Mobility on Demand Market Overview
Mobility on Demand Market Size was valued at USD 101.5 billion in 2022. The Mobility on-demand market is projected to grow from US$ 112.665 billion in 2023 to US$ 259.6407478 billion in 2032, with a CAGR of 11.00% over the forecast period (2023-2032). across the mobility-on-demand market. Cabify and uber are the two companies constantly developing new strategies to drive the market growth, which are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The renting segment is anticipated to dominate the mobility-on-demand market due to the growing number of such vehicles and rising consumer demand. According to consumer trends, there is a slight shift from car ownership to renting due to the convenient accessibility and the number of renting options provided by key market players. Emerging players in developing countries have been observed to provide cost-effective and lucrative rental services with promotional offers to attract more customers, contributing to the segment's growth. This factor drives the market CAGR.
Additionally,The intercity segment held the largest market share in 2022 and is projected to grow significantly in the upcoming years, reflecting consumers' growing preference for sharing vehicles for intracity travel. This growth can be attributed to an increase in intercity travel, fueled by several factors, such as the expansion of the travel industry, the rise of business hubs, and improved road connectivity between cities. Furthermore, the mobility-on-demand market will likely benefit from rising infrastructure development in developing countries, increasing demand for intercity commuting solutions.Furthermore, the growing demand for individual mobility due to rising urbanization and a significant increase in the preference for carpool and bike pool services among regular office commuters is driving the growth of ride-hailing and ride-sharing services, propelling the mobility-on-demand market.Proactive government initiatives for smart cities, an increase in venture capital and strategic investments, and the adoption of e-bikes in the sharing fleet are projected to contribute to the further growth of the mobility-on-demand market.Thus, driving the Mobility on Demand market revenue.
Based on Vehicle Type, the Mobility on Demand market segmentation includes Micro Mobility vehicles, Four-wheelers. The micro-mobility vehicles segment dominated the market because micro-mobility vehicles, such as scooters and bikes, are a more affordable and convenient way to get around than traditional four-wheelers. They are also more environmentally friendly, as they do not produce emissions.
Figure1: Mobility on Demand Market, by Vehicle Type, 2022 & 2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Mobility on Demand market segmentation, based on Internet connectivity, includes WiFi, 5G, 4G, and 3G. The 5G segment dominated the market because 5G is the fastest and most reliable internet connectivity available, essential for mobility-on-demand services. 5G provides high speeds and low latency, allowing real-time communication and data transfer. This is important for services such as ride-hailing, where drivers need to be able to communicate with passengers in real-time.
The Mobility on Demand market segmentation, based on Service types, includes Car rental, E-hailing, Station-based mobility, and Car sharing. The e-hailing segment dominated the market because e-hailing services, such as Uber and Lyft, are a convenient and affordable way to get around. They allow users to book a ride with a few taps on their smartphone, and they typically offer lower prices than traditional taxi services.
Based on Data Service, the Mobility on Demand market segmentation, includes Information, Payment, Navigation, and Others. The information segment dominated the market because Information is essential for mobility-on-demand services. Information services include real-time traffic updates, weather forecasts, and points of interest. These services help users to make informed decisions about their travel plans.
Segmented by region, the study provides market insights for North America, Europe, Asia Pacific and the rest of the world. The Asia-Pacific Mobility on Demand Market will dominate this market due to its increased demand for advanced IT infrastructure, and the growing population in the urban areas will boost the market growth in this Region. Moreover, China’s Mobility on Demand market held the largest market share, and the Indian Mobility on Demand market was the fastest-growing market in the Asia-Pacific region.
In addition, major countries examined in the market report include the United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea and Brazil.
Figure2: MOBILITY ON DEMAND MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe on-demand market accounts for the second largest market share as consumers tend to rent or share cars, which is important for the region with economic dominance. Further, the German Mobility on Demand market held the largest market share, and the UK Mobility on Demand market was the fastest-growing market in the European Region.
The North American mobility-on-demand market area is expected to grow at the largest CAGR from 2023 to 2032. This is due tothe rise in the adoption of e-hailing services and the Region's BYOD (Bring Your Device).
Entrepreneurs have invested a lot in research and development to expand their products that will contribute to the further growth of business needs. Entrepreneurs are also undertaking various activities to expand their footprint, key business development activities include new product development, contract deals, joint venture mergers and acquisitions, increased investment and collaboration with other organisations. On-demand businesses must provide profitable products to grow and survive in a more competitive and changing market. Local manufacturing to reduce operating costs is one of the main business strategies companies in the demand market use to benefit customers and business expansion. The demand economy has delivered some of the most important results in recent years. Major players in the Mobility on Demand market, includingUber 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.), DidiChuxing (China), Gett, Inc. (U.S.), Lyft (U.S.)., and other companies are trying to meet their business needs by investing in R&D activities.
Lyft, Inc. It is an American company that provides ride-hailing services, ride-hailing services, car rentals, electric scooters, car-sharing, car rentals, and food and beverage services in the United States, select cities in the United States, and Canada.Lyft has partnered with Google Maps to integrate ride-hailing services into the Maps app. This makes it easy for users to find and book Lyft trips on Maps.
Taxi booking services are also very important for generating income when needed in international trade. Both Cabify and Uber are companies that are constantly developing new ideas to support business growth. Ford Motor Company announced plans to invest $500 million in the business, as expected. The investment will be used to create new services on demand and acquire existing companies.
March 2023: Bird has launched a new electric scooter sharing service in San Francisco. The service is a first in the city and is expected to compete with other scooter services like Lime and Spin.
April 2023: The European Commission plans to regulate the needs of the economy. These regulations ensure the safety, integrity, and security of on-demand services.
Micro Mobility vehicles
Four-wheelers
WiFi
5G
4G
3G
Car rental
E-hailing
Station-based mobility
Car sharing
Information
Payment
Navigation
Others
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 101.5 billion |
| Market Size 2023 | USD 112.665 billion |
| Market Size 2032 | USD 259.6407478 billion |
| Compound Annual Growth Rate (CAGR) | 11.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Internet connectivity, Service types, Data Service and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | USA, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea and Brazil |
| Key Companies Profiled | 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.), DidiChuxing (China), Gett, Inc. (U.S.), Lyft (U.S.) |
| Key Market Opportunities | This can be a huge opportunity for the mobility-on-demand market. |
| Key Market Dynamics | Cab booking services are also vital in generating revenues across the mobility-on-demand market. |
Frequently Asked Questions (FAQ) :
The Mobility on Demand market size was valued at USD 101.5 Billion in 2022.
The market is witnessed to grow with a CAGR of 11.00% in the forecast period 2023-2032.
North America witnessed the largest share of the market
The key players in the 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.), DidiChuxing (China), Gett, Inc. (U.S.), Lyft (U.S.).
The Micro-Mobility vehicles category dominated the market in 2022.
The Information had the largest share in the market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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