Summary
Major players in the on-demand transportation market are Avis Budget Group Inc, BlaBlaCar, Bayerische Motoren Werke Group AG, Bolt , Cabify, Careem Inc., Curb Mobility, Daimler AG, Europcar Mobility Group, Ford Motor Company, General Motor Company, Gett Inc, Grab Holdings Inc, Hyundai Motor Company, International Business Machines Corporation (IBM), Lyft Inc, Didi Chuxing Technology Co, Enterprise Holdings Inc., and Jugnoo
The global on-demand transportation market is expected to grow from $109.71 billion in 2021 to $132.60 billion in 2022 at a compound annual growth rate (CAGR) of 20.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The on-demand transportation market is expected to grow to $282.65 billion in 2026 at a CAGR of 22.8%.
The on-demand transportation market consists of sales of on-demand transportation services by entities (organizations, sole traders, and partnerships) that are used by the passengers to book their journey at a convenient time (during service operating hours) and to be picked up from an agreed location.There is a huge opportunity to incorporate on-demand public transport to reduce the cost of transport operations and improve patronage.
From dial-a-ride shuttle services to taxis and now App-based pick-up and drop-off options, transport services that are "on-demand" are making life easier and more convenient for commuters.
The main types of on-demand transportation are ride-sharing, vehicle rental or leasing, and ride-sourcing.Ride-sharing refers to the act or practise of sharing automobile trips, used to reduce traffic congestion and parking demands, help to eliminate vehicle emissions, and create less stressful commutes.
The vehicles include four-wheelers and micro-mobility. The various applications involve passenger transportation and goods transportation.
Asia-Pacific was the largest region in the on-demand transportation market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this on-demand transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Growing tourism and a working-class population are expected to propel the growth of the on-demand transportation market going forward.Tourism refers to a social and economic phenomenon that entails the movement of people to countries or places outside their usual environment for personal, business, or professional purposes.
On-demand transportation helps tourism and the working-class population by booking their journey at a convenient time and being picked up from an agreed location that is quicker and easier to use. For instance, in January 2020, according to the World Tourism Organization, a Spain-based United Nations specialised agency, in 2019, there were 1.5 billion international visitor arrivals recorded worldwide, a 4% gain from the previous year, establishing tourism as a leading and robust economic industry, especially in light of the current uncertainty. Therefore, the growing tourism and working-class population are driving the growth of the on-demand transportation market.
The advancement of automotive transportation is a key trend gaining popularity in the on-demand transportation market.Major companies operating in on-road transportation are looking for advancements in transportation to improve the efficiency of existing transportation methods, while new inventions are poised to entirely reshape the way we move.
The advent of self-driving cars such as the Google Car and Telsa is making the idea of autonomous cars a reality. For instance, in December 2021, Uber Technologies Inc., a US-based transportation company operating in the on-road transportation market, rolled out a new service that gives people the option to book an Uber ride through an official Uber Whatsapp chatbot. No longer are riders required to download or use the Uber app. The Whatsapp chat interface has been used to manage everything, including user registration, ride booking, and trip receipts.
In November 2021, Uber Freight, a US-based transportation and logistics platform built on the power of Uber with the goal of reshaping global logistics and delivering reliability, acquired Transplace from TPG Capital for the deal amount of $2.25 billion. This acquisition brings together Uber Freight’s vast network of digitally-enabled carriers with Transplace’s trusted shipper technology and operational solutions, ultimately creating one of the world’s leading logistics technology platforms to meet the rapidly evolving needs of shippers and carriers alike. Transplace is a US-based transportation and logistics service provider operating in the on-road transportation market.
The countries covered in the on-demand transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The on-demand transportation market research report is one of a series of new reports that provides on-demand transportation market statistics, including on-demand transportation industry global market size, regional shares, competitors with an on-demand transportation market share, detailed on-demand transportation market segments, market trends and opportunities, and any further data you may need to thrive in the on-demand transportation industry. This on-demand transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
