When Daimler last week issued its second profit warning this year, it was evidence of the cyclical troubles that German carmakers face, beset by the diesel clampdown in their own country and lower sales in China. It was also a sign of a longer-term malaise.

The moment of “peak car” — people switching from driving to travelling by train, bus and bicycle, has occurred in many developed economy cities. The average distance that each person drives per year peaked in the 2000s or earlier in cities including London, Stockholm, and Atlanta. It has even fallen in Beijing, thanks to the clampdown on car ownership.

This happened before the revolution in transport enabled by the smartphone and Uber, which now offers on its app everything from taxis to shared rides and e-bikes in some US cities. Given that two-thirds of the world’s population may live in cities within 20 years, the trend is not the friend of companies reliant on individual sales.