Mobility on Demand Market Industry Share, Growth, Analysis, Statistics, Trends, Forecast Report, 2024

autonomous vehicles are expected to change the mobility on demand market
landscape as the need for drivers would have vanished. Fully automated vehicles have
shown promise to revolutionize such transportation systems. The growth in the userbase
for ride-sharing and public-private partnerships provide abundant opportunities
facilitating the growth of the MOD market.
However, MOD market need further development alongside existing services in an
integrated fashion to foster a smooth and connected transport system. The presentday
transport system needs to be flexible and efficient.
The high cost of infrastructure development, is a key factor restraining the growth of
the MOD market. There is a restraint due to low internet penetration in developing
regions. Although the government-provided incentives are in favor of the industry,
regulatory policies continue to remain stringent and abstruse, further hindering the
industry growth. Resistance from traditional taxi services and continued consumer
usage of local transportation services due to lack of trust in the mobility on demand
market and its services may prove to be a challenge. Reliance on cloud computing
also places the risk of privacy and data security as information about users and drivers
are readily available on the app.
Based on the type, MOD market includes E-hailing, car sharing, car rental, and stationbased
services. The e-hailing service segment is anticipated to display the maximum
growth as it offers first and last mile connectivity to passengers. It makes use of GPS
to reduce the taxi waiting time and are predominant in urban parts. Consumers have
shown an inclination towards app-based e-hailing services owing to its focus on better
customer service, innovative pricing system, and user-friendliness. The integration of
traditional car rental model with car-sharing technology will open up new business
opportunities for smaller car rental operators MOD market without the need of having
to start a separate car-sharing company.
With respect to segmentation based on the vehicle type in the MOD market, electric
vehicles are rapidly gaining popularity and are soon expected to compete with IC
engine vehicles, which are currently dominating the mobility on demand market. Based
on data services, it includes navigation, information, and payment. The navigation
service segment has the most significant demand. Payment service market is
predicted to grow significantly in the MOD market over the forecast period. Service
providers in this industry make use of payment gateways for online payment
processing. Payments in foreign currency and international expansion by MOD service
providers will increase the growth of the payment services. Navigation service is
predicted to be a major shareholder in the industry demand over the future as both
drivers and passengers use it. MOD segmentation by Internet and vehicle connectivity
comprise 3G, 4G, Wi-Fi, and V2V, V2P, V2I, and V2N.
Asia Pacific region, which contains numerous emerging economies with massive
population bases; for instance, China and India are the most lucrative areas in the
MOD market. Various app-based car sharing and taxi services have proliferated the
region. Station-based mobility, government incentives, and an increase in supporting
infrastructure will also aid the growth in the Asia Pacific market. Factors, such as rising
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