iCrowdNewswire Dec 30, 2020 12:55 PM ET
Rapid urbanization and expansion of metropolitans have increased the intracity travel distance. The high cost of vehicles and increasing traffic issues have created emergence for shared transport. Mobility on demand services offer easy access to shared or personal transport vehicles at affordable prices. As per Market Research Future’s (MRFR) published report, the global mobility on demand market is registered to expand remarkably at a robust CAGR of 18% during the forecast period of 2017-2023 and is estimated to reach the valuation of USD 186 Bn by the end of 2023.
Market Drivers and Restraints:
Technological advancements and emerging IoT trend along with the increasing penetration of smartphones are majorly driving the growth of the global mobility on demand market. Growing popularity of car sharing services, increasing fuel prices and government initiatives for improving transportation with intelligent mobility solutions are some other factors that are propelling the growth of the global mobility on demand market.
Growing adoption of electric and plug-in hybrid vehicles in shared transportation services, reduction in travel cost and real-time availability of services are accelerating the growth of the global mobility on demand market. However, inadequate transportation infrastructure, lack of awareness regarding shared transport services and low penetration of advanced technology in the underdeveloped regions are likely to impact negatively on the growth of the global mobility on demand market during the forecast period of 2017-2023.
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The global mobility on demand market has been segmented on the basis of service, vehicle type, data service, internet connectivity and vehicle connectivity. Based on service, the mobility on demand market has been segmented into e-hailing, car sharing, car rental and station-based mobility. Based on vehicle type, the mobility on demand market has been segmented into four-wheelers and micro mobility vehicles.
Based on data service, the mobility on demand market has been segmented into navigation, information, payment and others. Based on internet connectivity, the mobility on demand market has been segmented into 3G, 4G, 5G and Wi-Fi. Based on vehicle connectivity, the mobility on demand market has been segmented into vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to pedestrian (V2P) and vehicle to network (V2N)
Geographically, the global mobility on demand market is segmented into Asia Pacific, North America, Europe and the rest of the world. The North America region is anticipated to project fastest growth in the global mobility on demand market owing to the proliferation in use of smartphones, growing urban population and easy adoption of advanced technology in this region. The Asia Pacific region holds the largest share in the global mobility on demand market owing to the increasing demand for better transportation services, rise in disposable income and increasing adoption of e-hailing services in the developing economies of this region.
In September 2018, Hyundai CRADLE, Hyundai motor company’s corporate venturing and open innovation business, has invested in Migo, a Seattle-based leading mobility-as-a-service company that has developed an on-demand ride discovery application. This investment is a part of the expansion plan of Hyundai’s existing portfolio of mobility and technology partners.
In August 2018, Audi has announced the expansion of its flexible mobility service in Europe following on from Asia. Audi on demand has arrived in the U.K., with its locations in Manchester, Glasgow and Edinburgh. By the end of the year, it has planned to extend the concept to other locations in the U.K.
The leading players that are profiled by MRFR in the report on the global mobility demand market are Uber Technologies Inc. (U.S.), Delphi Automotive Plc (U.K.), Denso Corporation (Japan), Intel Corporation (U.S.), Tomtom NV (Netherlands), Robert Bosch Gmbh (Germany), International Business Machines Corp. (U.S.), Didi Chuxing (China), Gett, Inc. (U.S.), Lyft (U.S.), and others.
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