On-Demand Transportation Market progressing at a CAGR of 20.4% during the forecast period

Rising penetration of smartphones and connected vehicles is increasing the adoption of on-demand transportation services such as e-hailing, car sharing, car rental, and station-based mobility. These services enable users to pre-book, modify, or cancel their taxi reservations via mobile applications such as Uber and Gett.

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Advancements in IT infrastructure and growing usage of car sharing services by millennials are anticipated to drive the adoption of on-demand transportation services in Europe. The Asia Pacific regional market is estimated to witness considerable growth over the forecast period, owing to increased traffic and fuel prices. Government initiatives, such as Smart Mobility 2030 plan of the Land Transport Authority of Singapore, are also likely to bolster the growth of the market.

However, issues regarding poor connectivity and high costs of developing infrastructure may hamper the growth of the market. Therefore, car sharing service providers are focusing on developing car-sharing applications, which do not require internet connectivity for accessing them.

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Further key findings from the study suggest:

• E-hailing services is poised to be the fastest growing segment by registering a CAGR of 21.1% over the forecast period, as these services provide flexibility to users by allowing them to reserve taxis through an application

• Micro mobility provides benefits such as reduced fuel consumption. The segment is projected to register the highest CAGR of 25.5% over the forecast period

• The vehicle-to-pedestrian (V2P) connectivity segment is expected to expand at a CAGR of 22.3% over the forecast period. V2P helps connect pedestrians with vehicles via a wireless network and enhances safety by providing real-time traffic information

• Asia Pacific is anticipated to be the most promising region during the forecast period due to increased traffic and vehicle costs in countries such as Japan and China

• Some of the prominent industry participants are International Business Machines Corporation (IBM); BMW Group; Daimler Group; Ford Motor Company; General Motor Company; Gett, Inc.; and Robert Bosch GmbH.