On-Demand Transportation Market Report 2024 (Global Edition)

Global On-Demand Transportation Market Report 2024 Market Size Split by Type Outlook: (Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing), by Application Outlook: (Passenger Transportation, Goods Tr...

On-Demand Transportation Market Report Description

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Competitive Landscape of the On-demand Transportation Market

In the market for on-demand transportation, a number of major firms are aggressively pursuing technical advancement, international expansion, and strategic alliances. To improve service effectiveness and user experience, they are making significant investments in cutting-edge technologies like autonomous driving, machine learning, and artificial intelligence (AI). In order to meet the objectives of environmental sustainability, these businesses are also looking into environmentally friendly options, such as electric vehicles (EVs). In order to expand their market reach and adhere to regional rules, these industry giants are also partnering with enterprises and local governments.

November 2023: The Metropolitan Evansville Transit System (METS) and the Toyota Mobility Foundation (TMF) have announced the opening of METS Micro, a trial program for on-demand, app-based public transportation. The goal of this service is to give Evansville locals easy access to transportation options. METS Micro offers simplicity and flexibility by enabling consumers to book rides via a mobile application. (Source: https://www.masstransitmag.com/alt-mobility/press-release/53079204/metropolitan-evansville-transit-system-metropolitan-evansville-transit-system-rolls-out-new-microtransit-option-mets-micro ) November 2021: Transplace was purchased from TPG Capital for $2.25 billion by Uber Freight, a US-based transportation and logistics platform that was founded on the strength of Uber with the aim of revolutionizing global logistics and providing dependability. Through this acquisition, Transplace's dependable shipper technology and operational solutions are combined with Uber Freight's extensive network of digitally enabled carriers to create one of the world's top logistics technology platforms that can quickly adapt to the changing needs of both shippers and carriers. (Source: https://investor.uber.com/news-events/news/press-release-details/2021/Uber-Freight-Completes-Acquisition-of-Transplace/default.aspx#:~:text=The%20transaction%20brings%20together%20Uber,of%20shippers%20and%20carriers%20alike. ) April 2021: Uber Technologies Inc. and Walgreens partnered to launch a new service that allows consumers to book vaccination appointments ahead of time and go there by Uber taxi. (Source: https://investor.uber.com/news-events/news/press-release-details/2021/Uber-and-Walgreens-Launch-New-Nationwide-Vaccine-Appointment-and-Ride-Scheduling-Feature-Through-the-Uber-app/default.aspx )

Top Companies Market Share in On-Demand Transportation Industry: (In no particular order of Rank)

• Ford Motor Company
• ANI Technologies Pvt. Ltd
• Bayerische Motoren Werke AG
• Avis Budget Group Inc.
• Daimler AG
• Gett Inc.
• Lyft Inc.
• Robert Bosch GmbH
• Grab Holdings Inc.
• International Business Machine Corporation
• Toyota Motor Corporation
• Uber Technologies Inc.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the On-demand Transportation Market

Which Region Dominates the On-demand Transportation Market in 2024?

According to Cognitive Market Research, North America currently dominates the On-demand Transportation market, and the region is expected to have significant growth during the projected period. Convenience and flexibility are becoming more and more important to North American consumers, which makes on-demand transportation ideal for social gatherings, errands, and commutes that don't need owning a car. The need for flexible mobility choices that can accommodate non-traditional work schedules has grown as remote and hybrid work patterns have become more popular. Being a hub for technological advancement, North America's on-demand transportation industry gains from advancements such as seamless booking through integration with ride-sharing services in navigation apps. Additionally, well-known companies are investigating autonomous car technology, which could significantly change the on-demand transportation sector in the future.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). With a significant population shift to cities, Asia Pacific is fast becoming more urbanized. Effective transportation solutions are more in demand in densely populated areas as a result of urbanization. Car ownership can be costly and impracticable in crowded urban locations; consequently, on-demand transportation services offer a realistic substitute. Additionally, the Asia Pacific area is seeing a rise in smartphone usage as well as affordable mobile internet access. Through easy access to booking apps, real-time travel tracking, and online payment, this connectivity supports the on-demand transportation industry. The industry is growing because user-friendly apps are especially popular with younger, tech-savvy consumers.

The current report Scope analyzes On-Demand Transportation Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America On-Demand Transportation

According to Cognitive Market Research, the global On-demand Transportation market size was estimated at USD 155625.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 62250.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the On-demand Transportation market with a market size of USD 49115.31 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. The market is anticipated to rise as a result of the expanding IT infrastructure and the growing number of government-structured funding programs.
• The Canada On-demand Transportation market had a market share of USD 7470.01 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. Growing individual use of taxi and cab sharing services will accelerate this nation's progress.
• The Mexico On-demand Transportation market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 5664.76 million in 2024.

Europe On-Demand Transportation

According to Cognitive Market Research, the global On-demand Transportation market size was estimated at USD 155625.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 46687.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

• The United Kingdom On-demand Transportation market had a market share of USD 7843.51 million in 2024 and is projected to grow at a CAGR of 7.1% during the forecast period because of the nation's rising fuel costs, environmental emission regulations, and traffic jams.
• The France On-demand Transportation market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 4295.26 million in 2024.
• According to Cognitive Market Research, the German On-demand Transportation market size was valued at USD 9244.14 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. On-demand transportation sectors are expected to become more prevalent in this nation as a result of the increasing rate of industrialization.
• The Italy On-demand Transportation market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 4015.13 million in 2024.
• The Russia On-demand Transportation market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 7236.57 million in 2024.
• The Spain On-demand Transportation market is projected to witness growth at a CAGR of 5.4% during the forecast period with a market size of USD 3828.38 million in 2024
• The Luxembourg On-demand Transportation market is projected to witness growth at a CAGR of 6.4% during the forecast period, with a market size of USD 1447.31 million in 2024.
• The Portugal On-demand Transportation market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 980.44 million in 2024.
• The Greece On-demand Transportation market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 560.25 million in 2024.
• The Rest of Europe's On-demand Transportation market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 7236.57 million in 2024.

