Mobility on Demand Market Size

Mobility on Demand Market Size

Mobility on Demand Market size valued at USD 110 billion, globally in 2018 and is estimated to grow at over 10% CAGR between 2019 and 2026./p>

The increasing focus on reduction & control of high air pollution levels due to heavy vehicular traffic is creating the need for alternative transportation forms, driving mobility on demand market value globally. Consumer preferences in North American and European countries are shifting from old vehicular transport to various other mobility choices, leading to the demand for flexible travel options. The mobility on demand industry is witnessing popularity owing to the emphasis on public & private transportation options that allow shared usage & multimodal integration. Additionally, the development of these services allows users to make choices from various available options and offer easy-to-use smartphone applications, resulting in high consumer satisfaction. Rising usage of the technology will contribute to developing a new transport ecosystem with personal mobility needs and innovative technological infrastructure./p>

The emergence of Mobility-as-a-Service (MaaS), electric vehicles, and autonomous cars is expected to transform the transportation ecosystem due to more efficient, driverless, and data-driven options, further accelerating the market revenue. A major factor hampering the industry is the unavailability of a robust technical & transportation infrastructure in several small countries. The service providers face huge technical & security challenges due to sudden breakdowns and malfunctioning of smartphone applications, leading to consumer losses. The software infrastructure is easily prone to cyber thefts and hacks, resulting in the loss of valuable data of companies and customers. The development of highly secure software applications and the elimination of technical errors will aid in overcoming these challenges.