San Francisco, CA -- (SBWIRE) -- 04/19/2019 -- Global On - Demand Transportation Market: Overview
The global market for on-demand transportation is predicted to witness a robust growth during the forecast period 2018- 2028. Incessant growth in traffic all over the world is likely to fuel the demand for on-demand transportation. Rising demand for transportation facilities in place where public transport are not frequent has significantly helped the market to rise. Also, increasing concerns regarding carbon emission all over the world due to aggressive growth in vehicles is making people opt for on-demand transportation.
Global On-Demand Transportation Market: Trends and Opportunities
One of the major factors driving the growth of global on-demand transportation market is the volatile cost of fuels. Over the recent years, price of fuels have nothing but soared exceptionally, breaking all records. Rapid urbanization, coupled with robust infrastructural development, has significantly led to dearth of adequate parking spaces.. This has fostered the uptake of On-demand transportation services throughout the world.
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Surge in cost of automobile has compelled people to incline towards on-demand services, which provide benefits such as modify a ride, pre book a trip, and allows user to cancel their bookings at a minimal costs. Rising popularity of car sharing services due to their reasonable fare and because they are environmental friendly is creating lucrative opportunities for the market's growth. Apart from these, people are showing interests in on-demand transportation services as these provide improved travelling experience with zero maintenance costs. Increasing penetration of smartphones in various parts of the world has boosted the product demand. Developed countries have almost achieved 100% of smartphone use. Meanwhile, the developing countries are experiencing a strong demand for smartphones. Expansion of internet is foreseen to augment the demand in market.
Increase in number of car sharing applications such as Gett and Uber has exceptionally favored the growth of market. However, these applications do require seamless internet connection to book a ride. Hence, poor internet connection may adversely impact the expansion of the market in certain areas. On the other hand, network providers in order to counter the issues have provided applications which will help the user to book a cab without requiring internet connection. For instance OLA, an Indian mobile cab services launched OLA offline features which supports user to book a cab with a help of SMS. Passengers' safety has been considered as one of the important setback on the market. Government keeping an eye on such cases have implemented strict regulation to increase safety of passengers.
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Global On-Demand Transportation Market: Market Potential
Recently, Emirates Skywards launched a booking app known as Emirates Skywards Cabforce in collaboration with CarTrawler. Emirate Skywards Cabforce is an on-demand ground transportation application. The app provides secured payment through credit card and electronic receipts for every trip. The app helps users to see the fixed price. The app is available on both iOS and Android devices. Such innovations will give significant impetus to the global on-demand transportation market.
Global On-Demand Transportation Market: Regional Outlook
Asia Pacific is expected to dominate other regions owing to rise in disposable income and fuel prices. Government initiatives favoring the market in the region has also helped the region to become favorite for the players.
Global On-Demand Transportation Market: Competitive Landscape
The players in the market are focusing extensively on research and developmental activities to enhance services and provide better passenger security. Leading players are opting for mergers and acquisitions in order extend their services. Some of the major players in the market are International Business Machines Corporation (IBM), Daimler Group; BMW Group, General Motor Company, Ford Motor Company, and Robert Bosch GmbH, and Gett, Inc.
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