The mobility on demand market has witnessed growth in business applications in the recent years. These applications are majorly consumed by business organizations and multinational companies to serve their employees and provide better transportation facilities. Parking space problems in metropolitan cities and industrial areas drive the usage of these services at high rates. Several governments have adopted initiatives and reforms that allow multinational companies to provide the ride-hailing services for their employees to reduce traffic congestion.
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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 market trends.
Government regulations and initiatives adopted to reduce automobile emissions and pollution control across the world are creating high growth opportunities for the mobility on demand market. For instance, the U.S. Environmental Protection Agency passed regulations for controlling greenhouse gas emissions, soot, smog, and several other air pollutants from the on and off-road vehicles. Increasing population density and vehicles on road further increase the pollution levels adversely, affecting the environment and human health.
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.
Growing concerns regarding the privacy and security of the customer data are expected to challenge the mobility on demand market growth. The penetration of smartphones and increasing internet usage is encouraging the users to use applications that open loopholes for cyber threats.
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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.
Major Key Points from Table of Content:
Chapter 3. Mobility on Demand Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.2.1. Evolution of car sharing business model
3.2.2. Ride hailing industry landscape
22.214.171.124. Evolution of taxi industry
3.2.3. Demographic analysis
3.2.4. Automotive industry landscape, 2013 – 2024
3.3. Mobility-on-demand service availing frequency, per day/month/year
3.4. Industry ecosystem analysis
3.4.3. Fleet management
3.4.4. Fleet financing
3.4.5. Fleet manufacturer
3.4.6. Vendor matrix
3.5. Technology roadmap
3.5.1. Ride hailing apps
3.5.2. 5G infrastructure
3.5.3. Radio Frequency (RF)
3.5.4. GPS based navigation
3.5.5. Autonomous vehicles
3.5.6. Electric vehicles
126.96.36.199. Battery electric car, stock by country, 2013-2017
188.8.131.52. Plug-in hybrid electric cars, stock by country, 2013-2017
3.6. Regulatory landscape
3.6.1. Vehicle Excise and Registration Act 1994 (Section 29)
3.6.2. Environmental Protection Agency
3.6.3. Regulation for greenhouse gas emission from passenger cars and trucks
3.6.4. Road Traffic Act 1988
3.6.5. Canada Motor Vehicle Safety Act
3.6.6. Vehicular safety standards & regulations in India
3.6.7. Anti-air-pollution law
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