Asia Pacific On-Demand Transportation

According to Cognitive Market Research, the global On-demand Transportation market size was estimated at USD 155625.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 35793.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

• According to Cognitive Market Research, the China On-demand Transportation market size was valued at USD 16107.21 million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. Increased individual use of taxis and cab-sharing services will hasten the development of this country.
• The Japan On-demand Transportation market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 4939.54 million in 2024.
• The India On-demand Transportation market had a market share of USD 4295.26 million in 2024 and is projected to grow at a CAGR of 11.6% during the forecast period. The growing number of government-structured funding programs and the growing IT infrastructure are expected to drive market growth.
• The South Korean On-demand Transportation market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD 3579.38 million in 2024.
• The Australian On-demand Transportation market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 1861.28 million in 2024.
• The South East Asia On-demand Transportation market is projected to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 2469.77 million in 2024.
• The Rest of Asia Pacific On-demand Transportation market is projected to witness growth at a CAGR of 9.6% during the forecast period, with a market size of USD 2541.36 million in 2024.

South America On-Demand Transportation

According to Cognitive Market Research, the global On-demand Transportation market size was estimated at USD 155625.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 7781.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil On-demand Transportation market size was valued at USD 3330.38 million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period due to traffic congestion, environmental emission rules, and the country's growing gasoline prices.
• Argentina's On-demand Transportation market had a market share of USD 1307.25 million in 2024 and is projected to grow at a CAGR of 8.1% during the forecast period. The growing rate of industrialization in this country is anticipated to lead to a rise in on-demand transportation sectors.
• Colombia On-demand Transportation market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 692.53 million in 2024.
• Peru On-demand Transportation market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD 638.06 million in 2024.
• Chile On-demand Transportation market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 560.25 million in 2024.
• The Rest of Latin America's On-demand Transportation market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 1252.78 million in 2024.

Middle East and Africa On-Demand Transportation

According to Cognitive Market Research, the global On-demand Transportation market size was estimated at USD 155625.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 3112.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031..

• The GCC Countries On-demand Transportation market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 1332.15 million in 2024. It is anticipated that the expanding IT infrastructure and the increasing number of government-structured funding schemes would propel industry expansion.
• The Egypt On-demand Transportation market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 326.81 million in 2024.
• The South Africa On-demand Transportation market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 491.78 million in 2024. More people using cabs and cab-sharing services on their own will speed up this nation's development.
• The Turkey On-demand Transportation market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 267.68 million in 2024.
• The Nigeria On-demand Transportation market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 326.81 million in 2024.
• The Rest of the MEA On-demand Transportation market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 367.28 million in 2024.

On-Demand Transportation Market Analysis

How are Segments Performing in the Global On-demand Transportation Market?

On-demand Transportation Market Type Segment Analysis

According to Cognitive Market Research, ride-sharing category is likely to dominate the On-demand Transportation Market over the forecast period. Ride-sharing gives people access to cars for brief periods, typically by the hour or day. Customers who want the freedom of a private vehicle without the expenses and obligations of ownership may find this model appealing. In crowded cities where parking and traffic congestion are major problems, ride-sharing is becoming increasingly popular. This market is expanding as a result of customers' growing awareness of environmental issues, especially among younger consumers, which lowers carbon emissions and the number of cars on the road.

The vehicle rental/leasing is the fastest-growing segment in the On-demand Transportation Market. The primary target market for this segment consists of visitors and business professionals who need mobility for extended periods. The well-established presence of the vehicle rental industry at train stations, airports, and well-known tourist destinations defines it. As consumer convenience becomes more important, businesses are incorporating online reservation platforms and providing a large selection of vehicles to meet a variety of demands. Additionally, the market is seeing a change in favour of more environmentally friendly car options and improved digital customer service.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of On-Demand Transportation Industry. Request a Free Sample PDF!

On-demand Transportation Market Application Segment Analysis

According to Cognitive Market Research, the passenger transportation segment dominates the market, providing services that are primarily concerned with moving people or groups from one place to another. The growing demand for personal mobility in both urban and rural areas is the reason for this segment's domination. To accommodate diverse client preferences and needs, it includes a range of transportation options, such as shuttle services, ride-hailing, car-sharing, and taxis. Factors including growing urbanization, rising internet and smartphone penetration, and a shift in customer tastes toward convenience and on-demand services are driving the segment's expansion.

Goods transportation is projected to be the fastest-growing segment in the On-demand Transportation market. The conveyance of goods, not people, is the main goal of goods transportation. Due to the growth of e-commerce and the growing demand for dependable and quick delivery services, this market is expanding. It offers meal delivery, courier services, and freight transportation with various vehicle types catered to particular cargo requirements. The expansion of this market is also being aided by the use of technology for effective logistics management, real-time tracking, and route optimization.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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