On-Demand Transportation Market estimated to achieve USD 885 Billion by 2032, North America to be in the lead | Market.us Report – Yahoo Finance

Rising vehicle prices is driving individuals towards on-demand transportation options like carpooling and cab services, particularly among urban-based corporate individuals, eventually leading to growth in the On-Demand Transportation Market

New York, April 05, 2023 (GLOBE NEWSWIRE) — According to Market.us, The Global On-Demand Transportation Market was worth USD 157.1 billion in 2022, and the market size is projected to surpass around USD 885 billion by 2032, it is poised to reach a CAGR of 19.4% from 2023 to 2032.

On-demand transportation offers services to the direct request from the customer for traveling from one point to another. The on-demand transportation industry uses different types of vehicles, like commercial and passenger vehicles. On-demand transportation is an internet-based service used to book transportation vehicles for traveling from one point to another in return for money. Transportation fare is based on the factors like the distance of travel, vehicle type of transportation, route of transportation, and many other factors.

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Key Takeaway:

• By Service, the e-hailing segment is anticipated to be the fastest-growing segment during the forecast period of 2023 to 2032.

• By Vehicle Type, four wheeler vehicles segment was dominant with a share of 58% in 2022.

• North America held a major revenue share of 41.2% in 2022.

• Asia Pacific region is anticipated to be the fastest-growing region during the forecast period of 2023 to 2032.

With rising prices of vehicles, individuals are switching to on-demand transportation like carpooling and cab services. Increasing penetration of the internet across the world is also boosting the growth of on-demand transportation services. By using the internet, individuals can pre-book the transportation service. The on-demand transportation service is highly popular in urban areas due to the increasing population in the urban area, which raises the need for on-demand transportation services. Increasing fuel costs force individuals to use public or on-demand transportation rather than private cars. All these factors are expected to drive the growth of the on-demand transportation market.

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Factors affecting the growth of the On-Demand Transportation Market

Several factors can affect the growth of the on-demand transportation market. Some of these factors include:

• Adoption of Artificial Intelligence: Artificial intelligence is integrated with the on-demand transportation services to manage and coordinate the connectivity and transportation system efficiently. This is expected to boost the growth of the on-demand transportation market over the forecast period.

• Avoid Traffic Congestion: The connectivity of on-demand transportation services allows customers to coordinate better and avoid traffic congestion with the help of artificial intelligence. This factor is driving the growth of the on-demand transportation market.

• Low cost and More Safety: The on-demand transportation services offer various discounts and schemes to attract customers. The cost of transportation through the on-demand service is much lower than using a private vehicle and provides more safety. Therefore, more people are shifting towards on-demand transportation.

• Rising Internet Penetration: With the increasing use of smartphones and the internet, the demand for on-demand transportation services is also rising. Customers can book the service through any remote location using smartphones and the internet. This is propelling the growth of the on-demand transportation market.

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Top Trends in the On-Demand Transportation Market

Many corporate individuals worldwide choose on-demand transportation services for traveling from one point to another. This trend of using on-demand transportation services by corporate individuals is boosting market growth. The increasing population in urban areas is significantly increasing the pressure on the transportation services in the urban area. This leads to traffic congestion, loss of time, and accidents in urban areas. To avoid these obstructions, many individuals opt for on-demand transportation services like car sharing, carpooling, and e-hailing. These services help corporate individuals prevent traffic problems and reach their destination quickly. Therefore, many corporate individuals are switching to on-demand transportation services. This is anticipated to boost the growth of the on-demand transportation market in the upcoming years.

Market Growth

Artificial intelligence is integrated with on-demand transportation services to manage and coordinate the connectivity and transportation system efficiently. The connectivity of on-demand transportation services allows customers to coordinate better and avoid traffic congestion with the help of artificial intelligence. On-demand transportation services offer various discounts and schemes to attract customers. Also, the cost of transportation through the on-demand service is much lower than using a private vehicle and provides more safety. Therefore, more people are shifting towards on-demand transportation. These factors are fueling the growth of the on-demand transportation market.

Regional Analysis

North America dominated the global on-demand transportation market in 2022. North America accounted for a major revenue share of 41.2% in this market. The expanded IT infrastructure across the North American region is increasing the demand for on-demand transportation vehicle services. After North America, Asia Pacific is anticipated to be the fastest-growing region in the on-demand transportation market. Many countries in the Asia Pacific region have introduced strict regulations for pollution control.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players are Ola, Uber Technologies Inc., BlaBlaCar, Careem, Grab, Gett Inc., General Motor Company, Daimler Group, Ford Motor Company, BMW Group, Robert Bosch GmbH., International Business Machines Corporation (IBM), other key players. The rising trend of using on-demand transportation services by corporate individuals in urban areas is driving the growth of the on-demand transportation market.

