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On-demand transport is the transportation of passengers for rewards or hires in which the hirer or passenger determines the locations for the beginning and end of the journey along with the travel time.
On-demand transport has been present for a while now—from phone services that allow dial-up and scheduling a taxi or car to a sophisticated app-based booking facility that joins commuters to fleets of private vehicles. On-demand transportation has a broad aspect with the emergence of IT and smartphones enabling a seamless booking experience.
Through smartphones, one can opt for this service. The ability to commute to work by moped, taxi, or public transport in some capacity or by single occupancy vehicles has grown. The Mobility as a Service (MaaS) Alliance defined MaaS as an integration of various forms of transport services into a single mobility service accessible on demand. MaaS has become a notable trend in transportation. MaaS also seeks to provide demand information, transport, and payment through a single platform.
To improve the existing rail & bus networks, on-demand has become the prime focus for state transportation agencies across the regions. There exists a huge opportunity to incorporate on-demand public transport to reduce the cost of the transport operation and improve patronage.
COVID-19 has posed an enormous economic, humanitarian, and healthcare challenge to the world. Lockdown measures have slower the spread of the coronavirus, but they have come at a high cost in terms of money. The automobile and transportation industries have been particularly hard on the business front. Healthcare and government agencies adopted social distancing norms and rules to urge citizens to keep a safe distance from others. This has limited ride-hailing services including cabs, buses, and bike taxis for regular commuters worldwide. Due to safety concerns, users prefer to commute in their vehicles, which has impacted the transportation industry. However, the on-demand transportation industry is expected to grow rapidly, owing to rising immunization rates and a gradual rise in ride-hailing, taxis, and other transportation services.
This report will cover the following key insights:
By vehicle type, the market is divided into four-wheelers, two-wheelers, and micro mobility. The improved cost and energy efficiency encourage users to select their vehicle type. Over the forecast period, users are expected to adopt micro-mobility as environmental regulations become more stringent and traffic congestion worsens.
As a result, the micromobility segment is expected to grow faster. Micro-mobility sharing, such as e-bikes, small scooters, and e-scooter sharing, is developing in countries such as India and China. Several new entrants or companies are entering the on-demand transportation sector by providing car booking services via smartphones. On the other hand, global corporations, such as BMW Group, Daimler AG, Uber Technologies, and OLA, dominate the market.
Based on service type, the market is segmented into e-hailing, car sharing, car rental, bus sharing, and station-based mobility. The car rental segment was predicted to have the largest market share among other service types. Other services, such as e-hailing and automobile sharing, are expected to grow significantly over the forecast period. To obtain market share, industry participants employ various business expansion tactics such as product launches and alliances.
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The regional market is classified into North America, Europe, APAC, and the rest of the world. North America led the market, followed by Asia Pacific. Due to the rise in internet penetration in Asia Pacific, we expect a boom in the on-demand transportation market. Additionally, growing smartphone & internet usage coupled with easy availability of transportation through apps is likely to drive the Asia Pacific market. Due to increase in urban population and growing traffic congestion, Asia Pacific is expected to grow rapidly.
By Vehicle Type
By Service Type
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