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Friday, January 15, 2021

Mobility on Demand Market to witness steady growth of 10% during 2019-2026

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According to a recent study from market research firm Global Market Insights, the mobility  on demand market is set to grow from its current market value of more than $110 billion to over $250 billion by 2026, gaining remarkable traction over the 2019 to 2026 period.

Several service providers are focusing on the regional expansion and gaining investments from government, automakers, and investors to develop a flexible service portfolio. Automotive manufacturers in cooperation with other industrial entities are launching various car sharing, ride hailing, and car rental platforms to cater to the increasing consumer demands and gain high profits over smaller companies. For instance, in April 2019, Enterprise Holdings announced its plan to launch a new car subscription service, which will allow customers to pay a monthly fee for its six vehicle options.

The North America region accounted for a large mobility on demand market share in 2018 as compared to other regions owing to the large number of consumers, primarily the millennial generation that is more inclined to adopt these technologies. Employing mobility on demand provides consumers with the benefits of using a vehicle without extra financial funds such as vehicle lease, maintenance, repair, and insurance needed in owning & maintaining a vehicle. Large organizations operating in this region are also employing corporate mobility on demand to attract and retain employees without incurring very high financial costs. North America also accounts for a large number of market players such as Lyft, Zipcar, and Maven, that are growing in prominence owing to the large target customer base and ideal work conditions such as ease in setting up a business.

Mobility

Technological advancements and changing social & environmental needs are enabling the mobility on demand industry to change continuously. Several industry participants are increasing their investments in innovations to enhance the efficiency of these services. For instance, the Federal Transit Administration developed the mobility on demand initiative to develop efficient, automated, integrated, and connected transportation systems to offer personalized mobility options. Governments across the globe are promoting the usage of these on-demand mobility options to reduce traffic congestion and maintain the environmental conditions.

Some major findings in the mobility on demand market report include:

  • Stringent regulations pertaining to hazardous gas emissions are encouraging several companies to invest in industry developments
  • The rising working population has created the requirements for time-reliable and flexible mobility solutions across the globe
  • Increased consumer security and flexibility offered by newly developed mobility service providers is adding up to the demand globally
  • Rising automobile prices and cost of ownerships of technically advanced vehicles limit consumers to purchase new vehicles. However, these factors of the automotive industry are compelling consumers to opt on-demand mobility options supporting the mobility on demand market development.
  • Prominent players operating in the industry include Drivy, Grab, Didi Chuxing, Daimler AG, Avis, Enterprise Holdings, Lyft, Uber Technologies, General Motors, Zipcar, Delphi Automotive, etc.

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