Recent Development of the On-Demand Transportation Market

• In April 2021, Uber Technologies Inc. partnered with Walgreens to launch their new feature, allowing customers to pre-book their vaccination appointments at Walgreens-permitted locations and reach by Uber taxi.

• In May 2021, GrabCar Exec services and Grabpet XL announced that they were creating earning opportunities for the drivers by offering options for Grab passengers in the mobility requirements.

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Scope of the Report

Market Drivers

Major companies in the on-demand transportation market invest in developing advanced on-demand transportation services like combining technology with connectivity systems for better tracking axis. Along with these developments, it also improves the safety and security of the passengers in the vehicles. These developments are anticipated to drive the growth of the on-demand transportation market during the forecast period. Moreover, the rising penetration of smartphones and the internet across the world has increased the demand for on-demand transportation in the market. Several market companies offer the services to customers, allowing them to modify their transportation service plan according to their convenience under some terms and conditions. All these factors are driving the growth of the on-demand transportation market over the forecast period.

Market Restraints

Many governments and higher authorities in several countries are taking various initiatives and regulations to improve and promote the safety of drivers and passengers. Also, the unavailability of on-demand transportation services in many remote areas is challenging the growth of the on-demand transportation market. Countries like Mexico and Africa still lack the connectivity of on-demand transportation services in many needed places. With the rising popularity of on-demand transportation services globally, safety and security concerns are restraining the growth of the on-demand transportation market. Increasing safety concerns for on-demand transportation users had a negative impact on the market. These factors are anticipated to restrain the growth of the on-demand transportation market over the forecast period.

Market Opportunities

The integration of artificial intelligence has created many opportunities in the on-demand transportation market. Artificial intelligence is mainly used in the on-demand transportation services for autonomous driving systems in the transportation vehicles of companies. It allows the vehicles to monitor and evaluate the real-time environment around the vehicle and act accordingly. AI is also helping to avoid traffic congestion in urban areas. Major companies in on-demand transportation services are using advanced technologies like artificial intelligence in their services. This helps the companies to manage and coordinate the transportation system connectivity very efficiently. Due to all these factors, artificial intelligence is anticipated to create many opportunities in the on-demand transportation market in the upcoming years.

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Report Segmentation of the On-Demand Transportation Market

Service Insight

E-hailing segment in the on-demand transportation market is anticipated to be the fastest-growing segment during the forecast period. The rising penetration of the internet and smartphones is driving the growth of this segment in the market. By using the internet, individuals can book a vehicle from any remote location under the area of a service provider. Governments across the world are promoting the use of e-hailing to reduce traffic congestion by private vehicles. These factors are expected to drive the growth of the e-hailing segment in the on-demand transportation market.

Behind the e-hailing segment, the car-sharing segment is expected to grow significantly during the forecast period. Key companies like OLA and Uber offer such services at low costs. This is attracting customers to shift towards car sharing. With increasing population and urbanization, the growth of the car share segment is anticipated to boost the on-demand transportation market during the forecast period.

Vehicle Type Insight

Customers prefer four-wheeler vehicles for on-demand transportation in urban areas. Due to this, the four-wheelers segment dominates the market with a major revenue share in the account. Individuals across the world prefer four-wheelers over micro-mobility due to the benefits like comfortable experience, low pollution, and less noise than micro-mobility. These factors are driving the growth of four wheeler segment in the on-demand transportation market. Also, the increasing disposable income in developing countries like India and China contributes to the on-demand transportation market.

Meanwhile, micro-mobility also has its own advantages, like low fuel consumption, better flexibility in congested areas, low cost, and high efficiency. These factors are encouraging individuals to use micro-mobility services for transportation

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Market Segmentation

Based on Service

• E-Hailing

• Car Sharing

• Car Rental

• Station-Based Mobility

Based on Vehicle Type

• Four Wheeler

• Micro Mobility

By Geography

• North America

• Western Europe

  • Germany

  • France

  • The UK

  • Spain

  • Italy

  • Portugal

  • Ireland

  • Austria

  • Switzerland

  • Benelux

  • Nordic

  • Rest of Western Europe

• Eastern Europe

  • Russia

  • Poland

  • The Czech Republic

  • Greece

  • Rest of Eastern Europe

• APAC

  • China

  • Japan

  • South Korea

  • India

  • Australia & New Zealand

  • Indonesia

  • Malaysia

  • Philippines

  • Singapore

  • Thailand

  • Vietnam

  • Rest of APAC

• Latin America

  • Brazil

  • Colombia

  • Chile

  • Argentina

  • Costa Rica

  • Rest of Latin America

• Middle East & Africa

  • Algeria

  • Egypt

  • Israel

  • Kuwait

  • Nigeria

  • Saudi Arabia

  • South Africa

  • Turkey

  • United Arab Emirates

  • Rest of MEA

Market Key Players

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