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The market research report “Mobility on demand Market Size By Service (Car Sharing [By Model {P2P, Station-Based, Free-Floating}, By Business Model {Round Trip, One Way}], Ride Hailing, Car Rental [By Vehicle Type {Luxury Car, Executive Car, Economy Car, SUV, MUV}], By Application (Business, Private), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026.

Mobility on demand market size has been projected to witness remarkable growth prospects due to the growing demand for alternative transportation modes. There is an increasing popularity of conveyance services such as car sharing, ride hailing, among others. Many service providers are directing their efforts toward regional expansion and gaining massive investments from investors, government, and automakers to create a strong service portfolio.

Reports predict that global mobility on demand industry size is slated to surpass USD 250 billion by 2026. Described below are some key factors outlining the forecast for mobility on demand businesses over the coming years:

·        Growing adoption of vehicle sharing apps

Uber has become a household name across numerous developed and emerging economies. Auto manufacturers are also expanding their production capacities by forming strategic alliances, partnerships with other industrial entities. Major players as well as startups are promoting several service platforms such as car rental, carpooling, and others to fulfill the growing demand of transportation from the consumers.

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For example, in April 2019, Enterprise Holdings had announced its plan to introduce a new car subscription service, which will enable customers to pay a monthly fee for its six vehicle options. Moreover, the rising cost of vehicle ownership along with growing demand to curb GHG emissions has bought a tremendous change in automobile usage, which is likely to impact mobility on demand market trends.

The North America region is also witnessing expansion of major prominent players such as Zipcar, Lyft, and Maven that are growing in prominence due to the large customer base and standard work conditions, along with ease in business establishment.

·        Continuous growth of transportation sector

Employing mobility on demand offers consumers the advantages of using a vehicle without any extra financial funds such as maintenance, vehicle lease, repair, and insurance needed for owning a vehicle. With the commencement of mobility concept, the efficiency of transportation system has been improved and increased accessibility is delivered to travelers.

In terms of geographical landscape, U.S. was among the largest mobility on demand markets in 2018 due to the growing population who are adopting these technologies with ease. Manufacturers in this region are offering more options for travelers so that it must be easy for them to choose whatever option best meets their needs.

Large organizations are operating in the U.S. as needs of consumers are shifting with current market trends and giving more emphasis on alternative forms of transportation, asking for more personal choice in mobility. Implementations of these new trends in transportation sector provide opportunities to create an integrated system of mobility choices focused on meeting the user requirements while improving traveler safety.

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·        Deployment of more connected transport systems

The rise in utilization of public transport along with advent of technological advancements is allowing the mobility on demand market to change continuously. As younger generation and working people are now looking for more convenience and affordable options in transportation, numerous industry players are increasing their spending on innovations to improve the efficiency of the services.

The Federal Transit Administration had developed the mobility on demand program to develop automated, efficient, integrated, and connected transportation systems to provide more customized options to users. Governments across the world are also playing a major role in promoting the usage of these on-demand mobility options to lessen traffic congestion, which is increasing day by day, at the same time sustainably maintaining the environmental conditions.

A few of the key participants include Grab, Didi Chuxing, Avis, Uber Technologies, Enterprise Holdings, General Motors, among others. Future mobility on demand industry trends will be considerably influenced by efforts of these companies to expand into other geographical markets.

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