A new report by Global Market Insights (GMI) is predicting that the mobility on demand market will exceed $200 billion globally in the next six years.
GMI said the growth is due to how customers are moving away from car ownership and insurance, repair, maintenance and depreciation become more cost prohibitive.
It also said increasing government initiatives to implement these services in countries are expected to accelerate the mobility of on demand market growth.
Key players in the mobility on demand market currently include Lyft, DriveNow GmbH, Didi Chuxing, Enterprise Rent-A-Car, Gett, and Uber Technologies.
The industry is highly fragmented in nature and big players, such as Uber and Didi Chuxing, are adopting strategies such as mergers and acquisitions to penetrate into newer regions and gain share.
For example, in February 2018, Uber announced its intention to enter Vietnam by partnering with MoMo, a mobile wallet company in the country.
Full details of the report as to how GMI have come to that $200bn figure are locked behind a paywall, but a sample can be requested.
