Mobility on Demand Market to surpass $200bn by 2024

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Mobility on Demand Market to surpass 200bn by
2024 Global Market Insights Inc.
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Industry Overview

• Mobility on Demand (MOD) Market to exceed USD 200
  billion by 2024, driven by growing adoption of
  vehicles enabled with advanced technologies.
  Mobility on demand market is expected to grow
  over the forecast time span due to the increasing
  inclination of customers toward shared services
  rather than ownership. The costs of owning
  vehicles including components, such as insurance,
  repair maintenance, and depreciation, are more
  than the sharing of vehicles. Furthermore,
  volatility in fuel prices is encouraging the
  users to switch to the shared transport,
  propelling the mobility on demand market growth.
• Increasing government initiatives to implement
  these services in countries are expected to
  accelerate the mobility on demand market growth.
  The governments in various developed economies
  including the U.S. and Germany are funding such
  projects to foster innovations and provide
  technical assistance to the industry players. For
  instance, the Federal Transit Administration
  (FTA) of the U.S. has signed an agreement with a
  national non-profit organization, Shared-Use
  Mobility Center (SUMC) to provision the
  successful implementation of these projects
  across the country.

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• Growing trend of adoption of electric and plug-in
  hybrid vehicles in shared transportation services
  is dominating the mobility on demand market.
  Increasing stringency of regulations regarding
  the emissions of hazardous greenhouse gases from
  the vehicles is compelling the drivers and fleet
  owners to opt for these environment-friendly
  alternatives. Various automobile manufacturers
  are forming strategic partnerships with mobility
  on demand vendors to promote the use of electric
  or plug-in hybrid cars. For instance, Volkswagen
  UK formed a partnership with Zipcar to launch a
  new fleet of 50 Volkswagen GTE plug-in hybrid
  cars in London. These premium zero-emission cars
  encourage more people to choose electric instead
  of fossil-fuel-based cars.
• Technological advancements and the emerging IoT
  trend are further propelling the mobility on
  demand market growth. Rise in the number of
  connected vehicles and the increasing penetration
  of smartphones are anticipated to drive the
  industry. Various government organizations are
  focusing on encouraging digitalization for the
  overall economic growth. Technological
  developments, such as autonomous and AI-enabled
  vehicles, are expected to revolutionize the
  industry. Innovations, such as electric vehicles
  and GPS-based navigation systems, are anticipated
  to fuel the mobility on demand market growth.

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UK car rental market size, by application, 2017
2024 (USD Million)

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Industry Coverage

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• Inadequate transportation infrastructure is
  expected to hinder the mobility on demand market
  growth in countries including India, Brazil, and
  Mexico. Deteriorating conditions of road
  infrastructure discourage the commuters to travel
  by roads, thus challenging the growth of car
  rental market. Furthermore, the integration of
  these services with the traditional transport
  infrastructure is an expensive and time-consuming
  process. Lack of awareness regarding these
  services is pushing people to use public
  transport extensively, hindering the industry
  growth.
• The growing popularity of car sharing services is
  expected to propel the mobility on demand market
  growth. Reduction in travel costs and emissions
  of greenhouse gases are some of the drivers of
  the car-sharing industry. Station-based car
  sharing services currently sized at over 600
  million encourage the commuters to walk, cycle,
  or use public transportation to the car-stations.
  Technological advancements, such as smartcards,
  GPS tracking, and app-based reservation of cars,
  will drive the car sharing market growth,
  impacting the industry growth.

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• The mobility on demand (MOD) market in private
  applications is expected to witness a significant
  growth over the forecast timespan due to growing
  inclination of individual commuters toward shared
  services. Increasing traffic congestion in urban
  areas is compelling the people to opt for
  services such as ride hailing for running daily
  errands such as grocery shopping, thus propelling
  the ride hailing market growth to reach over USD
  100 billion by 2024. Increased convenience of
  booking these services through apps on
  smartphones and websites is further increasing
  the demand for mobility on demand market in
  private applications.
• Key players in the mobility on demand market
  comprise Lyft, DriveNow GmbH, Didi Chuxing,
  Enterprise Rent-A-Car, Gett, and Uber
  Technologies. The industry is highly fragmented
  in nature and big players, such as Uber and Didi
  Chuxing, are adopting strategies such as MAs to
  penetrate into newer regions and gain share. For
  instance, in February 2018, Uber announced its
  intention to enter Vietnam by partnering with
  MoMo, a mobile wallet company in the country.
  Also, several regional players, such as Ola and
  Grab, are gaining a strong foothold in their
  respective regions by acquiring operations from
  foreign players such as Uber. For instance, in
  early 2018, Grab announced that the company is in
  preliminary talks with Uber Technologies to
  strike a deal to acquire its operations in
  Singapore.

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