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Mobility on Demand Market to showcase significant growth from business applications over 2018-2024

Author : Ronak Bora | Published Date : 2019-04-11 

An analysis of mobility on demand market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

Mobility on Demand Market in business applications is poised to grow at a significant pace as these services help the corporate organizations to reduce the dependency on private fleets. Also, these services allow the organizations to significantly reduce fleet-related costs and optimize the fleet management. Companies such as Omoove and Ubeeqo provide these services to the corporations that are tailored according to their specific requirements.

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The smart cities initiatives by the governments of various countries including the U.S., Spain, Ireland, India, Singapore, and Sweden are expected to speed up the mobility on demand market expansion. The governments are providing incentives to the people to share rides while commuting and converting the existing public fleet of vehicles to electric vehicles. For instance, under the smart city project, the Vienna Model Region is developing e-mobility on demand to integrate the transportation system with the e-car sharing model effectively.

The appreciable growth of mobility on demand market is projected to be one of the most significant trends that the globe would witness in the next decade. The ongoing exponential popularity of ride hailing, car sharing and last-mile delivery services is just the beginning of a global shift away from personal vehicle ownership to a shared, on-demand model. Research shows that car sharing is capable of reducing car ownership with an estimation of 1 shared vehicle replacing 15 owned vehicles. The increasing cost of vehicle ownership, limitations on infrastructure expansion, increasing commute times, and the demand to curb GHG emissions have brought about a change in the millennial generation’s relationship with automobiles, which is likely to significantly impact mobility on demand industry trends.

The business space has evolved with extreme rapidity, as converging forces including the likes of powertrain technologies, widespread data connectivity, and connected & autonomous vehicles are making profound headways in the conventional mobility ecosystem. It is prudent to mention that the efforts undertaken by the regional governmental bodies to promote these services have been a key enabler in stimulating mobility on demand market growth. Say for instance, in the year before last, the Federal Transit Administration (FTA) selected 11 projects under its flagship Mobility on Demand Sandbox Program. The move has already left its mark in the regional mobility on demand industry as one of the breakthrough initiatives undertaken by the U.S. Department of Transportation in recent years. Reportedly, the USD 8 million funding program mainly aimed to harness the maximum potential of the on-demand mobility options in the country by bringing groundbreaking innovative projects in the field.

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 industry growth.

Make an inquiry for buying this report @ https://www.gminsights.com/inquiry-before-buying/1229

Growth Drivers:

  1. Growth in worldwide travel & tourism industry
  2. Stringent government regulations regarding emission control in Europe and North America
  3. Incentives offered by the government to use car sharing in U.S.
  4. Growing adoption of vehicles enabled with advanced technologies
  5. Reduction in traveling/commuting cost
  6. Growing adoption of car rental services on airports
  7. Increasing investments in car sharing by the automobile manufacturers in Germany
  8. Growing adoption of urban mobility due to increasing traffic congestion and pollution in China
  9. Lack of proper public transportation infrastructure in India
  10. Increase in number of smartphone and internet users in developing economies
  11. Changing regulations in Malaysia and Singapore
  12. Lack of public transport infrastructure in MEA and Latin America

The Germany mobility on demand market is expected to grow over the next six years due to the stringent regulations imposed on taxi drivers such as the obligation to operate taxi service and obligation to set rates. Increasing environmental consciousness and openness to innovations among the consumers are expected to drive industry growth. Several automobile companies in the country are entering the mobility on demand industry to regain the declining positions due to the reduction in car ownership. For instance, BMW Group entered the industry by forming a subsidiary, DriveNow, which is a car sharing company.

Mobility on demand market has seemingly brought about an upsurge in the development of autonomous vehicles. For instance, Uber is investing heavily in bringing driverless cars to the roads as estimates show that 60% to 80% of the revenues remain with the car owner. By eliminating the need of a driver, ride hailing services like Uber are persevering to keep most of the revenue with the service provider. The profit perspective is highly motivating the development of driverless and auton-omous cars, that are in turn expected to profoundly change mobility on demand industry trends within the next 5 to 15 years.

The success of ride hailing services such as Lyft, Uber, and Ola has come to be highly dependent on new mobility on-demand market players, as they strive to build trust with key stakeholders such as regulators, consumers, insurers and investors. Using technologies to monitor and improve road safety is a vital part of this trust-building process that is certain to speed up the future of mobility on demand market. As public and regulatory confidence come to prevail, mobility on demand industry will witness commendable growth, with a CAGR estimation of 10% over 2018-2024.

Browse Full Report: https://www.gminsights.com/industry-analysis/mobility-on-demand-mod-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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