The latest report on On-demand Transportation Market by Infinium Global Research gives complete coverage of the on-demand transportation market by service type (car sharing, e-hailing, car rental, and station-based mobility), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, buses & coaches, and micro-mobility) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of on-demand transportation such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Growing Middle-Class Population with Lower Per-Capita Income Is the Key Driving Factor for The Growth of The On-Demand Transportation Market
Recently Uber announced the addition of Uber Copter service for its elite users. It will provide helicopter air service from Lower Manhattan to JFK airport at an average rate of USD 200-225. This shows that on-demand transportation services have expanded significantly. New tech companies including OLA, Grab, Uber Technologies Inc., Lyft, Inc., Taxify OÜ, Gett and others have formed an entirely new platform in the transportation market. Statistically speaking, Uber has about 75 million active users while Lyft, Uber greatest competitor, has over 23 million active users worldwide.
The growing middle-class population with lower per-capita income is the key driving factor for the growth of the on-demand transportation market. These people cannot afford to buy a vehicle and hence find on-demand transportation as a better option for their transportation as on-demand transportation offer rides at cheaper rates. Moreover, the service providers operate through mobile phone applications, where users can pre-book, modify or cancel their rides on the application.
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Passenger Safety Are the Two Major Factors Hampering the Growth of The On-Demand Transportation Market
High penetration of smartphones is another factor that is propelling the growth of the on-demand transportation market. Furthermore, the individuals owning their own vehicles face problems such as increasing traffic, rising fuel cost and lack of parking spaces. This in return increases the demand for on-demand transportation. However, poor connectivity in some locations and rising concerns about passenger safety are the two major factors hampering the growth of the on-demand transportation market. Additionally, the development of Artificial Intelligence for transportation is expected to provide promising opportunities for companies in the on-demand transportation market.
The change in consumer behavior, rise in the disposable income and various government initiatives to promote public transportation are some of the common factors contributing to the growth of the on-demand transportation market across all the regions. North America is generating higher revenues as compared to other regions in the on-demand transportation market. This region dominates the on-demand transportation market owing to the presence of the major key players in the market and favorable regulations and initiatives by the governments. The on-demand transportation market in the Asia-Pacific region is witnessing growth at higher rates due to growing traffic congestion and higher fuel prices.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of on-demand transportation.
- Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.