Mobility on Demand Market to surpass $200bn by 2024 - PowerPoint PPT Presentation

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Mobility on Demand Market to surpass $200bn by 2024


More Information @ Mobility on demand market for business applications accounted for over 70% of the global share in 2017 and is anticipated to remain dominant over the coming years. Problems relating to vehicle parking spaces in metropolitan cities will contribute to the industry growth. Moreover, the industry is anticipated to gain traction as it enables commercial businesses to minimize or eliminate the size of private vehicle fleets by offering employees the access to shared vehicles. – PowerPoint PPT presentation

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Title: Mobility on Demand Market to surpass $200bn by 2024

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

  • 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)

Industry Coverage

  • 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
  • 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.

  • 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

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