Reports Description
According to Custom Market Insights (CMI), The Global Demand Responsive Transport Market size was estimated at USD (year from) in 2021 and is expected to hit around USD (yearto) by 2030, poised to grow at a compound annual growth rate (CAGR) of XX% from 2022 to 2030.
Our recently published report, “Demand Responsive Transport Market”, offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.
Demand Responsive Transport Market: Overview
To meet the demand for transportation in urban regions or a specific location, demand-responsive transit (DRT) services are employed for public transportation. Demand-responsive Transit (DRT) is a flexible and more affordable form of transport than traditional bus transportation. The DRT service combines regular public transportation with independently run taxi services. It is a user-friendly and customer-focused service, with adaptable routes and little cars that operate in shared rides following passenger demands. Furthermore, due to the flexibility of DRT, sustainability may be enhanced by employing a vehicle that is the right size for the situation. Therefore, the demand-supply gap between traditional public transportation and the general population can be closed with DRT services. Additionally, accessibility in remote regions, affordable public transportation, a favorable response from the general public, convenience of service access, and growth in the number of persons with mobility impairments are anticipated to directly impact the demand for DRT throughout the projection period.
A variety of mobility-related problems can be resolved by DRT. Electric cars are most suited for short routes, so they can serve as first- and last-mile passenger and freight transportation options. By directing passengers to the more extensive public transportation network, they can replace underperforming, infrequent, and low-traffic services.
Demand Responsive Transport Market: COVID – 19 Impact Analysis
Global economies have been significantly impacted by the COVID-19 pandemic. For several industries, COVID-19 has created several difficulties. The transportation industry has been one of COVID-19’s primary victims. Every industry, from airlines to rickshaw pullers, has been impacted financially by the pandemic. In March 2021, India’s total energy demand decreased by 11%. In addition, lockdown in several nations has significantly affected the need for passenger travel.
Regarding the short-term need for transportation, the freight industry has had a mixed impact. COVID-19 may have a long-term effect on people’s travel habits, even as the decline in passenger transport demand is driven by societal distance constraints. Even after things return to normal, people may choose personal transport options due to their impression of the risk involved in congested locations. To avoid crowds, people could avoid taking public transportation. People could also choose not to use shared transportation options like e-rickshaws, autorickshaws, and micro-transit vans. Due to the COVID lockout, the drivers who work for taxi services offered through apps are experiencing financial hardship.
Demand Responsive Transport Market: Growth Drivers
Increase in smartphone adoption to accelerate the market’s growth
Demand-responsive transportation services’ popularity has surged due to the rise in linked automobiles. With smartphone applications, these services enable consumers to change, pre-book, or cancel their cab arrangements. Demand-responsive transportation is expected to save on fuel and reduce travel time due to improvements in IT infrastructure and a rise in personal cab or taxi-sharing service use. Additionally, by adding sophisticated communication systems, on-demand transportation systems will likely provide increased security and safety, which is expected to drive market growth throughout the projection period.
Growth of the automobile transportation industry
Demand-responsive transportation effectively coordinates and manages transportation networks via information technology and artificial intelligence. Since no other technology offers accurate and real-time object identification around the car, artificial intelligence (Al) is a crucial component of autonomous driving systems. Additionally, a DRT network’s functionality enables the inhabitants of areas with heavy traffic to be aware of the flow of traffic for better coordination and to ensure the safety of the drivers of moving vehicles. The growth of on-demand transportation is also anticipated to be accelerated by the worsening traffic congestion brought on by the increased number of automobiles.
Demand Responsive Transport Market: Segmentation Analysis
The demand-responsive transport market is segmented into vehicle type and service type. Based on vehicles, the demand for the micro-mobility segment is estimated to lead the market during the forecast period. Numerous advantages come with micro-mobility, such as flexible mobility and decreased fuel usage. Furthermore, it permits increased cost and energy efficiency, encouraging customers to choose this vehicle type. Over the projected period, it is predicted that worsening traffic congestion and increasingly strict environmental restrictions will drive people to embrace micro-mobility.
In industrialized nations, the four-wheeler market sector is crucial because it provides advantages, including less noise pollution and improved comfort. In addition, rising consumer disposable income in countries like China and India is also a growth factor. As a result, the category is anticipated to hold a significant share for the prediction duration.
By service, the car rental segment is anticipated to dominate the market during the forecast period. Over the past ten years, there has been a marked rise in international travel. Global travelers are becoming pickier about their travel needs, expecting well-known, dependable, and of the finest quality services. Some of the significant automobile rental companies are trying to take advantage of this development by expanding their brands and distribution networks worldwide. It is predicted that these operators will be able to manage their globally scattered company activities by installing an integrated global vehicle rental system. Hence, this segment is dominating the market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD (year from) |
| Projected Market Size in 2030 | USD (yearto) |
| Market Size in 2022 | USD (2022Value) Billion/Million |
| CAGR Growth Rate | XX% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Prominent Players | Transloc, Via, ioki, Liftango, Swvl, Miraishare, Moia, Padam Mobility (Siemens), Rideco, Spare, SWAT Mobility, and Others |
| Key Segment | By Vehicle Type, Service Type, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Insights:
- The micro-mobility is estimated to hold the largest market share during the forecast period based on vehicle segmentation.
- Based on service segmentation, the car rental segment is the leading revenue-generating category during the forecast period.
- Based on geography/region, the Europe region was the leading revenue generator in 2021.
Recent Development
- March 2022: Project FRODO, a rule-based integration technique from Liftango, aims to increase the use of fixed-route and demand-responsive vehicles.
- March 2022: To offer residents of Scotland’s Highlands and Islands transit services that are both accessible and sustainable, the Highlands and Islands Transport Partnership (HITRANS), a regional transportation organization in the north of the country, has partnered with on-demand shared transportation firm Lifting. Demand-Responsive Transport (DRT) software will be used by this strategic alliance to address transportation inequalities, diminished financing, and a dearth of commercial excursions to rural portions of the nation.
Regional Landscape
Throughout the projection period, Europe is expected to continue to be among the most alluring markets, and this region is accounted for the majority revenue share in the market. Since 1997, the demand-responsive transit service in the U.K. and Europe has strongly emphasized meeting the requirements of passengers with mobility impairments. Therefore, Europe is expected to lead the demand-responsive transit (DRT) market during the projected period. Furthermore, during the forecast period, it is likely that the success of local authorities in the U.K. in obtaining significant funding under the Rural and Urban Bus Challenge programs for the implementation of DRT and local government support for DRT service in various cities throughout Europe will propel the market in Europe.
Competitive Landscape
Our report offers quantitative and qualitative insights into the WebRTC market and significant development initiatives the key players adopt. Further, it provides competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.
Prominent Players:
- Transloc
- Via
- ioki
- Liftango
- Swvl
- Miraishare
- Moia
- Padam Mobility (Siemens)
- Rideco
- Spare
- SWAT Mobility
The global demand-responsive transport market is segmented as follows:
By Vehicle Type
- Four Wheeler
- Micro Mobility
By Service type
- E-Hailing
- Car Sharing
- Car Rental
- Station-Based Mobility
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
[embedsocial_schema id=”d4ae80cffae3d938f997111953699a733c8e6f99″]