Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Mobility on Demand Market By Type, By Vehicle Type, By Propulsion Type, By Booking Type, By Commute Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the mobility on demand market was valued at $552.90 billion in 2021, and is estimated to reach $1694.7 billion by 2031, growing at a CAGR of 11.8% from 2022 to 2031.
Currently, various mobility on demand market players operating in the business are collaborating with automobile manufacturers to expand their taxi fleet of electric cars for mobility sharing or renting purposes.
For instance, in February 2022, The Hertz Corporation partnered with UFODRIVE, a self-service electric vehicle rental company and eMobility service provider in Europe. This partnership allowed Hertz to grow its fleet of electric vehicles and offer the best rental and recharging experience for leisure and business customers worldwide.
In addition, the mobility on demand market has witnessed significant growth in recent years, owing to the emergence of technologies such as Mobility-as-a-Service (MaaS), electric vehicles, and autonomous cars. Also, shifting consumer preferences from car ownership to flexible & affordable transportation solutions is propelling the adoption of car-sharing services in the market. Furthermore, the companies operating in the market have adopted partnerships, acquisitions, and product launches to increase their market share and expand their geographical presence.
For instance, in March 2021, Europcar Mobility Group announced the launch of a new range of subscriptions for renting out vehicles for business companies. These subscription packages were named'Flex','Superflex' and'DuoFlex'. These packages allowed them to expand their vehicle rental services to businesses, thereby increasing their revenues.
Factors such as proactive government initiatives for smart cities, rise in venture capital and strategic investments, and adoption of e-bikes in the sharing fleet supplement the growth of the mobility on demand market. However, low rate of internet penetration in developing regions and resistance from local transport services, coupled with varying government regulations in different countries are the factors expected to hamper the growth of the market. In addition, emergence of eco-friendly electric cab services and adoption of car rental management software creates market opportunities for the key players operating in the mobility on demand market.
KEY BENEFITS FOR STAKEHOLDERS
This study presents analytical depiction of the global mobility on demand market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall mobility on demand market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global mobility on demand market with a detailed impact analysis.
The current mobility on demand market is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Type