customization of on-demand services for niche markets and specialized needs, integration of real-time communication and feedback features.
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Scope Of On demand transportation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Growing tourism and a working-class population are expected to propel the growth of the on-demand transportation market going forward. Tourism refers to a social and economic phenomenon that entails the movement of people to countries or places outside their usual environment for personal, business, or professional purposes. On-demand transportation helps tourism and the working-class population by booking their journey at a convenient time and being picked up from an agreed location that is quicker and easier to use. For instance, in January 2022, according to a report shared by the World Tourism Organization (UNWTO), a Spain-based United Nations specialized agency, compared to 2020, there was a 4% increase in global tourism in 2021. (415 million versus 400 million). Therefore, the growing tourism and working-class population are driving the growth of the on-demand transportation market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The on-demand transportation market covered in this report is segmented –
1) By Type: Ride-Sharing, Vehicle Rental/Leasing, Ride Sourcing
2) By Vehicle: Four-Wheeler, Micro Mobility
3) By Application: Passenger Transportation, Goods Transportation
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Regional Insights –
Asia-Pacific was the largest region in the on-demand transportation market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the on-demand transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the on-demand transportation market report are Avis Budget Group Inc., BlaBlaCar SA, Bayerische Motoren Werke Group AG, Bolt Financial Inc., Cabify SA, Careem Inc., Curb Mobility Private Ltd., Daimler AG, Europcar Mobility Group SA, Ford Motor Company, General Motor Company, Gett Inc., Grab Holdings Inc., Hyundai Motor Company, International Business Machines Corp, Lyft Inc., Didi Chuxing Technology Co, Enterprise Holdings Inc., Jugnoo, Uber Technologies Inc, Bird Global Inc., MOIA GmbH, Via com, City Mapper Ltd., Taxify BV, ANI Technologies Pvt Ltd., PT Gojek, Wingz Inc., Hailo Technologies Ltd., Bolt Mobility
Table of Contents
1. Executive Summary
2. On demand transportation Market Report Structure
3. On demand transportation Market Trends And Strategies
4. On demand transportation Market – Macro Economic Scenario
5. On demand transportation Market Size And Growth
…..
27. On demand transportation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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