Mobility as a Service Market

Mobility as a Service Market Research, 2032

Mobility as a Service Market size was USD 181.67 billion in 2021 and projected to grow from USD 251.4 billion in 2023 to USD 1110.9 billion by 2032, exhibiting a CAGR of 17.9% during the forecast period.

MaaS, elaborated as Mobility-as-a-Service is the incorporation of different forms of transportation services in a solo mobility service available on demand. By using a single app to offer access to a lone payment network rather than numerous ticketing and payment activities and mobility, it adds value for commuters. A MaaS operator integrates several modes of transportation onto the platform and presents them on a sole interface for consumers.

Market Highlights

Mobility as a Service Market is expected to project a CAGR of 17.9% during the forecast period, 2022-2032

Mobility as a Service Market is expected to reach USD 1110.9 billion, growing at a CAGR of 17.9% during the forecast period owing to the explosion of a number of OEMs in the market and speedy urbanization due to higher pressure on transport infrastructure. Also, growing opportunities in the transport industry to enhance travel choice for consumers in transportation service is expected to boost the Mobility as a Service Market over the forecast period.

Mobility as a Service Market Segmentation

Ride-Hailing segment is expected to dominate in the forecast period

Mobility as a Service Market is classified based on the Service Type into Ride-Hailing, Car Sharing, Taxi Services, and Others. The Ride-Hailing category is expected to dominate the Mobility As A Service Market during the estimated period. One of the key factors driving the need for the ride-hailing category is the variety of booking options and comfort provided by these services. Another factor influencing the segment is the ease of ride-hailing services to pick up and drop off passengers than the conventional taxis.

Android segment is expected to dominate in the forecast period

Mobility as a Service Market is classified based on the Application into iOS, Android, and Others. The Android category is anticipated witness major market share during the forecast period. One of the reasons for the growth of this category is the inexpensive cost of Android OS in comparison to iOS. Since many consumers are drawn to iOS owing to its data protection privacy and security concerns, the iOS category is also anticipated to have considerable growth rate throughout the projection period.

Market Dynamics                                            

Growth Drivers

Increased Modes of Transportation and Developed Technologies are Expected to Boost the Market Growth

The development of smart cities and the introduction of more environmentally friendly forms of transportation, along with better solutions for managing parking, mobility, and traffic, as well as lower costs and fewer accidents, have spurred market growth. Moreover, advanced technologies like Wi-Fi, 3G, 4G, 5G, and embedded systems have helped to connect users to one another over Wi-Fi or internet access at a high speed for greater performance. These factors are majorly driving the industry growth.

Increasing Initiatives by Governments is Expected to Boost the Market Growth

Governments from all across the world are starting to push digital payments. The expansion of the market is driven by an increase in e-commerce businesses and also a rise in the use of e-wallets for transactions. The Mobility as a Service Market is also anticipated to be driven by the development of highly secure and safe payment gateways over the forecasted period.

Restraint

High Data Privacy and Security Concerns to Restrain the Market Growth

The low internet penetration in some underdeveloped and developing nations is expected to constrain the market growth. Furthermore, the public's growing worries about data security and privacy in relation to the usage of ride-sharing or ride-hailing applications and services is anticipated to impede market growth in the near future.

Recent Developments

• Uber stated in February 2022 that it would be adding a B2B service named "Uber Bus for Business" as a first for the entire world, starting in Egypt. The service provides businesses with a customized transportation plan for staff members' daily commutes. By lowering street traffic, the service also reports about Cairo's traffic problem.
• Lyft and Spin announced a strategic collaboration in March 2022 to make Spin scooters available via the Lyft application in 60 areas across the United States. 13 additional cities launched in April after Tennessee's and Nashville's initial rollout. In the upcoming months, the business intends to expand the service to further cities.

Key Players Covered:

• Enterprise Holdings Inc.
• Uber Technologies Inc.
• Avis Budget Group
• The Hertz Corporation
• Didi Chuxing Technology Co.
• Europcar
• Bolt Technology OÜ
• Lyft Inc.
• Careem
• Zoomcar
• BlaBlaCar
• Moovit Inc.
• MaaS Gobal Oy
• SkedGo Pty Ltd.
• Moovel Group GmbH
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Mobility as a Service Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific region is anticipated to hold a significant share of the Mobility as a Service market throughout the forecast period due to the rising cost of car ownership, fast urbanization, and rising fuel prices. Another factor driving the growth of MaaS services in this area is the shortage of public transport to keep up with the region's ever expanding population. North America is also predicted to occupy the second-largest position since customers are becoming more aware of the effects of rising emissions and increasing traffic congestion.

Mobility as a Service Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Mobility as a Service Market Scope and Segments:

Frequently Asked Questions (FAQ):