In its research report, Market Research Future (MRFR), emphasizes that over the review period , the global market 2020 is poised to increase significantly, ensuring substantial market valuation of USD 186 Billion by 2023, and a healthy 18% CAGR over the review period.
Drivers and Restraints
Intracity travel distance has been increased by rapid urbanization and expansion of metropolitans. The high vehicle costs and the rising traffic problems have produced the advent of shared transport. On-demand mobility services offer easy access to shared or personal transportation vehicles at affordable prices. Technological advancements and evolving IoT developments along with growing smartphone penetration are driving the growth of the global demand mobility market to a large extent. Increasing popularity of car sharing services , higher fuel prices and government initiatives to improve transport with smart mobility solutions are some of the other factors that drive the growth of mobility on demand market. The primary driving factor driving market growth is increasing demand for water and wastewater treatments. With growing concerns about the health risks and ecological impacts of organic contaminants, chemicals, and by-products of decontamination in water and wastewater supply, governments across numerous economies have announced several emission guidelines that are driving the growing demand for water and wastewater treatment devices. The European Union ( EU), for example, has reorganized its dominant supervisory priorities and established modern criteria for controlling wastewater production and encouraging recycle and reuse.
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The global mobility on demand market has been analyzed on the basis of vehicle type, service, data service, internet connectivity and vehicle connectivity.
The mobility on demand market based on service was segmented into car sharing, e-hailing, car rental and station-based mobility. E-hailing service accounts for the largest market share of on demand mobility. The mobility on demand market was divided into four-wheelers and micro mobility vehicles, based on the type of vehicle.
Data service-based mobility on demand market segmented into payment, navigation, information and others. Based on internet connectivity, on-demand mobility market segmented into 4 G, 3 G , 5 G and Wi-Fi. The mobility on demand market was segmented into vehicles based on vehicle connectivity infrastructure (V2I), vehicle to vehicle (V2V), vehicle to pedestrian (V2P) and vehicle to network (V2N)
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. North America region is expected to be the fastest growing on-demand mobility market due to increased adoption of bringing your own device (BYOD) technology, increasing urban population and increasing citizens' adoption of e-hailing service. The prime factors driving demand growth are the increasing working population in urban areas, raising knee problems and progress in the healthcare sector.
Growing acceptance of electric and plug-in hybrid vehicles in shared transportation services, reduced travel costs and real-time service availability are accelerating the growth of global demand mobility. Nonetheless, insufficient transport infrastructure, lack of knowledge of shared transport services and low penetration of advanced technology in underdeveloped regions are likely to adversely affect the growth of mobility in demand market. Asia-Pacific region accounts for highest market share in mobility on demand market also owing to growing IT infrastructure and rising population in urban areas.
The major market players operating in the global market as identified by MRFR are Uber Technologies Inc. (U.S.), Denso Corporation (Japan), Delphi Automotive Plc (U.K.), Lyft (U.S.), Intel Corporation (U.S.), Robert Bosch Gmbh (Germany), Tomtom NV (Netherlands), International Business Machines Corp. (U.S.), Gett, Inc. (U.S.), Didi Chuxing (China), among others.
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