On-demand transportation
is an internet-based service that is used to book means of
transportation in return of money, based on the time and distance it is
used for. Various types of vehicles, such as passenger vehicles or
commercial vehicles, can be booked or reserved through on-demand
transportation services as per the requirement of the consumer.
Moreover, the service is highly popular in urban areas, owing to high
digitalization and high dependency on internet-based services.
The market for on-demand transportation
services is primarily driven by the lower middle class population owing
to its low per capita income. Moreover, the market is expanding
significantly in developing nations such as China and India. On-demand
transportation services provide short-term ownership to consumers at
significantly lower prices and hence, consumers prefer such
transportation means instead of owning a vehicle. A privately owned
vehicle is only utilized for up to 5% of its total life; it remains
parked for 95% of its life in most cases.
Considering this, several vehicle owners
are readily sharing their vehicles. Increase in number of vehicle owners
has led to increased traffic congestion and rise in global emission
levels. Consequently, governing bodies are promoting alternative fuel
powered vehicles and alternative modes of transportation that emit less
to zero-emission. On-demand transportation services are effectively
capable of reducing the number of vehicle owners and hence, governing
bodies are implementing regulations in favor of shared mobility
services.
Request a PDF Sample @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=55536
Consumers who do not own a vehicle prefer
on-demand mobility services. Increasing tourism and working class
population coupled with rising trend of road trips is fueling the
on-demand transportation market significantly. Developments by software
companies to make the mobile phone-based applications faster and user
friendly have played a vital role in promoting on-demand transportation
services.
Incorporation of electric and autonomous
vehicles is likely to reduce the cost of on-demand transportation
services. Electric vehicles reduce fuel expenses, which reduces the
overall cost of utilizing mobility sharing services, such as ride
sharing and ride sourcing. This, in turn, is likely to fuel the demand
for on-demand services across the globe. Autonomous vehicles are
expected to eliminate the driver and subsequently, expenses over the
driver. Lower number of vehicles per capita across several nations is
fueling the demand for on-demand transportation services, which in turn
is likely to offer lucrative opportunities to the global on-demand
transportation market. Forward integration of vehicle manufacturers in
the on-demand transportation service market is likely to offer
considerable opportunities and propel the market.
0 comments:
Post a Comment