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Increasing vehicle purchasing and ownership costs due to the launch of technically advanced passenger cars are adding up to the usage of rental cars. Consumers across the globe are opting for these options to save the huge maintenance & ownership costs along with the ability to use the latest car models offered by rental providers. Car rental enables users to travel to remote places that are difficult to access by a bus or taxi. Moreover, owing to the rising competition among car rental companies, they offer customer-oriented deals and a broad range of cars. The surge of the tourism industry in European & Asian countries is also creating a demand for rental cars. These services allow consumers to travel on their own with cheaper options and enhanced features related to payment, pick & drop facilities, etc. In October 2019, Ola announced the launch of its self-drive car rental services in Indian cities including Mumbai, Hyderabad, and New Delhi. The company has planned to add around 20,000 vehicles by 2020 and will allow users to design various rental packages.
Shifting consumer preferences from car ownership to flexible & affordable transportation solutions are propelling the adoption of car-sharing services in the mobility on demand market. Owing to the increased consumer awareness, growing popularity, and the need for shared transportation, global leaders are emerging into untapped regions. With these strategies, global players have financial & technical advantages over the local providers, leading to market consolidation. Additionally, several benefits associated with car-sharing models including low traveling & fuel costs, reduced traffic congestion, and convenience are driving market growth at a rapid pace.
Business organizations and global companies across the globe are focused on providing enhanced transportation & mobility services to their employees. These companies majorly use on-demand mobility services for goods delivery & employee transportation across various metropolitan cities. Several companies have adopted these services to tackle the parking space issues, reducing the amount of air pollution. These services allow companies to reduce carbon emissions, adding up to the environment conservation initiatives along with lesser transportation costs. Corporate car sharing models aid companies to optimize their fleet management & reduce the long-term costs along with providing attractive mobility solutions. Companies can also reduce their administrative costs and the time involved in processing their mileage claims of employees and lower travel allowances.
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North America mobility on demand industry growth is owing to heavy investments made by major automakers, service providers, and investors. High support from the U.S. government for the promotion & adoption of various on-demand mobility services is adding up to market expansion. For instance, in July 2019, IAC announced an investment of USD 250 million in Turo, a car sharing company. It will use the new investment to enhance the customer experience. In July 2018, General Motors launched its new peer-to-peer car rental program, which will allow owners to rent their vehicles through its online platform. The company has launched this service to aid its customers in earning extra income through their vehicles.