Mobility Demand Market

Rising costs of vehicle ownership to surge demand is driving the market growth

The Global Mobility on Demand Market Industry is experiencing rapid technological advancements that enhance service efficiency and user experience. Innovations such as mobile applications, GPS tracking, and real-time data analytics are transforming how consumers access transportation services. For instance, the integration of artificial intelligence in routing algorithms optimizes travel times and reduces operational costs. As a result, the market is projected to reach 125.0 USD Billion in 2024, reflecting a growing reliance on technology to meet consumer demands. These advancements not only streamline operations but also improve safety and reliability, making mobility services more appealing to users.

Segmented by region, the study provides market insights for North America, Europe, Asia Pacific and the rest of the world. The Asia-Pacific Mobility on Demand Market will dominate this market due to its increased demand for advanced IT infrastructure, and the growing population in the urban areas will boost the market growth in this Region. Moreover, China’s Mobility on Demand market held the largest market share, and the Indian Mobility on Demand market was the fastest-growing market in the Asia-Pacific region.

In addition, major countries examined in the market report include the United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea and Brazil.

Figure 3: MOBILITY ON DEMAND MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The Europe on-demand market accounts for the second largest market share as consumers tend to rent or share cars, which is important for the region with economic dominance. Further, the German Mobility on Demand market held the largest market share, and the UK Mobility on Demand market was the fastest-growing market in the European Region.

The North American mobility-on-demand market area is expected to grow at the largest CAGR from 2023 to 2032. This is due tothe rise in the adoption of e-hailing services and the Region's BYOD (Bring Your Device).