Global On-demand Transportation Market Report 2023: Market to Reach $443.1 Bn by 2028 – Traffic Woes, Limited Parking, Improved Safety and Security, & “IT Infrastructure Developments Driving Growth

DUBLIN, Jan. 2, 2024 /PRNewswire/ — The “Global On-demand Transportation Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global on-demand transportation market size reached US$ 155.2 Billion in 2022. Looking forward, the market is expected to reach US$ 443.1 Billion by 2028, exhibiting a growth rate (CAGR) of 19.11% during 2022-2028.

The global on-demand transportation market is primarily driven by the rising sales of smartphones. Additionally, a significant increase in traffic-related problems, growing costs of fuel, reduced parking spaces and high costs of automobiles has positively influenced the demand for on-demand transportation services. They offer improved security and safety by utilizing intelligent communication systems.

In line with this, numerous developments in the information and technology (IT) infrastructure, coupled with the increasing demand for cab/taxi services by individuals, are acting as another growth-inducing factor. Moreover, on-demand transportation relies on artificial intelligence (AI) to efficiently coordinate and manage transportation systems.

It provides passengers with traffic-related information for improved coordination with the drivers. This, in turn, is creating a favorable outlook for the market. Other major factors anticipated to fuel the growth of the market include increasing tourism activities across the globe, increasing working-class population, rising trend of road trips and modernization in the automotive sector.

Key Questions Answered in This Report

What is the expected growth rate of the global on-demand transportation market during 2023-2028?What are the key factors driving the global on-demand transportation market?What has been the impact of COVID-19 on the global on-demand transportation market?What is the breakup of the global on-demand transportation market based on the service type?What is the breakup of the global on-demand transportation market based on the vehicle type?What is the breakup of the global on-demand transportation market based on the application?What are the key regions in the global on-demand transportation market?Who are the key players/companies in the global on-demand transportation market?

Competitive Landscape

ANI Technologies Pvt. LtdAvis Budget Group Inc.Bayerische Motoren Werke AGDaimler AGFord Motor CompanyGett Inc.Grab Holdings Inc.International Business Machine CorporationLyft Inc.Robert Bosch GmbHToyota Motor CorporationUber Technologies Inc.

Key Market Segmentation

Breakup by Service Type:

E-HailingCar SharingCar RentalStation-Based Mobility

Breakup by Vehicle Type:

Four-WheelerMicro Mobility

Breakup by Application:

Passenger TransportationGoods Transportation

Breakup by Region:

North AmericaUnited StatesCanadaAsia-PacificChinaJapanIndiaSouth KoreaAustraliaIndonesiaEuropeGermanyFranceUnited KingdomItalySpainRussiaLatin AmericaBrazilMexicoMiddle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/kgpv5c

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SOURCE Research and Markets