growing interest in self-driving vehicles is driving the Mobility Demand Market
Technavio analyzes that the Mobility Demand Market is expected to grow at a CAGR of 21.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 268.3 billion.There are various factors that contribute to the growth of the market. The mobility market is experiencing a surge in demand for self-driving vehicles due to increasing consumer interest in advanced transportation technologies. Self-driving cars offer enhanced safety features, increased convenience, and the potential for reduced traffic congestion. As this trend continues, the mobility industry is poised for significant growth, with self-driving vehicles expected to become a mainstream mode of transportation in the near future.
In the realm of transportation, ride-hailing platforms represent a significant disruption to traditional taxi services. These digital marketplaces enable customers to request customized rides via smartphone applications, connecting them directly with drivers. The European Union's Court of Justice recently ruled in December 2021 that such apps, which facilitate this direct interaction, should be classified as online platforms rather than taxi companies. This decision is a win for ride-hailing providers like Uber, as it acknowledges their role as intermediaries, rather than service providers. This shift towards shared, smart mobility solutions is a response to evolving consumer preferences, including the demand for cost-effective, eco-friendly transportation options, such as e-bikes and ride-sharing services. The expansion of bike-sharing and fleet sizes is driven by advancements in artificial intelligence, connectivity, and the increasing usage of smartphones and 5G networks. This evolution is crucial for reducing energy consumption and achieving zero carbon emissions in the mobility sector.
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Mobility Demand Market Segmentation
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In the realm of urban mobility, "Mobility on Demand" (MOD) emerges as a game-changer, integrating public transportation with private enterprise options to deliver traveler-focused services. MOD prioritizes personal choice and trip satisfaction, addressing urban transportation challenges such as congestion and "transit deserts." Flexible transport modalities like ride-sharing, Connected and Automated Vehicles (CAVs), and on-demand services cater to the first and last mile, enhancing connectivity through Internet usage, smartphones, and 5G networks. Intelligent Transportation Systems (ITS) employ Onboard Units (OBUs) and Roadside Units (RSUs) for real-time data exchange, enabling vehicle platooning and optimizing transport modalities. Mobility operators navigate the software complexity to deliver seamless services, including executive cars, while addressing the needs of various transport modalities and user preferences.
The global passenger ground transportation market encompasses businesses involved in passenger land transportation and associated services, comprising bus, taxi, vehicle rental, ridesharing platforms, and on-demand ride-sharing services, as well as other passenger logistics. According to Technavio, the market's size is determined by the consolidated revenue generated by entities operating within the passenger ground transportation sector, including vehicle rental, leasing, ridesharing, and on-demand ride-sharing platforms, and other passenger logistics. Key growth drivers for the market include the surge in disposable income and the easy accessibility of self-driving car rentals, revolutionizing travel choices and enhancing trip satisfaction. Urban transportation challenges, such as congestion and transit deserts, will continue to fuel demand for integrated mobility solutions, including first mile and last mile connectivity, as well as corporate transportation services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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