The research report “Mobility on Demand (MOD) Market Size, Industry
Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China,
India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa),
Application Development Potential, Price Trends, Competitive Market Share &
Forecast, 2016 – 2024”, global Mobility on Demand Market size
is anticipated to grow extensively during the forecast period. Mobility on
demand is an innovative and user-focused approach instrumental in leveraging
emerging mobility services.
The integration of
transit networks & operations, real-time data, and cooperative Intelligent
Transportation Systems (ITS) allow for a more traveler-centric, transportation
structure, providing improved mobility options to all users in an efficient and
safe manner. Travel and mobility demands have evolved from private automobile
ownership to more flexible, public, and private options, which incorporate
shared-use and multimodal integration. MOD market also provides a safer option
to commute as collision avoidance is enforced by monitoring the vehicle speed
and route.
Growing working
population in urban locations has increased the need for time reliable
solutions owing to the enhanced personal mobility and economic gains including
reduced costs. In the present-day scenario, there is a growing necessity of
energy-efficient and green eco-friendly technologies to improve environmental
conditions, creating demand for mobility on demand market. Usage of
fuel-efficient vehicles, getting the appropriate-sized automobiles to suit
customers’ requirements, and increased vehicle occupancy through ride sharing
reduce greenhouse gas emissions, thereby positively impacting the environment. Shared
vehicles in place of driving a personal vehicle could also contribute to lower
congestion that proves to be a positive key indicator for the overall MOD
market growth.
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Technological advancements and a fast-emerging trend
of Internet of Things (IoT) in recent years have enabled customers to interact
with other platforms to hire or share their mode of transportations. Along with
the traditional transportation options, these new trends provide opportunities
to create an integrated system of mobility options in the MOD market. They are
centered on meeting the needs of a varied cross-section of users while
enhancing the customer safety. Mobility on demand provides time and
cost-efficiency, comfort, and offer platforms that are efficiently conserving
energy.
A rise in the number of connected vehicles and
stringent regulations monitoring CO2 emissions across the globe are favoring
the market development. The reduction in vehicle ownership among millennials
and a growing need for personal mobility due to rapid urbanization are primary
factors driving the MOD market. The geriatric population has been on a rise due
to advancements in the healthcare and there is a growing need for the
availability of suitable transportation facilities to enable mobility among
them. Additionally, ground-breaking developments of autonomous and semi-autonomous
vehicles are expected to change the mobility on demand market landscape as the
need for drivers would have vanished. Fully automated vehicles have shown
promise to revolutionize such transportation systems. The growth in the
user-base for ride-sharing and public-private partnerships provide abundant
opportunities facilitating the growth of the MOD market.
However, MOD market need further development alongside
existing services in an integrated fashion to foster a smooth and connected
transport system. The present-day transport system needs to be flexible and
efficient.
The high cost of infrastructure development, is a key
factor restraining the growth of the MOD market. There is a restraint due to
low internet penetration in developing regions. Although the
government-provided incentives are in favor of the industry, regulatory
policies continue to remain stringent and abstruse, further hindering the
industry growth. Resistance from traditional taxi services and continued
consumer usage of local transportation services due to lack of trust in the
mobility on demand market and its services may prove to be a challenge.
Reliance on cloud computing also places the risk of privacy and data security
as information about users and drivers are readily available on the app.
Based on the type, MOD market includes E-hailing, car
sharing, car rental, and station-based services. The e-hailing service segment
is anticipated to display the maximum growth as it offers first and last mile
connectivity to passengers. It makes use of GPS to reduce the taxi waiting time
and are predominant in urban parts. Consumers have shown an inclination towards
app-based e-hailing services owing to its focus on better customer service,
innovative pricing system, and user-friendliness. The integration of
traditional car rental model with car-sharing technology will open up new
business opportunities for smaller car rental operators MOD market without the
need of having to start a separate car-sharing company.
With respect to segmentation based
on the vehicle type in the MOD market, electric vehicles are rapidly gaining
popularity and are soon expected to compete with IC engine vehicles, which are
currently dominating the mobility on demand market. Based on data services, it
includes navigation, information, and payment. The navigation service segment
has the most significant demand. Payment service market is predicted to grow
significantly in the MOD market over the forecast period. Service providers in
this industry make use of payment gateways for online payment processing.
Payments in foreign currency and international expansion by MOD service
providers will increase the growth of the payment services. Navigation service
is predicted to be a major shareholder in the industry demand over the future
as both drivers and passengers use it. MOD segmentation by Internet and vehicle
connectivity comprise 3G, 4G, Wi-Fi, and V2V, V2P, V2I, and V2N.
Asia Pacific region, which contains
numerous emerging economies with massive population bases; for instance, China
and India are the most lucrative areas in the MOD market. Various app-based car
sharing and taxi services have proliferated the region. Station-based mobility,
government incentives, and an increase in supporting infrastructure will also
aid the growth in the Asia Pacific market. Factors, such as rising traffic
congestion and increasing urbanization, will drive the industry demand. Some of
the companies operating in the mobility on demand market are RideScout, Uber,
Delphi Automotive, Denso Corporation, TomTom NV, and Intel Corporation."
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