Transparency Market Research (TMR) found that the global on-demand transportation market has a considerably strong competitive landscape due to the influence of a few leading players. Key players such as ANI Technologies Pvt. Ltd. (OLA), Lyft, Inc., Grab, Careem, Uber Technologies Inc., and Taxify OÜ, are some of the players upholding leading shares in the market. To stand out from this market competition, the large and small-scale market players are putting efforts to introduce new offers. These players are concentrating on bringing forth immense improvements in the products to sustain in the cutthroat competition of the market. Also, new players are also concentrating on offering low-priced advanced products.
According to TMR, the global on-demand transportation market is expected to swell with a stellar CAGR of 14% over the forecast period from 2018 to 2026. Based on vehicle type, the global on-demand transportation market is segmented into light commercial vehicles, passenger cars, busses & coaches, heavy commercial vehicles, and micro mobility. Among these, micro mobility offers various advantages such as flexible mobility and less consumption of fuel. Furthermore, it enables to enhance energy and cost efficiency, which is compelling consumers to choose this vehicle type. Rising strictness of environmental regulations along with growing traffic congestion is projected to encourage consumers to adopt micro mobility in the forthcoming years.
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There are factors like increasing fuel price, rising disposable income, government initiatives, and consumer behavior play an essential part in propelling the growth of the global market across the globe. Based on the geography, the market in Asia Pacific was the dominant regional segment followed by North America and Europe. Existing leading players are also putting their efforts to deliver efficient self-driven vehicles across North America. These efforts will continue to foster the growth of the global on-demand transportation market.
Rising IT Usage by Millennial, Propels the Growth of the Global Market
Increasing usage and added features of smartphones and connected automobiles is rising the adoption of on-demand transportation. There are on-demand transportation options such as station-based mobility, car sharing, e hailing, and car rental. These services enable users to cancel, modify, or pre-book their cars through mobile apps such as Gett, Uber, and Ola.
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Developments in IT infrastructure and rising usage of car sharing services by millennial. These growing uses of on-demand transportation are anticipated to boost the adoption of global on-demand transportation market in many places. This market is projected to experience substantial growth in the upcoming years, due to increased fuel prices and traffic. There various initiative taken by government those are likely to drive the global on-demand transportation market.
There are various on-demand transportation services but car rental was the leading in terms of market share from the past few years. However, rise in demand for other services like car sharing and e-hailing are estimated to witness significant growth in the forthcoming years. Market players are engaging in various business expansion approaches like partnerships and product launches to lead the market share.