A recent report published by Infinium Global Research on on-demand transportation market provides in-depth analysis of segments and sub-segments in the global as well as regional on-demand transportation market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional on-demand transportation market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global on-demand transportation market. According to the report, the global on-demand transportation market is projected to grow at a CAGR of 17.3% over the forecast period of 2019-2025.
Recently Uber announced the addition of Uber Copter service for its elite users. It will provide helicopter air service from Lower Manhattan to JFK airport at an average rate of USD 200-225. This shows that on-demand transportation services have expanded significantly. New tech companies including OLA, Grab, Uber Technologies Inc., Lyft, Inc., Taxify OÜ, Gett and others have formed an entirely new platform in the transportation market. Statistically speaking, Uber has about 75 million active users while Lyft, Uber greatest competitor, has over 23 million active users worldwide.
The growing middle-class population with lower per-capita income is the key driving factor for the growth of the on-demand transportation market. These people cannot afford to buy a vehicle and hence find on-demand transportation as a better option for their transportation as on-demand transportation offer rides at cheaper rates. Moreover, the service providers operate through mobile phone applications, where users can pre-book, modify or cancel their rides on the application. High penetration of smartphones is another factor that is propelling the growth of the on-demand transportation market. Furthermore, the individuals owning their own vehicles face problems such as increasing traffic, rising fuel cost and lack of parking spaces. This in return increases the demand for on-demand transportation. However, poor connectivity in some locations and rising concern about passenger safety are the two major factors hampering the growth of the on-demand transportation market. Additionally, the development of Artificial Intelligence for transportation is expected to provide promising opportunities for companies in the on-demand transportation market.
The change in consumer behavior, rise in the disposable income and various government initiatives to promote public transportation are some of the common factors contributing to the growth of the on-demand transportation market across all the regions. North America is generating higher revenues as compared to other regions in the on-demand transportation market. This region dominates the on-demand transportation market owing to the presence of the major key players in the market and favorable regulations and initiatives by the governments. The on-demand transportation market in the Asia-Pacific region is witnessing growth at higher rates due to growing traffic congestion and higher fuel prices.
The report on global on-demand transportation market covers segments such as service type, and vehicle type. On the basis of service type, the sub-markets include car sharing, e-hailing, car rental, and station based mobility. On the basis of vehicle type, the sub-markets include passenger cars, light commercial vehicles, heavy commercial vehicles, buses & coaches, and micro-mobility.
The report provides profiles of the companies in the market such as Uber Technologies Inc., Lyft, Inc., ANI Technologies Pvt. Ltd. (OLA), GrabTaxi Pte Ltd. GT GetTaxi (UK) Limited, Taxify OÜ, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), Curb Mobility, LLC, The Hertz Corporation, Wingz, Inc, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of on-demand transportation market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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