Dubai, UAE, May 22, 2023 (GLOBE NEWSWIRE) -- The Global Mobility on Demand Market size was worth approximately USD 542.43 billion in 2022 and is expected to be worth approximately USD 1,574 billion by 2032, growing at a CAGR of approximately 11.24% between 2023 and 2032. On account of its convenience and low cost, this service is mainly popular among business professionals and frequent travelers.
The mobility-on-demand market in business applications is expected to expand rapidly as these services help corporate organizations in reducing their reliance on private fleets. Furthermore, these services enable businesses to significantly reduce fleet-related costs and optimize fleet management. However, a lack of awareness about these services is causing people to rely heavily on public transportation, restraining the market’s growth.
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Trending Now: Via launches BVG Muva, On-demand Shared-mobility Services
Via, a technology company, launched the on-demand public transportation service BVG Muva in Berlin in mid-September 2022. BVG Muva is Via's third service in collaboration with Berlin's leading transportation authority. Prior to the launch of BVG Muva, Via's software powered the BerlKönig, which successfully served over 1.85 million passengers in Berlin while helping to reduce the use of private vehicles and the environmental impact of transportation.
More than 45 partners in German-speaking countries use Via's technology, including on-demand services such as Sprinti, in collaboration with Region Hannover; MainzRIDER, in collaboration with Mainzer Mobilität; and SSB Flex 2.0, in collaboration with Stuttgarter Straßenbahnen AG (SSB).
Market Segmentation by Type:
- Sharing
- Renting
Rising Costs of Vehicle Ownership to Surge Demand for Rental Options in the Mobility Sector
The renting segment is anticipated to dominate the mobility-on-demand market due to the growing number of such vehicles and rising consumer demand. According to consumer trends, there is a slight shift from car ownership to renting due to the convenient accessibility and the number of renting options provided by key market players. Emerging players in developing countries have been observed to provide cost-effective and lucrative rental services with promotional offers in order to attract more customers, contributing to the growth of the segment.
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Market Segmentation by Form:
- Intracity
- Intercity
Rapid Expansion of the Travel Industry to Boost Demand for Intercity Travelling
The intercity segment held the largest market share in 2022 and is anticipated to grow significantly in the upcoming years, reflecting consumers' growing preference for sharing vehicles for intracity travel. This growth can be attributed to an increase in intercity travel, which has been fueled by several factors such as the expansion of the travel industry, the rise of business hubs, and improved road connectivity between cities. Furthermore, the mobility-on-demand market is likely to benefit from rising infrastructure development in developing countries, which is expected to increase demand for intercity commuting solutions.
Growing Demand for Individual Mobility to Promote Revenue Generation
Currently, the growing demand for individual mobility due to rising urbanization and a significant increase in the preference for carpool and bike pool services among regular office commuters is driving the growth of ride-hailing and ride-sharing services, propelling the mobility-on-demand market.
Proactive government initiatives for smart cities, an increase in venture capital and strategic investments, and the adoption of e-bikes in the sharing fleet are projected to contribute to the further growth of the mobility-on-demand market.
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Competitive Landscape
The global mobility on-demand market consists of numerous local and global players offering a wide range of services. On account of their large fleet, advanced service packages, and high investment capabilities, major players pose a threat to small and local businesses. New entrants pose a threat to industry participants due to the availability of cheaper mobility options in various regions.
Prominent players in the market include:
- BMG AG
- Cabify España S.L.U.
- CAR2GO NA, LLC
- CITYHOP
- Communauto
- Europcar Mobility Group SA
- GreenGo Car Europe Zrt.
- Uber Technologies Inc.
- Zipcar, Inc.
- Zoomcar™ Ltd.
North America to Dominate Market with 31% Revenue Share Due to Rising Number of Travelers
North America was the largest market for mobility-on-demand in 2022, accounting for more than 31% of global revenues. The shift in consumer preferences toward renting or sharing vehicles is one of the major factors for the region's market dominance. People who travel frequently for business or leisure and those migrating to North America for education or employment prefer mobility on demand solutions. This has accelerated the demand for mobility on demand in the region, with the United States being the leading contributor to the rising demand and maximum revenue generation.
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Asia Pacific to Experience Substantial Growth with Increasing Business Hubs
In recent years, Asia Pacific has experienced a significant surge in car rental or sharing demand, making it the fastest-growing market. India, China, Australia, and South East Asian countries are among the major revenue contributors. As a result of the increased tourism and a growing number of business hubs in the country, India is expected to contribute significantly to the growth of the mobility-on-demand market.
Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Mobility On Demand Market
Chapter 5. Global Mobility On Demand Market Overview, By Type, 2018 - 2032 (USD Million)
Chapter 6. Global Mobility On Demand Market Overview, By Commute 2018 - 2032 (USD Million)
Chapter 7. Global Mobility On Demand Market Overview, By Vehicle Type, 2018 - 2032 (USD Million)
Chapter 8. Global Mobility On Demand Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 9. North America Mobility On Demand Market Overview, By Countries, 2018 - 2032 (USD Million)
...
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
...TOC Continued
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