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Mobility on Demand Market is growing at a fast rate from 2018 to 2024, ongoing exponential popularity car sharing services driving the industry growth

Author : Ronak Bora | Published Date : 2019-04-02 

Mobility on Demand Market from car sharing services is slated to grow at a remarkable CAGR of 30% over 2018-2024. The growing popularity of car sharing services is expected to propel the mobility on demand industry 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.

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The legalization of ride-hailing services, such as Uber and Grab, by the government of Malaysia will drive the mobility on demand market growth in the region. The government of Malaysia has made amendments to the Commercial Vehicles Licensing Board (CVLB) Act and Land Public Transport Act to allow the ride-hailing operators to work as an intermediary. The intermediary business license will allow these operators to facilitate transactions and booking of these services.

The 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.

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 autonomous cars, that are in turn expected to profoundly change mobility on demand industry trends within the next 5 to 15 years.

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.

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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.

In 2011, studies exhibited that the urban American travel time has been increased by 5.5 million hours, a figure that is projected to increase by 50% by 2020. Parking compounds the congestion problem in an urban setting where land is already in short supply. Rapid increase in urban population, which is estimated to reach 5 billion by 2030 and rising trend of car ownership in developing countries will worsen the problems on a global scale. Inevitably, powered by the aforementioned factors, private automobiles have come to be widely recognized as unsustainable solution for the future of personal urban mobility, leading to the expansion of mobility on demand market.

 

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.

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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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