May 29, 2020 (Market Insight Reports) -- Selbyville, Delaware – According to Global Market Insights, Surging demand for alternative transportation options over private vehicles is expected to drive global mobility on demand market growth. Service providers worldwide are looking for investments from automakers, governments, and investors to roll out flexible service portfolios and expand their business reach.
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Automakers meanwhile are collaborating with other industrial entities to introduce numerous ride-hailing, car sharing, and car rental platforms to offer mobility services. For instance, in Apr. 2019, Enterprise Holdings declared plans to introduce a new car subscription service, which would enable consumers to pay a monthly fee for its six-vehicle options.
In addition to that, enhanced consumer flexibility and security offered by newly developed mobility services providers have accelerated market growth. On this note, the mobility on demand market could become USD 250 billion industry by 2026.
Surging automobile prices and the cost of ownership of advanced vehicles have restricted consumers from purchasing new vehicles. These factors have compelling consumers to opt for on-demand mobility solutions. Apart from this, a noticeable size of working population demands for time-reliable and flexible mobility solutions, which has in return fueled the mobility on demand market growth .
Notably, prominent industry players operating in this mobility on demand market include Grab, Drivy, Didi Chuxing, Daimler AG, Enterprise Holdings, Uber Technologies, Lyft, Zipcar, Delphi Automotive, Localiza Rent a Car S.A., Hertz Corporation, Gett, Getaround, Inc., Europcar Mobility Group, Enterprise Rent-A-Car, Easy Taxi, Communauto, Inc., Avis Budget Group, Autolib, and Al Futtaim Vehicle Rentals.
Technological advancements and changing environmental & social needs are reshaping mobility on demand market growth. Industry participants are spending heavily on innovations to develop efficient and convenient service models.
Reportedly, the Federal Transit Administration has started a mobility on demand initiative to build automated, efficient, connected, and integrated transportation systems that delivers tailored mobility options. Moreover, governments worldwide are promoting on-demand mobility options to decrease traffic congestion and maintain favourable environmental conditions.
On a regional front, North America is expected to offer lucrative growth opportunities to the mobility on demand market. MoD services provide numerous benefits to consumers, such as eliminates the need for extra financial funds like vehicle lease, repair, maintenance, and insurance. Companies operating in North America are incorporating corporate mobility on-demand solutions to retain and attract employees without incurring high transportation costs.
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In addition to that, a large consumer base, especially the millennial generation, is inclined towards opting these services. North America also has a strong presence of market players like Zipcar, Lyft, and Maven. Presence of ideal work conditions, like ease in setting up a business, has encouraged introduction of such firms in the region. These factors could significantly fuel mobility on demand market growth in North America.
List of Charts & Figures from Mobility On Demand Market Report:
FIG. 1 Industry segmentation
FIG. 2 Global mobility on demand market, 2015 – 2026 (USD Million)
FIG. 3 Mobility on demand services availing frequency, per hour, per month, per year
FIG. 4 Industry ecosystem analysis
FIG. 5 Growth potential analysis
FIG. 6 Porter's analysis
FIG. 7 PESTEL analysis
FIG. 8 SWOT Analysis, Al Futtaim
FIG. 9 SWOT Analysis, Autolib
FIG. 10 SWOT Analysis, AVIS Budget Group
FIG. 11 SWOT Analysis, Cabify
FIG. 12 SWOT Analysis, Cambio Carsharing
FIG. 13 SWOT Analysis, Car2Go
FIG. 14 SWOT Analysis, Cityhop